SLR Investment - 10-Q quarterly report FY2023 Q1

SLR Investment - 10-Q quarterly report FY2023 Q1

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falseQ10001418076--12-31NYhttp://fasb.org/us-gaap/2022#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2022#UnrealizedGainLossOnInvestmentsNon-income producing security.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, 2022 in these controlled investments are as follows:Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation.See note 13 to the consolidated financial statements.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, 2022, on a fair value basis, non-qualifying assets in the portfolio represented 24.2% of the total assets of the Company.See note 15 to the consolidated financial statements.See note 9 to the consolidated financial statements.See note 17 to the consolidated financial statements.The Company’s investment in SOINT, LLC includes a one dollar investment in common shares.Denotes a Level 1 investment.Interest is paid in kind (“PIK”).See note 14 to the consolidated financial statements.Aggregate net unrealized appreciation for U.S. federal income tax purposes is $17,187; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $161,053 and $143,866, respectively, based on a tax cost of $2,069,489. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 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.In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP. See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion.Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR. These instruments are typically subject to a LIBOR or SOFR floor. The Company also holds this security on its Consolidated Statements of Assets and Liabilities. Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of March 31, 2023. Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein.Total amount of each class of senior securities outstanding (in thousands) at the end of the period presented.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 March 31, 2023, asset coverage was 187.7%.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.Service fees are included within the Company’s Consolidated Statements of Operations as other income.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.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 debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current rate of interest, or in the case of leases the current implied yield, in effect as of March 31, 2023.Investment is on non-accrual status.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.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 March 31, 2023, on a fair value basis, non-qualifying assets in the portfolio represented 24.3% 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 (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Transactions during the three months ended March 31, 2023 in these controlled investments are as follows:iCIMS, Inc. may elect to defer up to 3.875% of the coupon as PIK.Spread is 5.75% Cash / 0.50% PIK.BridgeBio Pharma, Inc. may elect to defer up to 3.00% of the coupon as PIK.OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are co-borrowers.Vapotherm, Inc. may elect to defer up to 9.00% of the coupon as PIK.OmniGuide Holdings, Inc. may elect to defer up to 10.00% of the coupon as PIK.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.See note 11 to the consolidated financial statements.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 December 31, 2022.AmeriMark Interactive, LLC, AmeriMark Direct LLC, AmeriMark Intermediate Sub, Inc., L.T.D. Commodities LLC, Dr. Leonard’s Healthcare Corp. and Amerimark Intermediate Holdings, LLC are each co-Borrowers. Amerimark may elect to defer up to 8.00% of the coupon as PIK.Vapotherm, Inc. may elect to defer up to 8.00% of the coupon as PIK.Aggregate net unrealized appreciation for U.S. federal income tax purposes is $1,314; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $156,877 and $155,563, respectively, based on a tax cost of $2,087,147. 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. 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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 March 31, 2023

☐	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.

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, $0.01 par value, outstanding as of May 8, 2023 was 54,554,634.

Table of Contents

SLR INVESTMENT CORP.

FORM

10-Q

FOR THE QUARTER ENDED MARCH 31, 2023

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Statements of Assets and Liabilities as of March 31, 2023 (unaudited) and December 31, 2022		3

	Consolidated Statements of Operations for the three months ended March 31, 2023 (unaudited) and the three months ended March 31, 2022 (unaudited)		4

	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2023 (unaudited) and the three months ended March 31, 2022 (unaudited)		5

	Consolidated Statements of Cash Flows for the three months ended March 31, 2023 (unaudited) and the three months ended March 31, 2022 (unaudited)		6

	Consolidated Schedule of Investments as of March 31, 2023 (unaudited)		7

	Consolidated Schedule of Investments as of December 31, 2022		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		58

Item 4.	Controls and Procedures		59

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings		59

Item 1A.	Risk Factors		59

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		60

Item 3.	Defaults Upon Senior Securities		60

Item 4.	Mine Safety Disclosures		60

Item 5.	Other Information		60

Item 6.	Exhibits		61

	Signatures		63

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)


	March 31, 2023 (unaudited)			December 31, 2022

Assets
Investments at fair value:
Companies less than 5% owned (cost: $1,332,884 and $1,312,701, respectively)	$	1,295,133		$	1,289,082
Companies more than 25% owned (cost: $819,360 and $821,886, respectively)		793,328			797,594
Cash		19,352			10,743
Cash equivalents (cost: $425,220 and $417,590, respectively)		425,082			417,590
Dividends receivable		10,754			11,192
Interest receivable		10,507			9,706
Receivable for investments sold		1,188			1,124
Prepaid expenses and other assets		855			664

Total assets	$	2,556,199		$	2,537,695

Liabilities
Debt ($1,122,200 and $1,093,200 face amounts, respectively, reported net of unamortized debt issuance costs of $6,678 and $7,202, respectively. See notes 6 and 7)	$	1,115,522		$	1,085,998
Payable for investments and cash equivalents purchased		425,220			417,611
Distributions payable		7,456			7,481
Management fee payable (see note 3)		7,706			7,964
Performance-based incentive fee payable (see note 3)		5,399			5,422
Interest payable (see note 7)		6,527			7,943
Administrative services payable (see note 3)		749			1,488
Other liabilities and accrued expenses		3,442			4,057

Total liabilities	$	1,572,021		$	1,537,964

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 54,554,634 and 54,555,380 shares issued and outstanding, respectively	$	546		$	546
Paid-in capital in excess of par		1,162,559			1,162,569
Accumulated distributable net loss		(178,927	)		(163,384	)

Total net assets	$	984,178		$	999,731

Net Asset Value Per Share	$	18.04		$	18.33

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share amounts)


	Three months ended
	March 31, 2023			March 31, 2022
INVESTMENT INCOME:
Interest:
Companies less than 5% owned	$	37,338		$	20,662
Companies more than 25% owned		2,711			2,561
Dividends:
Companies more than 25% owned		11,176			9,715
Other income:
Companies less than 5% owned		2,322			63
Companies more than 25% owned		—			5

Total investment income		53,547			33,006

EXPENSES:
Management fees (see note 3)		7,706			7,216
Performance-based incentive fees (see note 3)		5,509			—
Interest and other credit facility expenses (see note 7)		15,286			8,328
Administrative services expense (see note 3)		1,508			1,183
Other general and administrative expenses		1,501			2,801

Total expenses		31,510			19,528

Performance-based incentive fees waived (see note 3)		(110	)		—

Net expenses		31,400			19,528

Net investment income	$	22,147		$	13,478

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
Net realized gain on investments and cash equivalents (companies less than 5% owned)	$	687		$	30

Net change in unrealized gain (loss) on investments and cash equivalents:
Companies less than 5% owned		(14,271	)		(13,498	)
Companies more than 25% owned		(1,739	)		1,453

Net change in unrealized loss on investments and cash equivalents		(16,010	)		(12,045	)

Net realized and unrealized loss on investments and cash equivalents		(15,323	)		(12,015	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,824		$	1,463

EARNINGS PER SHARE (see note 5)	$	0.13		$	0.04

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

(in thousands, except share amounts)


	Three months ended
	March 31, 2023			March 31, 2022
Increase (decrease) in net assets resulting from operations:
Net investment income	$	22,147		$	13,478
Net realized gain		687			30
Net change in unrealized loss		(16,010	)		(12,045	)

Net increase in net assets resulting from operations		6,824			1,463

Distributions to stockholders:
From net investment income		(22,147	)		(17,327	)
From return of capital		(220	)		—

Net distributions to stockholders		(22,367	)		(17,327	)

Capital transactions (see note 12) :
Repurchases of common stock		(10	)		—

Total decrease in net assets		(15,553	)		(15,864	)
Net assets at beginning of period		999,731			842,281

Net assets at end of period	$	984,178		$	826,417

Capital stock activity (see note 12) :
Repurchases of common stock		(746	)		—

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)


	Three months ended
	March 31, 2023			March 31, 2022
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	6,824		$	1,463
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized gain on investments and cash equivalents		(687	)		(30	)
Net change in unrealized loss on investments		15,872			12,045
(Increase) decrease in operating assets:
Purchase of investments		(155,976	)		(67,521	)
Proceeds from disposition of investments		144,686			100,980
Net accretion of discount on investments		(2,490	)		(1,540	)
Capitalization of payment-in-kind income		(3,190	)		(692	)
Collections of payment-in-kind income		—			867
Receivable for investments sold		(64	)		643
Interest receivable		(801	)		(723	)
Dividends receivable		438			27
Prepaid expenses and other assets		(191	)		(360	)
Increase (decrease) in operating liabilities:
Payable for investments and cash equivalents purchased		7,609			259,829
Management fee payable		(258	)		(219	)
Performance-based incentive fee payable		(23	)		(1,864	)
Administrative services expense payable		(739	)		(2,169	)
Interest payable		(1,416	)		3,570
Other liabilities and accrued expenses		(615	)		(503	)
Deferred financing costs/market discount		524			427

Net Cash Provided by Operating Activities		9,503			304,230

Cash Flows from Financing Activities:
Cash distributions paid		(22,392	)		(34,654	)
Proceeds from unsecured borrowings		—			134,968
Repayment of unsecured borrowings		(75,000	)		—
Proceeds from secured borrowings		166,000			57,425
Repayment of secured borrowings		(62,000	)		(196,000	)
Repurchase of common stock		(10	)		—

Net Cash Provided by (Used in) Financing Activities		6,598			(38,261	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		16,101			265,969
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		428,333			322,935

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	444,434		$	588,904

Supplemental disclosure of cash flow information:
Cash paid for interest	$	16,702		$	4,758

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2023

(in thousands, except share/unit amounts)


Description	Industry	Spread Above Index (7)			Floor			Interest Rate (1)			Acquisition Date		Maturity Date		Par Amount		Cost		Fair Value
Senior Secured Loans — 127.7%
First Lien Bank Debt/Senior Secured Loans
Aegis Toxicology Sciences Corporation(16)	Health Care Providers & Services		L+550			1.00	%		10.36	%		5/7/2018		5/9/2025	$	13,539	$	13,281	$	13,539
All State Ag Parts, LLC(16)	Trading Companies & Distributors		S+575			1.00	%		10.89	%		4/1/2022		9/1/2026		4,315		4,206		4,315
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		4/7/2023		6,358		6,208		177
AmeriMark Intermediate Holdings, LLC(14)**	Internet & Catalog Retail		L+800			1.00	%		—			7/28/2021		10/15/2026		26,835		25,526		13,417
Apex Services Partners, LLC(16)	Diversified Consumer Services		S+525			1.00	%		10.29	%		8/31/2022		7/31/2025		13,951		13,608		13,951
Atria Wealth Solutions, Inc.(16)	Diversified Financial Services		S+600			1.00	%		11.16	%		9/14/2018		2/29/2024		8,123		8,090		8,123
Basic Fun, Inc.(16)	Specialty Retail		L+550			1.00	%		10.47	%		10/30/2020		10/30/2023		2,150		2,143		2,150
BayMark Health Services, Inc.(16)	Health Care Providers & Services		L+500			1.00	%		10.16	%		4/1/2022		6/11/2027		9,408		9,072		9,408
BDG Media, Inc.	Media		L+900			0.25	%		13.97	%		7/18/2022		4/27/2023		7,775		7,775		7,775
CC SAG Holdings Corp. (Spectrum Automotive)(16)	Diversified Consumer Services		S+575			0.75	%		10.91	%		6/29/2021		6/29/2028		20,375		20,020		20,375
Composite Technology Acquisition Corp.(16)	Building Products		L+500			1.00	%		10.16	%		4/1/2022		2/1/2025		10,879		10,525		10,879
Copper River Seafoods, Inc.	Food Products		P+275			—			10.75	%		8/31/2022		4/23/2025		4,143		4,143		4,143
DeepIntent, Inc.	Media		P+175			—			9.75	%		10/12/2022		3/25/2025		16,883		16,883		16,883
Enhanced Permanent Capital, LLC(3)	Capital Markets		S+700			1.00	%		11.78	%		12/29/2020		12/29/2025		43,435		42,547		43,435
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16)	Trading Companies & Distributors		S+475			1.00	%		9.75	%		4/1/2022		12/31/2025		4,795		4,640		4,795
Enverus Holdings, Inc. (fka Drilling Info Holdings)(16)	IT Services		L+450			—			9.34	%		4/1/2022		7/30/2025		11,570		11,140		11,570
Erie Construction Mid-west, LLC(16)	Building Products		S+475			1.00	%		9.79	%		4/1/2022		7/30/2027		8,800		8,485		8,800
Fertility (ITC) Investment Holdco, LLC	Health Care Providers & Services		S+650			1.00	%		11.30	%		1/4/2023		1/3/2029		28,767		27,928		27,904
Foundation Consumer Brands, LLC(16)	Personal Products		L+550			1.00	%		10.38	%		2/12/2021		2/12/2027		34,273		33,483		34,273
GSM Acquisition Corp.(16)	Leisure Equipment & Products		S+500			1.00	%		10.16	%		4/1/2022		11/16/2026		10,994		10,567		10,884
Higginbotham Insurance Agency, Inc.(16)	Insurance		L+525			0.75	%		10.09	%		4/1/2022		11/25/2026		4,911		4,734		4,911
High Street Buyer, Inc.(16)	Insurance		S+600			0.75	%		11.05	%		4/1/2022		4/16/2028		5,175		4,898		5,175
Human Interest Inc.	Internet Software & Services		S+785			1.00	%		12.52	%		6/30/2022		7/1/2027		20,104		19,823		20,104
iCIMS, Inc.	Software		S+725			0.75	%		12.05	% (26)		8/18/2022		8/18/2028		29,412		28,943		29,412
Kaseya, Inc.(16)	Software		S+575			0.75	%		10.65	%		6/22/2022		6/23/2029		32,426		31,980		32,426
Kid Distro Holdings, LLC (Distro Kid)(16)	Software		L+575			1.00	%		10.91	%		9/24/2021		10/1/2027		26,385		25,968		26,385
Kingsbridge Holdings, LLC(2)	Multi-Sector Holdings		L+700			1.00	%		11.78	%		12/21/2018		12/21/2024		80,000		79,823		80,000
KORE Wireless Group, Inc.(16)	Wireless Telecommunication Services		S+550			—			10.50	%		12/21/2018		12/21/2024		23,526		23,117		23,526
Logix Holding Company, LLC(16)	Communications Equipment		L+575			1.00	%		10.59	%		9/14/2018		12/22/2024		14,009		13,334		13,449
Luxury Asset Capital, LLC(16)	Thrifts & Mortgage Finance		S+675			1.00	%		11.53	%		7/15/2022		7/15/2027		27,500		27,013		27,500
Maurices, Incorporated(16)	Specialty Retail		S+675			1.00	%		9.28	%		8/27/2021		6/1/2024		8,664		8,557		8,664
Maxor Acquisition, Inc.	Health Care Providers & Services		S+675			1.00	%		11.90	%		3/1/2023		3/1/2029		23,903		23,193		23,186
Montefiore Nyack Hospital	Health Care Providers & Services		L+495			—			10.10	%		8/9/2022		11/15/2025		5,000		5,000		5,000
NSPC Intermediate Corp. (National Spine)	Health Care Providers & Services		S+850			1.00	%		12.90	%		4/1/2022		2/13/2026		2,144		2,055		2,144
One Touch Direct, LLC	Commercial Services & Supplies		P+75			—			8.75	%		4/3/2020		3/30/2024		4,315		4,315		4,315
ONS MSO, LLC	Health Care Providers & Services		S+625			1.00	%		10.98	%		2/10/2023		7/8/2025		23,186		22,525		22,490
Orthopedic Care Partners Management, LLC	Health Care Providers & Services		S+650			1.00	%		11.38	%		8/17/2022		5/16/2024		3,751		3,730		3,751
Pediatric Home Respiratory Services, LLC	Health Care Providers & Services		S+625			1.00	%		11.29	%		8/19/2022		12/4/2024		1,323		1,308		1,323
Peter C. Foy & Associates Insurance Services, LLC	Insurance		S+600			0.75	%		10.92	%		4/1/2022		11/1/2028		11,918		11,753		11,918
PhyNet Dermatology LLC	Health Care Providers & Services		S+625	(15)		1.00	%		11.10	%		9/5/2018		8/16/2024		11,927		11,898		11,927
Pinnacle Treatment Centers, Inc.(16)	Health Care Providers & Services		S+675			1.00	%		11.54	%		1/22/2020		1/2/2026		26,217		25,787		26,217
Plastics Management, LLC(16)	Health Care Providers & Services		S+500			1.00	%		9.89	%		4/1/2022		8/18/2027		9,192		8,879		9,192
PPT Management Holdings, LLC(16)	Health Care Providers & Services		L+850	(11)		1.00	%		13.34	%		9/14/2018		5/1/2023		33,396		33,256		26,817
RQM+ Corp.(16)	Life Sciences Tools & Services		S+575			1.00	%		10.97	%		8/20/2021		8/12/2026		24,255		23,928		24,255
RSC Acquisition, Inc.(16)	Insurance		S+550			0.75	%		10.24	%		4/1/2022		11/1/2026		7,463		7,296		7,463
RxSense Holdings LLC(16)	Diversified Consumer Services		S+500			1.00	%		9.83	%		4/1/2022		3/13/2026		8,722		8,356		8,722
SCP Eye Care, LLC	Health Care Providers & Services		S+575			1.00	%		10.48	%		10/6/2022		10/5/2029		8,677		8,408		8,677
SHO Holding I Corporation (Shoes for Crews)(16)	Footwear		L+523			1.00	%		10.06	%		4/1/2022		4/27/2024		5,689		5,408		5,405
Southern Orthodontic Partners Management, LLC(16)	Health Care Providers & Services		S+600			1.00	%		11.16	%		6/3/2022		1/27/2026		1,728		1,713		1,728
SPAR Marketing Force, Inc	Media		P+190			—			9.90	%		7/18/2022		10/10/2024		7,949		7,949		7,949
Stryten Resources LLC	Auto Parts & Equipment		S+800			1.00	%		13.15	%		8/11/2021		10/12/2026		25,856		25,464		25,856
SunMed Group Holdings, LLC(16)	Health Care Equipment & Supplies		L+575			0.75	%		10.77	%		6/16/2021		6/16/2028		22,333		21,882		22,333
TAUC Management, LLC(16)	Health Care Providers & Services		L+525			1.00	%		10.33	%		4/1/2022		2/12/2027		6,897		6,600		6,552
Tilley Distribution, Inc.(16)	Trading Companies & Distributors		S+550			1.00	%		10.14	%		4/1/2022		12/31/2026		7,367		7,024		7,367
Ultimate Baked Goods Midco LLC (Rise Baking)(16)	Packaged Foods & Meats		L+650			1.00	%		11.41	%		8/12/2021		8/13/2027		24,324		23,629		24,324
United Digestive MSO Parent, LLC	Health Care Providers & Services		S+675			1.00	%		11.64	%		3/30/2023		3/30/2029		13,323		12,924		12,924
Urology Management Holdings, Inc.	Health Care Providers & Services		S+625			1.00	%		11.36	%		2/7/2023		6/15/2026		7,174		6,966		6,958
Vessco Midco Holdings, LLC(16)	Water Utilities		L+450			1.00	%		9.34	%		4/1/2022		11/2/2026		2,157		2,096		2,157
World Insurance Associates, LLC(16)	Insurance		S+575			1.00	%		10.44	%		4/1/2022		4/1/2026		39,513		38,579		37,933

Total First Lien Bank Debt/Senior Secured Loans																	$	936,307	$	897,231

Second Lien Asset-Based Senior Secured Loans
ACRES Commercial Mortgage, LLC	Diversified Financial Services		S+705			1.00	%		11.87	%		12/24/2021		8/21/2028		29,925	$	29,416	$	29,925

Second Lien Bank Debt/Senior Secured Loans
RD Holdco, Inc.** (2)	Diversified Consumer Services		S+975	(11)		1.00	%		—			12/23/2013		10/12/2026		13,511	$	11,791	$	6,755

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

(in thousands, except share/unit amounts)


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		S+515		4.60	%		9.96	%		12/31/2019		5/1/2028	$	24,445	$	24,402	$	24,445
Apeel Technology, Inc.	Biotechnology		S+625		1.00	%		8.75	%		6/29/2022		6/1/2027		3,643		3,627		3,652
Arcutis Biotherapeutics, Inc.(3)	Pharamceuticals		L+745		0.10	%		12.12	%		12/22/2021		1/1/2027		66,849		67,346		67,685
Ardelyx, Inc.(3)	Pharmaceuticals		S+795		1.00	%		12.64	%		2/23/2022		3/1/2027		9,475		9,467		9,523
BridgeBio Pharma, Inc.(3)	Biotechnology		—		—			9.00	% (22)		11/17/2021		11/17/2026		40,145		39,722		40,145
Centrexion Therapeutics, Inc.	Pharmaceuticals		L+725		2.45	%		11.92	%		6/28/2019		1/1/2024		9,111		9,697		9,703
Cerapedics, Inc.	Biotechnology		S+620		2.75	%		10.86	%		12/27/2022		1/1/2028		26,939		26,916		26,872
Glooko, Inc.(16)	Health Care Technology		L+790		0.10	%		12.57	%		9/30/2021		10/1/2026		15,883		15,904		15,962
Meditrina, Inc.	Health Care Equipment & Supplies		S+550		3.45	%		10.16	%		12/20/2022		12/1/2027		3,367		3,347		3,359
Neuronetics, Inc.(16)	Health Care Equipment & Supplies		S+565		3.95	%		10.46	%		3/2/2020		3/29/2028		19,299		19,148		19,299
OmniGuide Holdings, Inc. (13)	Health Care Equipment & Supplies		L+1405		0.10	%		18.72	% (23)		7/30/2018		7/1/2023		19,685		20,199		20,374
Outset Medical, Inc.(3)	Health Care Equipment & Supplies		S+515		2.75	%		9.81	%		11/3/2022		11/1/2027		35,084		34,973		34,996
Spectrum Pharmaceuticals, Inc.(16)	Biotechnology		S+570		2.30	%		10.36	%		9/21/2022		9/1/2027		10,525		10,439		11,464
Vapotherm, Inc.	Health Care Equipment & Supplies		S+930		1.00	%		14.06	% (24)		2/18/2022		2/1/2027		35,176		35,136		35,440

Total First Lien Life Science Senior Secured Loans																$	320,323	$	322,919

Total Senior Secured Loans																$	1,297,837	$	1,256,830


Description	Industry	Interest Rate (1)			Acquisition Date		Maturity Date		Par Amount		Cost		Fair Value
Equipment Financing — 26.2%
A&A Crane and Rigging, LLC (10)	Commercial Services & Supplies		7.78	%		3/27/2023		3/27/2028	$	79	$	79	$	79
Aero Operating LLC (10)	Commercial Services & Supplies		8.47-9.64	%		2/12/2021		3/1/2025-12/1/2026		2,129		2,127		2,127
AFG Dallas III, LLC (10)	Diversified Consumer Services		10.00-11.29	%		8/11/2022		8/11/2026-3/1/2027		1,342		1,342		1,342
Air Methods Corporation (10)	Airlines		7.08-7.13	%		11/3/2021		11/3/2026-11/23/2026		3,479		3,534		3,479
AmeraMex International, Inc. (10)	Commercial Services & Supplies		10.00	%		3/29/2019		9/15/2024		911		911		921
Bazzini, LLC (10)	Food & Staples Retailing		10.46	%		12/23/2022		1/1/2028		2,274		2,345		2,274
Boart Longyear Company (10)	Metals & Mining		8.31-10.44	%		5/28/2020		7/1/2024-10/7/2026		3,686		3,686		3,686
Bowman Energy Solutions, LLC (10)	Commercial Services & Supplies		7.42	%		7/1/2022		8/1/2026		144		144		144
C-Port/Stone LLC (10)	Oil, Gas & Consumable Fuels		8.54	%		10/7/2022		11/1/2027		6,596		6,414		6,399
Capital City Jet Center, Inc. (10)	Airlines		10.00	%		4/4/2018		10/4/2023-6/22/2026		2,012		2,012		1,991
Carolina’s Contracting, LLC (10)	Diversified Consumer Services		8.72	%		3/7/2023		3/7/2028		359		363		359
CKD Holdings, Inc. (10)	Road & Rail		8.10-8.60	%		9/22/2022		6/22/2026-9/22/2027		3,490		3,490		3,490
Clubcorp Holdings, Inc. (10)	Hotels, Restaurants & Leisure		9.36-13.01	%		5/27/2021		4/1/2025-4/1/2028		7,154		7,154		7,154
Complete Equipment Rentals, LLC (10)	Commercial Services & Supplies		6.75	%		3/23/2023		4/1/2028		1,228		1,206		1,206
Dongwon Autopart Technology Inc. (10)	Auto Components		7.96	%		2/2/2021		1/1/2026		1,692		1,710		1,692
Drillers Choice, Inc. (10)	Commercial Services & Supplies		8.00	%		10/31/2022		11/1/2027		1,523		1,523		1,523
EasyPak, LLC (10)	Containers & Packaging		9.01	%		1/6/2021		1/1/2024		186		186		186
Energy Drilling Services, LLC (10)	Diversified Consumer Services		6.58-9.16	%		8/26/2022		12/9/2025-9/1/2027		1,262		1,262		1,236
Environmental Protection & Improvement Company, LLC (10)	Road & Rail		8.25	%		9/30/2020		10/1/2027		5,099		5,126		5,099
Equipment Operating Leases, LLC (2)(12)	Multi-Sector Holdings		8.37	%		4/27/2018		4/27/2025		3,727		3,727		3,633
Extreme Steel Crane & Rigging, LLC (10)	Commercial Services & Supplies		9.52	%		3/3/2023		3/3/2027		1,008		1,018		1,008
First American Commercial Bancorp, Inc. (10)	Diversified Financial Services		7.50-9.02	%		10/28/2021		10/1/2026-3/1/2027		2,778		2,781		2,778
First National Capital, LLC (10)	Diversified Financial Services		9.00	%		11/5/2021		8/1/2026		6,644		6,644		6,644
Freightsol LLC (10)	Road & Rail		12.51-12.89	%		4/9/2019		11/1/2023		621		624		621
Garda CL Technical Services, Inc. (10)	Commercial Services & Supplies		8.30-8.77	%		3/22/2018		6/5/2023-10/5/2023		264		264		264
Georgia Jet, Inc. (10)	Airlines		8.00	%		12/4/2017		1/4/2024		328		328		328
GMT Corporation (10)	Machinery		10.71	%		10/23/2018		1/1/2026		4,564		4,568		4,564
Hawkeye Contracting Company, LLC (10)	Construction & Engineering		10.50	%		10/8/2021		11/1/2025		923		923		923
HTI Logistics Corporation (10)	Commercial Services & Supplies		9.69-9.94	%		11/15/2018		5/1/2024-9/1/2025		257		257		251
International Automotive Components Group, North America, Inc. (10)	Auto Components		7.95	%		6/23/2021		6/23/2025		5,518		5,548		5,407
Kool Pak, LLC (10)	Road & Rail		8.58	%		2/5/2018		3/1/2024		154		154		154
Loc Performance Products, LLC (10)	Machinery		10.50	%		12/29/2022		6/1/2027		744		744		744
Loyer Capital LLC (2)(12)	Multi-Sector Holdings		8.73-11.52	%		5/16/2019		5/16/2024-9/25/2024		7,500		7,500		7,361
Lux Credit Consultants, LLC (10)	Road & Rail		8.28-12.09	%		6/17/2021		12/1/2024-12/1/2026		14,669		14,669		14,669
Lux Vending, LLC (10)	Consumer Finance		12.46-13.26	%		8/20/2021		7/20/2024-10/1/2024		1,398		1,416		1,398
Mountain Air Helicopters, Inc. (10)	Commercial Services & Supplies		10.00	%		7/31/2017		2/28/2025		340		339		340
Ozzies, Inc. (10)	Commercial Services & Supplies		10.72	%		12/23/2022		1/1/2027		1,941		2,005		1,941
PCX Aerostructures LLC (10)	Aerospace & Defense		9.32	%		11/23/2022		12/1/2028		2,574		2,574		2,574
Rane Light Metal Castings Inc. (10)	Machinery		10.00	%		6/1/2020		6/1/2024		134		134		134
Rango, Inc. (10)	Commercial Services & Supplies		9.33-14.75	%		9/24/2019		6/1/2023-11/1/2024		1,498		1,515		1,470
Royal Coach Lines, Inc.(10)	Road & Rail		9.56	%		11/21/2019		8/1/2025		785		785		716
Royal Express Inc. (10)	Road & Rail		9.53	%		1/17/2019		2/1/2024		361		362		361
Rotten Rock Hardscaping & Tree Service (10)	Diversified Consumer Services		8.21	%		12/6/2022		12/6/2027		235		235		235
Signet Marine Corporation (10)	Transportation Infrastructure		8.50	%		10/31/2022		11/1/2029		13,691		13,739		13,691
SLR Equipment Finance(2)	Multi-Sector Holdings		8.50	%		1/24/2022		1/27/2024		2,500		2,500		2,500
Smiley Lifting Solutions, LLC(10)	Commercial Services & Supplies		7.82-8.28	%		6/30/2022		9/15/2026-12/29/2029		4,033		4,033		4,033
ST Coaches, LLC (10)	Road & Rail		8.47-8.58	%		7/31/2017		7/1/2023-1/25/2025		1,482		1,482		1,421
Star Coaches Inc. (10)	Road & Rail		8.42	%		3/9/2018		4/1/2025		2,751		2,751		2,469
Superior Transportation, Inc. (10)	Road & Rail		10.22-10.63	%		7/31/2017		1/1/2026		3,002		3,002		3,002
The Smedley Company & Smedley Services, Inc. (10)	Commercial Services & Supplies		4.07	%		7/31/2017		1/15/2028		1,630		1,630		1,630
Trinity Equipment Rentals, Inc. (10)	Commercial Services & Supplies		7.94-8.75	%		10/8/2021		11/1/2024-12/1/2026		525		525		525
U.S. Crane & Rigging, LLC (10)	Commercial Services & Supplies		10.92	%		12/23/2022		3/1/2027		1,946		1,946		1,946
Up Trucking Services, LLC (10)	Road & Rail		11.21	%		3/23/2018		8/1/2024		401		403		401
Wind River Environmental, LLC (10)	Diversified Consumer Services		8.43-10.00	%		7/31/2019		8/1/2024-10/5/2025		533		534		533
Womble Company, Inc. (10)	Energy Equipment & Services		9.11	%		12/27/2019		1/1/2025		344		344		330
Worldwide Flight Services, Inc. (10)	Transportation Infrastructure		8.32-9.43	%		9/23/2022		9/23/2027-4/1/2028		1,156		1,173		1,156
Zamborelli Enterprises Pacific Souther Foundation (10)	Diversified Consumer Services		8.91	%		12/7/2022		1/1/2027		682		688		682
									Shares/Units
SLR Equipment Finance Equity Interests (2)(9)(17)*	Multi-Sector Holdings					7/31/2017				200		145,000		120,820

Total Equipment Financing											$	283,478	$	258,044

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

(in thousands, except share/unit amounts)

Description

Industry

Interest
Rate

(1)

Acquisition
Date

Maturity

Date

Par Amount

Cost

Fair

Value

Preferred Equity – 0.4%

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

Aerospace & Defense

5.00

(11)

6/8/2012

6/30/2023

49,880

4,988

3,801


Description	Industry	Acquisition Date		Shares/Units		Cost		Fair Value
Common Equity/Equity Interests/Warrants—57.9%
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		90
Essence Group Holdings Corporation (Lumeris) Warrants *	Health Care Technology		3/22/2017		260,000		129		345
KBH Topco LLC (Kingsbridge) (2)(5)(18)	Multi-Sector Holdings		11/3/2020		73,500,000		136,596		148,444
Meditrina, Inc. Warrants *	Health Care Equipment & Supplies		12/20/2022		29,366		23		20
NSPC Holdings, LLC (National Spine) *	Health Care Providers & Services		2/13/2023		207,043		657		403
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		333
SLR Business Credit (2)(3)(19)	Diversified Financial Services		4/1/2022		100		81,583		90,370
SLR Credit Solutions (2)(3)(20)	Diversified Financial Services		12/28/2012		280,303		280,737		285,260
SLR Healthcare ABL (2)(3)(21)	Diversified Financial Services		4/1/2022		32,839		34,335		34,850
SLR Senior Lending Program LLC (2)(3)(25)	Asset Management		12/1/2022		—		9,500		9,534
Spectrum Pharmaceuticals, Inc. Warrants *	Biotechnology		9/21/2022		159,470		51		54
Vapotherm, Inc. Warrants*	Health Care Equipment & Supplies		2/18/2022		74,339		231		18
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						$	565,941	$	569,786

Total Investments (6) — 212.2%						$	2,152,244	$	2,088,461


Description	Industry		Acquisition Date		Maturity Date		Par Amount
Cash Equivalents — 43.2% U.S. Treasury Bill		Government		3/31/2023		6/29/2023	$	430,000	$	425,220	$	425,082

Total Investments & Cash Equivalents — 255.4%									$	2,577,464	$	2,513,543
Liabilities in Excess of Other Assets — (155.4%)												(1,529,365	)

Net Assets — 100.0%											$	984,178

(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 March 31, 2023.

(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 (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Transactions during the three months ended March 31, 2023 in these controlled investments are as follows:


Name of Issuer	Fair Value at December 31, 2022		Gross Additions		Gross Reductions		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Interest/Dividend Income		Fair Value at March 31, 2023
Equipment Operating Leases, LLC	$	3,741	$	—	$	111	$	—	$	3		$	79	$	3,633
Kingsbridge Holdings, LLC		80,000		—		—		—		(23	)		2,380		80,000
KBH Topco, LLC (Kingsbridge)		148,444		—		—		—		—			3,500		148,444
Loyer Capital LLC		7,361		—		—		—		—			186		7,361
RD Holdco, Inc. (Rug Doctor, common equity)		—		—		—		—		—			—		—
RD Holdco, Inc. (Rug Doctor, class B)		—		—		—		—		—			—		—
RD Holdco, Inc. (Rug Doctor, warrants)		—		—		—		—		—			—		—
RD Holdco, Inc. (debt)		6,521		—		—		—		234			—		6,755
SLR Business Credit		89,370		—		—		—		1,000			1,750		90,370
SLR Credit Solutions		288,760		—		—		—		(3,500	)		5,000		285,260
SLR Equipment Finance (equity)		120,820		—		—		—		—			—		120,820
SLR Equipment Finance (debt)		5,000		2,500		5,000		—		—			66		2,500
SLR Healthcare ABL		34,350		—		—		—		500			865		34,850
SLR Senior Lending Program LLC		9,426		—		—		—		108			—		9,534
SOINT, LLC		3,801		61		—		—		(61	)		61		3,801

	$	797,594	$	2,561	$	5,111	$	—	$	(1,739	)	$	13,887	$	793,328

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

(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 March 31, 2023, on a fair value basis,

non-qualifying

assets in the portfolio represented 24.3% of the total assets of the Company.

(4)	The Company’s investment in SOINT, LLC includes 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 $1,314; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $156,877 and $155,563, respectively, based on a tax cost of $2,087,147. 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 5.75% 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.

(22)	BridgeBio Pharma, Inc. may elect to defer up to 3.00% of the coupon as PIK.

(23)	OmniGuide Holdings, Inc. may elect to defer up to 10.00% of the coupon as PIK.

(24)	Vapotherm, Inc. may elect to defer up to 9.00% of the coupon as PIK.

(25)	See note 17 to the consolidated financial statements.

(26)	iCIMS, Inc. may elect to defer up to 3.875% of the coupon as PIK.

*	Non-income producing security.

**	Investment is on non-accrual status.

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

(in thousands)


Industry Classification	Percentage of Total Investments (at fair value) as of March 31, 2023
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)		21.9	%
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)		17.4	%
Health Care Providers & Services		11.4	%
Health Care Equipment & Supplies		5.7	%
Pharmaceuticals		5.3	%
Software		4.2	%
Biotechnology		3.9	%
Insurance		3.2	%
Diversified Consumer Services		2.6	%
Capital Markets		2.1	%
Personal Products		1.6	%
Media		1.6	%
Road & Rail		1.6	%
Thrifts & Mortgage Finance		1.3	%
Auto Parts & Equipment		1.2	%
Packaged Foods & Meats		1.2	%
Life Sciences Tools & Services		1.2	%
Commercial Services & Supplies		1.1	%
Wireless Telecommunication Services		1.1	%
Internet Software & Services		1.0	%
Building Products		0.9	%
Trading Companies & Distributors		0.8	%
Health Care Technology		0.8	%
Transportation Infrastructure		0.7	%
Communications Equipment		0.7	%
Internet & Catalog Retail		0.6	%
IT Services		0.6	%
Leisure Equipment & Products		0.5	%
Specialty Retail		0.5	%
Asset Management		0.5	%
Hotels, Restaurants & Leisure .		0.3	%
Auto Components		0.3	%
Oil, Gas & Consumable Fuels		0.3	%
Aerospace & Defense		0.3	%
Airlines		0.3	%
Machinery		0.3	%
Footwear		0.3	%
Food Products		0.2	%
Metals & Mining		0.2	%
Food & Staples Retailing		0.1	%
Water Utilities		0.1	%
Consumer Finance		0.1	%
Construction & Engineering		0.0	%
Energy Equipment & Services		0.0	%
Containers & Packaging		0.0	%

Total Investments		100.0	%

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

(in thousands, except share/unit amounts)


Description	Industry		Spread Above Index (7)			Floor			Interest Rate (1)			Acquisition Date		Maturity Date		Par Amount		Cost		Fair Value
Senior Secured Loans — 124.6%
First Lien Bank Debt/Senior Secured Loans
Aegis Toxicology Sciences Corporation(16)		Health Care Providers & Services		L+550			1.00	%		10.09	%		5/7/2018		5/9/2025	$	17,103	$	16,793	$	17,103
All State Ag Parts, LLC(16)		Trading Companies & Distributors		S+575			1.00	%		10.19	%		4/1/2022		9/1/2026		4,197		4,081		4,197
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		1/31/2023		6,405		6,254		224
AmeriMark Intermediate Holdings, LLC(14)		Internet & Catalog Retail		L+800			1.00	%		14.77	%		7/28/2021		10/15/2026		24,087		23,711		22,882
Apex Services Partners, LLC(16)		Diversified Consumer Services		S+525			1.00	%		9.80	%		8/31/2022		7/31/2025		14,021		13,644		14,021
Atria Wealth Solutions, Inc.(16)		Diversified Financial Services		S+600			1.00	%		10.84	%		9/14/2018		2/29/2024		8,149		8,107		8,149
Basic Fun, Inc.(16)		Specialty Retail		L+550			1.00	%		10.27	%		10/30/2020		10/30/2023		2,162		2,152		2,162
BayMark Health Services, Inc.(16)		Health Care Providers & Services		L+500			1.00	%		9.73	%		4/1/2022		6/11/2027		9,432		9,078		9,432
BDG Media, Inc.		Media		L+900			0.25	%		13.17	%		7/18/2022		4/27/2023		14,454		14,454		14,454
CC SAG Holdings Corp. (Spectrum Automotive)(16)		Diversified Consumer Services		L+575			0.75	%		10.48	%		6/29/2021		6/29/2028		20,427		20,057		20,427
Composite Technology Acquisition Corp.(16)		Building Products		L+475			1.00	%		9.73	%		4/1/2022		2/1/2025		10,386		9,983		10,386
Copper River Seafoods, Inc.		Food Products		P+275			—			10.25	%		8/31/2022		4/23/2025		8,405		8,405		8,405
DeepIntent, Inc.		Media		P+175			—			9.25	%		10/12/2022		3/25/2025		16,951		16,951		16,951
Enhanced Permanent Capital, LLC(3)		Capital Markets		L+700			1.00	%		10.13	%		12/29/2020		12/29/2025		35,205		34,496		35,205
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16)..		Trading Companies & Distributors		S+475			1.00	%		9.43	%		4/1/2022		12/31/2025		4,978		4,804		4,978
Enverus Holdings, Inc. (fka Drilling Info Holdings)(16)		IT Services		L+450			—			8.88	%		4/1/2022		7/30/2025		11,598		11,129		11,598
Erie Construction Mid-west, LLC(16)		Building Products		S+475			1.00	%		9.79	%		4/1/2022		7/30/2027		8,915		8,580		8,915
Foundation Consumer Brands, LLC(16)		Personal Products		L+550			1.00	%		10.15	%		2/12/2021		2/12/2027		35,273		34,421		35,273
GSM Acquisition Corp.(16)		Leisure Equipment & Products		S+500			1.00	%		9.03	%		4/1/2022		11/16/2026		11,022		10,562		10,912
Higginbotham Insurance Agency, Inc.(16)		Insurance		L+525			0.75	%		9.63	%		4/1/2022		11/25/2026		6,223		5,994		6,223
High Street Buyer, Inc.(16)		Insurance		L+600			0.75	%		10.73	%		4/1/2022		4/16/2028		5,188		4,900		5,188
Human Interest Inc.		Internet Software & Services		S+785			1.00	%		11.97	%		6/30/2022		7/1/2027		20,104		19,783		20,104
iCIMS, Inc.		Software		S+725			0.75	%		11.52	% (26)		8/18/2022		8/18/2028		32,084		31,548		31,522
Ivy Fertility Services, LLC		Health Care Providers & Services		L+625			1.00	%		10.39	%		12/22/2021		2/25/2026		30,092		29,415		30,393
Kaseya, Inc.(16)		Software		S+575			0.75	%		10.33	%		6/22/2022		6/23/2029		32,426		31,966		32,426
Kid Distro Holdings, LLC (Distro Kid)(16)		Software		L+575			1.00	%		10.48	%		9/24/2021		10/1/2027		26,452		26,015		26,452
Kingsbridge Holdings, LLC(2)		Multi-Sector Holdings		L+700			1.00	%		10.75	%		12/21/2018		12/21/2024		80,000		79,800		80,000
KORE Wireless Group, Inc.(16)		Wireless Telecommunication Services		S+550			—			10.08	%		12/21/2018		12/21/2024		23,588		23,123		23,588
Logix Holding Company, LLC(16)		Communications Equipment		L+575			1.00	%		10.13	%		9/14/2018		12/22/2024		14,009		13,246		13,449
Luxury Asset Capital, LLC(16)		Thrifts & Mortgage Finance		S+675			1.00	%		10.99	%		7/15/2022		7/15/2027		27,500		26,991		27,500
Maurices, Incorporated(16)		Specialty Retail		S+675			1.00	%		8.74	%		8/27/2021		6/1/2024		7,808		7,678		7,808
Montefiore Nyack Hospital		Health Care Providers & Services		L+495			—			9.72	%		8/9/2022		11/15/2024		3,966		3,966		3,966
NAC Holdings Corporation (Jaguar)(16)		Insurance		S+525			1.00	%		9.45	%		7/30/2021		9/28/2024		28,603		28,214		28,603
National Spine and Pain Centers, LLC		Health Care Providers & Services		L+500			1.00	%		7.31	%		4/1/2022		6/2/2024		2,681		2,564		2,547
One Touch Direct, LLC		Commercial Services & Supplies		P+75			—			8.25	%		4/3/2020		3/30/2024		4,431		4,431		4,431
Orthopedic Care Partners Management, LLC		Health Care Providers & Services		S+650			1.00	%		10.91	%		8/17/2022		5/16/2024		3,111		3,092		3,111
Pediatric Home Respiratory Services, LLC		Health Care Providers & Services		S+625			1.00	%		10.67	%		8/19/2022		12/4/2024		1,327		1,309		1,313
Peter C. Foy & Associates Insurance Services, LLC		Insurance		S+600			0.75	%		10.44	%		4/1/2022		11/1/2028		10,854		10,699		10,854
PhyNet Dermatology LLC		Health Care Providers & Services		S+625	(15)		1.00	%		9.81	%		9/5/2018		8/16/2024		14,458		14,420		14,458
Pinnacle Treatment Centers, Inc.(16)		Health Care Providers & Services		S+650			1.00	%		10.57	%		1/22/2020		1/2/2026		27,997		27,528		27,367
Plastics Management, LLC(16)		Health Care Providers & Services		S+500			1.00	%		9.89	%		4/1/2022		8/18/2027		9,491		9,161		9,491
PPT Management Holdings, LLC(16)		Health Care Providers & Services		L+850	(11)		1.00	%		12.83	%		9/14/2018		1/30/2023		32,163		31,987		25,827
RQM+ Corp.(16)		Life Sciences Tools & Services		S+575			1.00	%		10.97	%		8/20/2021		8/12/2026		26,823		26,455		26,823
RSC Acquisition, Inc.(16)		Insurance		S+550			0.75	%		9.26	%		4/1/2022		11/1/2026		6,985		6,813		6,985
RxSense Holdings LLC(16)		Diversified Consumer Services		L+500			1.00	%		9.41	%		4/1/2022		3/13/2026		11,775		11,357		11,775
SCP Eye Care, LLC		Health Care Providers & Services		S+575			1.00	%		9.46	%		10/6/2022		10/5/2029		8,314		8,050		8,044
SHO Holding I Corporation (Shoes for Crews)(16)		Footwear		L+523			1.00	%		9.66	%		4/1/2022		4/27/2024		5,704		5,361		5,419
Southern Orthodontic Partners Management, LLC(16)		Health Care Providers & Services		S+600			1.00	%		10.77	%		6/3/2022		1/27/2026		1,399		1,387		1,399
SPAR Marketing Force, Inc		Media		P+95			—			8.45	%		7/18/2022		10/10/2024		9,162		9,162		9,162
Stryten Resources LLC		Auto Parts & Equipment		S+800			1.00	%		12.44	%		8/11/2021		10/12/2026		25,922		25,506		25,922
SunMed Group Holdings, LLC(16)		Health Care Equipment & Supplies		L+575			0.75	%		10.48	%		6/16/2021		6/16/2028		24,953		24,446		24,953
TAUC Management, LLC(16)		Health Care Providers & Services		L+525			1.00	%		9.98	%		4/1/2022		2/12/2027		6,899		6,585		6,864
Tilley Distribution, Inc.(16)		Trading Companies & Distributors		S+550			1.00	%		10.14	%		4/1/2022		12/31/2026		9,996		9,527		9,996
Ultimate Baked Goods Midco LLC (Rise Baking)(16)		Packaged Foods & Meats		L+650			1.00	%		10.88	%		8/12/2021		8/13/2027		24,789		24,038		24,789
Vessco Midco Holdings, LLC(16)		Water Utilities		L+450			1.00	%		7.87	%		4/1/2022		11/2/2026		1,728		1,668		1,728
World Insurance Associates, LLC(16)		Insurance		S+575			1.00	%		9.31	%		4/1/2022		4/1/2026		31,624		30,785		30,359

Total First Lien Bank Debt/Senior Secured Loans																		$	912,558	$	886,513

Second Lien Asset-Based Senior Secured Loans
ACRES Commercial Mortgage, LLC		Diversified Financial Services		S+705			1.00	%		11.38	%		12/24/2021		8/21/2028		29,925	$	29,398	$	29,925

Second Lien Bank Debt/Senior Secured Loans
RD Holdco, Inc.** (2)		Diversified Consumer Services		S+975	(11)		1.00	%		—			12/23/2013		10/12/2026		13,043	$	11,791	$	6,521

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)


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	%		11.82	%		12/31/2019		7/1/2024	$	23,159	$	23,894	$	24,433
Apeel Technology, Inc	Biotechnology		S+625		1.00	%		8.75	%		6/29/2022		6/1/2027		3,643		3,620		3,643
Arcutis Biotherapeutics, Inc.(3)	Pharamceuticals		L+745		0.10	%		11.62	%		12/22/2021		1/1/2027		66,849		67,077		67,685
Ardelyx, Inc.(3)	Pharmaceuticals		L+795		0.10	%		12.12	%		2/23/2022		3/1/2027		9,475		9,437		9,499
BridgeBio Pharma, Inc.(3)	Biotechnology		—		—			9.00	% (22)		11/17/2021		11/17/2026		39,839		39,340		39,839
Centrexion Therapeutics, Inc.	Pharmaceuticals		L+725		2.45	%		11.42	%		6/28/2019		1/1/2024		11,844		12,372		12,555
Cerapedics, Inc.	Biotechnology		S+620		2.75	%		10.52	%		12/27/2022		1/1/2028		26,939		26,874		26,872
Glooko, Inc.(16)	Health Care Technology		L+790		0.10	%		12.07	%		9/30/2021		10/1/2026		15,883		15,867		15,922
Meditrina, Inc.	Health Care Equipment & Supplies		S+550		3.45	%		9.82	%		12/20/2022		12/1/2027		3,367		3,338		3,359
Neuronetics, Inc.(16)	Health Care Equipment & Supplies		L+765		1.66	%		11.82	%		3/2/2020		2/28/2025		18,012		18,450		19,003
OmniGuide Holdings, Inc. (13)	Health Care Equipment & Supplies		L+1405		0.10	%		18.22	% (23)		7/30/2018		7/1/2023		19,201		19,380		19,777
Outset Medical, Inc.(3)	Health Care Equipment & Supplies		S+515		2.75	%		9.33	%		11/3/2022		11/1/2027		35,084		34,880		34,820
Spectrum Pharmaceuticals, Inc.(16)	Biotechnology		S+570		2.30	%		9.88	%		9/21/2022		9/1/2027		10,525		10,406		10,420
Vapotherm, Inc.	Health Care Equipment & Supplies		S+830		1.00	%		12.58	% (24)		2/18/2022		2/1/2027		34,455		34,270		34,628

Total First Lien Life Science Senior Secured Loans																$	319,205	$	322,455

Total Senior Secured Loans																$	1,272,952	$	1,245,414


Description	Industry	Interest Rate (1)			Acquisition Date		Maturity Date		Par Amount		Cost		Fair Value
Equipment Financing — 26.6%
Aero Operating LLC (10)	Commercial Services & Supplies		8.47-9.64	%		2/12/2021		3/1/2025-12/1/2026	$	2,264	$	2,262	$	2,262
AFG Dallas III, LLC (10)	Diversified Consumer Services		10.00	%		8/11/2022		8/11/2026-8/29/2026		1,036		1,036		1,036
Air Methods Corporation (10)	Airlines		7.08-7.13	%		11/3/2021		11/3/2026-11/23/2026		3,600		3,660		3,600
AmeraMex International, Inc. (10)	Commercial Services & Supplies		10.00	%		3/29/2019		9/15/2024		1,059		1,059		1,069
Bazzini, LLC (10)	Food & Staples Retailing		10.46	%		12/23/2022		1/1/2028		2,365		2,440		2,365
Boart Longyear Company (10)	Metals & Mining		8.31-10.44	%		5/28/2020		7/1/2024-10/7/2026		4,568		4,568		4,568
Bowman Energy Solutions, LLC (10)	Commercial Services & Supplies		7.42	%		7/1/2022		8/1/2026		153		153		153
C-Port/Stone LLC (10)	Oil, Gas & Consumable Fuels		8.54	%		10/7/2022		11/1/2027		6,708		6,514		6,507
Capital City Jet Center, Inc. (10)	Airlines		10.00	%		4/4/2018		10/4/2023-6/22/2026		2,241		2,241		2,214
Champion Air, LLC (10)	Airlines		10.00	%		3/19/2018		1/1/2023		1,055		1,055		1,055
CKD Holdings, Inc. (10)	Road & Rail		8.10-8.60	%		9/22/2022		3/22/2026-9/22/2027		3,690		3,690		3,690
Clubcorp Holdings, Inc. (10)	Hotels, Restaurants & Leisure		9.36-13.01	%		5/27/2021		4/1/2025-1/1/2028		6,539		6,539		6,539
Dongwon Autopart Technology Inc. (10)	Auto Components		7.96	%		2/2/2021		1/1/2026		1,828		1,849		1,828
Drillers Choice, Inc. (10)	Commercial Services & Supplies		8.00	%		10/31/2022		11/1/2027		1,589		1,589		1,589
EasyPak, LLC (10)	Containers & Packaging		9.01	%		1/6/2021		1/1/2024		276		276		276
Energy Drilling Services, LLC (10)	Diversified Consumer Services		6.58-9.16	%		8/26/2022		12/9/2025-9/1/2027		1,321		1,321		1,295
Environmental Protection & Improvement Company, LLC (10)	Road & Rail		8.25	%		9/30/2020		10/1/2027		5,270		5,300		5,270
Equipment Operating Leases, LLC (2)(12)	Multi-Sector Holdings		8.37	%		4/27/2018		4/27/2025		3,837		3,837		3,741
First American Commercial Bancorp, Inc. (10)	Diversified Financial Services		7.50-9.02	%		10/28/2021		10/1/2026-3/1/2027		2,938		2,941		2,938
First National Capital, LLC (10)	Diversified Financial Services		9.00	%		11/5/2021		8/1/2026		7,116		7,116		7,116
Freightsol LLC (10)	Road & Rail		12.51-12.89	%		4/9/2019		11/1/2023		779		784		779
Garda CL Technical Services, Inc. (10)	Commercial Services & Supplies		8.30-8.77	%		3/22/2018		6/5/2023-10/5/2023		469		469		468
Georgia Jet, Inc. (10)	Airlines		8.00	%		12/4/2017		1/4/2024		425		425		425
GMT Corporation (10)	Machinery		10.71	%		10/23/2018		1/1/2026		4,801		4,806		4,801
Hawkeye Contracting Company, LLC (10)	Construction & Engineering		10.50	%		10/8/2021		11/1/2025		997		997		997
HTI Logistics Corporation (10)	Commercial Services & Supplies		9.69-9.94	%		11/15/2018		5/1/2024-9/1/2025		290		290		283
International Automotive Components Group, North America, Inc. (10)	Auto Components		7.95	%		6/23/2021		6/23/2025		6,072		6,109		5,951
Kool Pak, LLC (10)	Road & Rail		8.58	%		2/5/2018		3/1/2024		194		194		194
Loc Performance Products, LLC (10)	Machinery		10.50	%		12/29/2022		6/1/2027		767		767		767
Loyer Capital LLC (2)(12)	Multi-Sector Holdings		8.73-11.52	%		5/16/2019		5/16/2024-9/25/2024		7,500		7,500		7,361
Lux Credit Consultants, LLC (10)	Road & Rail		8.28-12.09	%		6/17/2021		12/1/2024-12/1/2026		16,411		16,411		16,411
Lux Vending, LLC (10)	Consumer Finance		12.46-13.26	%		8/20/2021		8/20/2024-10/1/2024		1,638		1,663		1,638
Mountain Air Helicopters, Inc. (10)	Commercial Services & Supplies		10.00	%		7/31/2017		2/28/2025		369		368		369
Ozzies, Inc. (10)	Commercial Services & Supplies		10.72	%		12/23/2022		1/1/2027		2,005		2,072		2,005
PCX Aerostructures LLC (10)	Aerospace & Defense		9.32	%		11/23/2022		12/1/2028		2,658		2,658		2,658
Rane Light Metal Castings Inc. (10)	Machinery		10.00	%		6/1/2020		6/1/2024		159		159		159
Rango, Inc. (10)	Commercial Services & Supplies		9.33-9.79	%		9/24/2019		4/1/2023-11/1/2024		1,940		1,960		1,904
Royal Coach Lines, Inc.(10)	Road & Rail		9.56	%		11/21/2019		8/1/2025		849		849		775
Royal Express Inc. (10)	Road & Rail		9.53	%		1/17/2019		2/1/2024		428		431		428
Rotten Rock Hardscaping & Tree Service (10)	Diversified Consumer Services		8.21	%		12/6/2022		12/6/2027		245		245		245
Signet Marine Corporation (10)	Transportation Infrastructure		8.50	%		10/31/2022		7/1/2029		14,102		14,152		14,102
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		7.82-8.28	%		6/30/2022		9/15/2026-12/29/2029		4,139		4,139		4,139
ST Coaches, LLC (10)	Road & Rail		8.47-8.58	%		7/31/2017		7/1/2023-1/25/2025		1,521		1,521		1,459
Star Coaches Inc. (10)	Road & Rail		8.42	%		3/9/2018		4/1/2025		2,887		2,887		2,591
Superior Transportation, Inc. (10)	Road & Rail		10.22-10.63	%		7/31/2017		1/1/2026		3,369		3,369		3,369
The Smedley Company & Smedley Services, Inc. (10)	Commercial Services & Supplies		4.07	%		7/31/2017		1/15/2028		1,706		1,706		1,706
Trinity Equipment Rentals, Inc. (10)	Commercial Services & Supplies		7.94-8.75	%		10/8/2021		11/1/2024-12/1/2026		577		577		577
U.S. Crane & Rigging, LLC (10)	Commercial Services & Supplies		10.92	%		12/23/2022		3/1/2027		2,005		2,005		2,005
Up Trucking Services, LLC (10)	Road & Rail		11.21	%		3/23/2018		8/1/2024		469		473		469
Wind River Environmental, LLC (10)	Diversified Consumer Services		8.43-10.00	%		7/31/2019		8/1/2024-10/5/2025		604		605		604
Womble Company, Inc. (10)	Energy Equipment & Services		9.11	%		12/27/2019		1/1/2025		386		386		371
Worldwide Flight Services, Inc. (10)	Transportation Infrastructure		8.32-9.36	%		9/23/2022		9/23/2027-10/28/2027		304		308		304
Zamborelli Enterprises Pacific Souther Foundation (10)	Diversified Consumer Services		8.91	%		12/7/2022		1/1/2027		707		714		707
									Shares/Units
SLR Equipment Finance Equity Interests (2)(9)(17)*	Multi-Sector Holdings					7/31/2017				200		145,000		120,820

Total Equipment Financing											$	291,445	$	265,952

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

Description

Industry

Interest
Rate

(1)

Acquisition
Date

Maturity

Date

Par Amount

Cost

Fair

Value

Preferred Equity – 0.4%

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

Aerospace & Defense

5.00

(11)

6/8/2012

6/30/2023

49,273

4,927

3,801


Description	Industry				Acquisition Date		Shares/Units		Cost		Fair Value
Common Equity/Equity Interests/Warrants— 57.1%
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		82
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		103
Essence Group Holdings Corporation (Lumeris) Warrants *		Health Care Technology				3/22/2017		260,000		129		366
KBH Topco LLC (Kingsbridge) (2)(5)(18)		Multi-Sector Holdings				11/3/2020		73,500,000		136,596		148,444
Meditrina, Inc. Warrants *		Health Care Equipment & Supplies				12/20/2022		29,366		23		23
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		483
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		34,350
SLR Senior Lending Program LLC (2)(3)(25)		Asset Management				12/1/2022		—		9,500		9,426
Spectrum Pharmaceuticals, Inc. Warrants *		Biotechnology				9/21/2022		159,470		51		15
Vapotherm, Inc. Warrants*		Health Care Equipment & Supplies				2/18/2022		36,996		210		87
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									$	565,263	$	571,509

Total Investments (6) — 208.7%									$	2,134,587	$	2,086,676


Description	Industry		Acquisition Date		Maturity Date		Par Amount
Cash Equivalents — 41.8% U.S. Treasury Bill		Government		12/30/2022		2/23/2023	$	420,000	$	417,590	$	417,590

Total Investments & Cash Equivalents — 250.5%									$	2,552,177	$	2,504,266
Liabilities in Excess of Other Assets — (150.5%)												(1,504,535	)

Net Assets — 100.0%											$	999,731

(1)

(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, 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 December 31, 2022
Equipment Operating Leases, LLC	$	18,939	$	—	$	15,833	$	—	$	635		$	749		$	3,741
Kingsbridge Holdings, LLC		80,000		—		—		—		(87	)		7,402			80,000
KBH Topco, LLC (Kingsbridge)		145,996		—		—		—		2,448			15,225			148,444
Loyer Capital LLC		10,725		—		3,500		—		136			1,003			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		—		—		(5,280	)		(18	)		6,521
SLR Business Credit		—		81,583		—		—		7,787			5,150			89,370
SLR Credit Solutions		298,766		—		—		—		(10,006	)		20,500			288,760
SLR Equipment Finance (equity)		129,102		—		—		—		(8,282	)		—			120,820
SLR Equipment Finance (debt)		—		5,000		—		—		—			379			5,000
SLR Healthcare ABL		—		34,335		—		—		15			2,595			34,350
SLR Senior Lending Program LLC		—		9,500		—		—		(74	)		—			9,426
SOAGG LLC		1,121		—		447		—		(674	)		647			—
SOINT, LLC		4,509		266		942		—		(32	)		266			3,801

	$	706,203	$	131,369	$	20,722	$	—	$	(18,630	)	$	53,898		$	797,594

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands)

(3)

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, 2022, on a fair value basis,

non-qualifying

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

(4)	The Company’s investment in SOINT, LLC includes 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 $17,187; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $161,053 and $143,866, respectively, based on a tax cost of $2,069,489. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 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. Amerimark may elect to defer up to 8.00% of the coupon as PIK.

(15)	Spread is 5.75% Cash / 0.50% PIK.

(16)

(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.

(22)	BridgeBio Pharma, Inc. may elect to defer up to 3.00% of the coupon as PIK.

(23)	OmniGuide Holdings, Inc. may elect to defer up to 10.00% of the coupon as PIK.

(24)	Vapotherm, Inc. may elect to defer up to 8.00% of the coupon as PIK.

(25)	See note 17 to the consolidated financial statements.

(26)	iCIMS, Inc. may elect to defer up to 3.875% of the coupon as PIK.

*	Non-income producing security.

**	Investment is on non-accrual status.

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands)


Industry Classification	Percentage of Total Investments (at fair value) as of December 31, 2022
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)		22.1	%
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)		17.5	%
Health Care Providers & Services		7.7	%
Health Care Equipment & Supplies		6.6	%
Pharmaceuticals		5.5	%
Software		4.3	%
Insurance		4.2	%
Biotechnology		3.9	%
Diversified Consumer Services		2.7	%
Media		1.9	%
Road & Rail		1.7	%
Personal Products		1.7	%
Capital Markets		1.7	%
Thrifts & Mortgage Finance		1.3	%
Life Sciences Tools & Services		1.3	%
Auto Parts & Equipment		1.2	%
Packaged Foods & Meats		1.2	%
Wireless Telecommunication Services		1.1	%
Commercial Services & Supplies		1.1	%
Internet & Catalog Retail		1.1	%
Internet Software & Services		1.0	%
Building Products		0.9	%
Trading Companies & Distributors		0.9	%
Health Care Technology		0.8	%
Transportation Infrastructure		0.7	%
Communications Equipment		0.7	%
IT Services		0.6	%
Leisure Equipment & Products		0.5	%
Specialty Retail		0.5	%
Asset Management		0.5	%
Food Products		0.4	%
Auto Components		0.4	%
Airlines		0.3	%
Hotels, Restaurants & Leisure		0.3	%
Oil, Gas & Consumable Fuels		0.3	%
Aerospace & Defense		0.3	%
Machinery		0.3	%
Footwear		0.3	%
Metals & Mining		0.2	%
Food & Staples Retailing		0.1	%
Water Utilities		0.1	%
Consumer Finance		0.1	%
Construction & Engineering		0.0	%
Energy Equipment & Services		0.0	%
Containers & Packaging		0.0	%

Total Investments		100.0	%

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

March 31, 2023

(in thousands, except share amounts)

Note 1. Organization

SLR Investment Corp. (the “Company”, “we”, “us” 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 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 April 1, 2022, we acquired SLR Senior Investment Corp., a Maryland corporation (“SUNS”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 1, 2021, by and among us, 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”). Pursuant to the Merger Agreement, Merger Sub merged with and into SUNS, with SUNS continuing as the surviving company and as SUNS’s wholly-owned subsidiary (the “Merger,”) and, immediately thereafter, SUNS merged with and into us, with us continuing as the surviving company (together with the Merger, the “Mergers”). 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.

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,

2023.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

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

The significant accounting policies consistently followed by the Company are:

(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 and deemed to represent fair value under U.S. GAAP, at such market quotations (unless they are deemed not to represent fair value). A market quotation is readily available for a security only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. 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 under U.S. GAAP, 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.

The valuation principles set forth above may be modified from time to time, in whole or in part, as determined by the Board in its sole discretion. The Board will also (1) periodically assess and manage valuation risks; (2) establish and apply fair value methodologies; (3) test fair value methodologies; (4) oversee and evaluate third-party pricing services, as applicable; (5) oversee the reporting required by Rule

2a-5

under the 1940 Act; and (6) maintain recordkeeping requirements under Rule

2a-5.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

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

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

Level

: Unadjusted quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date.

Level

: 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

: 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 a 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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(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 manages the

day-to-day

operations of, and provides investment advisory services to the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and a performance-based incentive fee. The base management fee is determined by taking the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters calculated at an annual rate of 1.50% on gross assets up to 200% of the Company’s total net assets as of the immediately preceding quarter end and 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter end. 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 months ended March 31, 2023 and 2022.

For the three months ended March 31, 2023 and 2022, the Company recognized $7,706 and $7,216, respectively, in base management fees and $5,509 and $0, respectively, in performance-based incentive fees. For the three months ended March 31, 2023 and 2022, $110 and $0, respectively, of such performance-based incentive fees were waived. The Investment Adviser has agreed to waive incentive fees resulting from income earned due to the accretion of purchase discount allocated to investments acquired as a result of the Mergers. Fees waived pursuant to the above are not subject to recoupment by the Investment Adviser.

The Company has also entered into an Administration Agreement with SLR Capital Management, LLC (the “Administrator”) under which the Administrator provides administrative services to the Company. 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 months ended March 31, 2023 and 2022, the Company recognized expenses under the Administration Agreement of $1,508 and $1,183 respectively. No managerial assistance fees were accrued or collected for the three months ended March 31, 2023 and 2022.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

Note 4. Net Asset Value Per Share

At March 31, 2023, the Company’s total net assets and net asset value per share were $984,178 and $18.04, respectively. This compares to total net assets and net asset value per share at December 31, 2022 of $999,731 and $18.33, 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 months ended March 31, 2023 and 2022:


	Three months ended March 31,
	2023		2022

Earnings per share (basic & diluted)
Numerator - net increase in net assets resulting from operations:	$	6,824	$	1,463
Denominator - weighted average shares:		54,554,651		42,260,826
Earnings per share:	$	0.13	$	0.04

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

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

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:

Quoted prices for similar assets or liabilities in active markets;

Quoted prices for identical or similar assets or liabilities in

non-active

markets;

Pricing models whose inputs are observable for substantially the full term of the asset or liability; and

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

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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

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

Fair Value Measurements

As of March 31, 2023


	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,256,830	$	—	$	1,256,830
Equipment Financing		—		—		258,044		—		258,044
Preferred Equity		—		—		3,801		—		3,801
Common Equity/Equity Interests/Warrants		333		—		559,919		9,534		569,786

Total Investments $	$	333	$	—	$	2,078,594	$	9,534	$	2,088,461

Fair Value Measurements

As of December 31, 2022


	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,245,414	$	—	$	1,245,414
Equipment Financing		—		—		265,952		—		265,952
Preferred Equity		—		—		3,801		—		3,801
Common Equity/Equity Interests/Warrants		483		—		561,600		9,426		571,509

Total Investments $	$	483	$	—	$	2,076,767	$	9,426	$	2,086,676

In accordance with ASC

820-10,

certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP. See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

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

Fair Value Measurements Using Level 3 Inputs


	Senior Secured Loans			Equipment Financing			Preferred Equity			Common Equity/ Equity Interests/ Warrants			Total

Fair value, December 31, 2022	$	1,245,414		$	265,952		$	3,801		$	561,600		$	2,076,767
Total gains or losses included in earnings:
Net realized gain		824			—			—			—			824
Net change in unrealized gain (loss)		(13,469	)		60			(61	)		(2,360	)		(15,830	)
Purchase of investment securities		153,570			7,346			61			679			161,656
Proceeds from dispositions of investment securities		(129,509	)		(15,314	)		—			—			(144,823	)
Transfers in/out of Level 3		—			—			—			—			—

Fair value, March 31, 2023	$	1,256,830		$	258,044		$	3,801		$	559,919		$	2,078,594

Unrealized losses for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	(13,081	)	$	60		$	(61	)	$	(2,360	)	$	(15,442	)

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

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2022, 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, 2022:

Fair Value Measurements Using Level 3 Inputs


	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 gain (loss)		(36,244	)		—			—			6			(36,238	)
Net change in unrealized loss		(8,065	)		(6,924	)		(706	)		(5,048	)		(20,743	)
Purchase of investment securities(1)		796,389			84,168			266			116,272			997,095
Proceeds from dispositions of investment securities		(446,356	)		(85,087	)		(1,389	)		(11	)		(532,843	)
Transfers in/out of Level 3		—			—			—			—			—

Fair value, December 31, 2022	$	1,245,414		$	265,952		$	3,801		$	561,600		$	2,076,767

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	$	(8,920	)	$	(6,924	)	$	(706	)	$	(5,048	)	$	(21,598	)

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

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

December 31, 2022:


2022 Unsecured Notes	For the year ended December 31, 2022

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

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

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.

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

measurements

as of March 31, 2023 is

summarized

in the
table below:

Asset or

Liability

Fair Value at

March 31, 2023

Principal Valuation

Technique/Methodology

Unobservable Input

Range (Weighted

Average)

Senior Secured Loans

Asset

1,209,664

47,166

Income Approach

Market Multiple

(1)

Market Yield

Comparable Multiple

9.3

% –

18.2

% (

12.0

0.1x-

21.4x (

10.0x

)

Equipment Financing

Asset

137,224

120,820

Income Approach

Market Multiple

(2)

Market Yield

Comparable Multiple

8.5

% –

9.8

% (

9.8

1.1x-

1.4x

(

1.2

)

Preferred Equity

Asset

3,801

Income Approach

Market Yield

5.0

% –

5.0

% (

5.0

Common Equity/Equity Interests/Warrants

Asset

149,439

410,480

Market Multiple

(3)

Market Approach

Comparable Multiple

Return on Equity

7.8

x –

9.8

x (

8.8

5.5

% –

35.2

% (

10.4

(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 an implied multiple.

(3)	Includes $995 of investments valued using a Black-Scholes model and $148,444 of investments valued using an EBITDA multiple.

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

summarized

in the table below:

Asset or

Liability

Fair Value at

December 31, 2022

Principal Valuation

Technique/Methodology

Unobservable Input

Range (Weighted

Average)

Senior Secured Loans

Asset

1,212,842

32,572

Income Approach
Market Multiple

(1)

Market Yield

Comparable Multiple

9.4% – 18.2% (12.0%)

0.1x-21.4x (12.4x)

Equipment Financing

Asset

145,132

120,820

Income Approach
Market Multiple

(2)

Market Yield

Comparable Multiple

8.5% – 9.7% (9.7%)

1.1x-1.4x (1.2x)

Preferred Equity

Asset

3,801

Income Approach

Market Yield

5.0% – 5.0% (5.0%)

Common Equity/Equity Interests/Warrants

Asset

149,120

412,480

Market Multiple

(3)

Market Approach

Comparable Multiple

Return on Equity

7.8x – 9.8x (8.8x)

6.6% – 35.2% (9.2%)

(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 an implied multiple.

(3)	Includes $676 of investments valued using a Black-Scholes model and $148,444 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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

Note 7. Debt

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


	March 31, 2023					December 31, 2022
Facility	Face Amount		Carrying Value			Face Amount		Carrying Value

Credit Facility	$	488,000	$	483,547	(1)	$	393,000	$	388,254	(1)
SPV Credit Facility		164,200		163,367	(2)		155,200		154,302	(2)
2023 Unsecured Notes		—		—			75,000		74,979	(3)
2024 Unsecured Notes		125,000		124,491	(4)		125,000		124,421	(4)
2025 Unsecured Notes		85,000		84,654	(5)		85,000		84,613	(5)
2026 Unsecured Notes		75,000		74,527	(6)		75,000		74,498	(6)
2027 Unsecured Notes		50,000		49,956	(7)		50,000		49,953	(7)
2027 Series F Unsecured Notes		135,000		134,980	(8)		135,000		134,978	(8)

	$	1,122,200	$	1,115,522		$	1,093,200	$	1,085,998

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

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

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

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

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

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

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

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

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.

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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

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 November 22, 2017, we issued $75,000 in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $73,846. Interest on the 2023 Unsecured Notes is paid semi-annually on January 20 and July 20, at a fixed rate of 4.50% per year, commencing on January 20, 2018. The 2023 Unsecured Notes were repaid in full on the maturity date, January 20, 2023.

Revolving and Term Loan Facilities

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

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 and a November 2022 upsizing, the Credit Facility is composed of $625,000 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 March 31, 2023, outstanding USD equivalent borrowings under the Credit Facility totaled $488,000, composed of $388,000 of revolving credit and $100,000 of term loans.

Certain

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

The

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

5.39

% and

4.09

%, respectively. These costs are exclusive of other credit facility expenses such as unused fees, agency fees and other prepaid expenses related to establishing and/or amending the Credit Facility, the SPV Credit Facility, the 2023 Unsecured Notes, the 2024 Unsecured Notes, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes and the 2027 Series F Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the three months ended March 31, 2023 and the year ended December 31, 2022 were $

1,122,200

and $

1,164,200

, respectively.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

Note 8. Financial Highlights

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


	Three months ended March 31, 2023			Three months ended March 31, 2022
Per Share Data: (a)
Net asset value, beginning of year	$	18.33		$	19.93

Net investment income		0.41			0.32
Net realized and unrealized loss		(0.29	)		(0.28	)

Net increase in net assets resulting from operations		0.12			0.04
Distributions to stockholders:
From distributable earnings		(0.41	)		(0.41	)
From return of capital		(0.00	)		—

Net asset value, end of period	$	18.04		$	19.56

Per share market value, end of period	$	15.04		$	18.13
Total Return (b)(c)		11.01	%		0.60	%
Net assets, end of period	$	984,178		$	826,417
Shares outstanding, end of period		54,554,634			42,260,826
Ratios to average net assets (c):
Net investment income		2.22	%		1.60	%

Operating expenses		1.61	%*		1.33	%
Interest and other credit facility expenses		1.53	%		0.99	%

Total expenses		3.14	%*		2.32	%

Average debt outstanding	$	1,075,344		$	815,194
Portfolio turnover ratio		7.0	%		4.1	%

(a)	Calculated using the average shares outstanding method.

(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, 2022 and December 31, 2021 was $13.91 and $18.43, respectively. Total return does not include a sales load.

(c)	Not annualized for periods less than one year.

The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets is shown net of the performance-based incentive fee waiver (see note 3). For the three months ended March 31, 2023, the ratios of operating expenses to average net assets and total expenses to average net assets would be 1.62% and 3.15%, respectively, without the performance-based incentive fee waiver.

Note 9. S

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

As of March 31, 2023 SLR Credit had 28 funded commitments to 24 different issuers with total funded loans of approximately $423,163 on total assets of $435,275. As of December 31, 2022 SLR Credit had 29 funded commitments to 25 different issuers with total funded loans of approximately $439,484 on total assets of $460,683. As of March 31, 2023 and December 31, 2022, the largest loan outstanding totaled $37,232 and $33,420, respectively. For the same periods, the average exposure per issuer was $17,632 and $17,579, respectively. SLR Credit’s credit facility, which is

non-recourse

to the Company, had approximately $207,837 and $224,325 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Credit had net income (loss) of ($9,672) and $2,780, respectively, on gross income of $14,555 and $6,694, respectively. Due to timing and

non-cash

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

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(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 March 31, 2023 and December 31, 2022 is $336,319 and $323,663, respectively, comprised of the following:


	March 31, 2023		December 31, 2022

SLR Credit Solutions*	$	44,263	$	44,263
Outset Medical, Inc		35,084		35,084
Apeel Technology, Inc		32,786		32,786
CC SAG Holdings Corp. (Spectrum Automotive)..		20,670		20,670
Human Interest, Inc		20,104		20,104
Glooko, Inc		17,868		17,868
ONS MSO, LLC		10,961		—
iCIMS, Inc		10,360		11,435
BDG Media, Inc		10,224		3,546
World Insurance Associates, LLC		9,190		17,117
Spectrum Pharmaceuticals, Inc.		8,771		8,771
Arcutis Biotherapeutics, Inc		8,356		8,356
Atria Wealth Solutions, Inc		8,215		8,215
Copper River Seafoods, Inc.		7,857		3,595
Ardelyx, Inc		7,752		7,752
Luxury Asset Capital, LLC		7,500		7,500
Cerapedics, Inc		6,735		6,735
United Digestive MSO Parent, LLC		5,259		—
RSC Acquisition, Inc		5,002		7,498
Kaseya, Inc		3,807		3,936
Urology Management Holdings, Inc		3,596		—
SLR Equipment Finance		3,500		1,000
Vessco Midco Holdings, LLC		3,455		3,892
Meditrina, Inc		3,367		3,367
One Touch Direct, LLC		3,185		3,069
DeepIntent, Inc		3,118		3,049
Foundation Consumer Brands, LLC		3,009		3,009
Maurices, Incorporated		2,745		4,314
Basic Fun, Inc		2,687		2,675
Kid Distro Holdings, LLC		2,650		2,650
SPAR Marketing Force, Inc.		2,551		1,338
SCP Eye Care, LLC		2,388		2,771
Ultimate Baked Goods Midco LLC		2,224		1,636
Pediatric Home Respiratory Services, LLC		1,805		1,805
Southern Orthodontic Partners Management, LLC		1,586		1,918
Montefiore Nyack Hospital		1,400		1,034
SLR Healthcare ABL*		1,400		1,400
RxSense Holdings LLC		1,250		1,250
Erie Construction Mid-west, LLC		1,248		1,248
American Teleconferencing Services, Ltd		1,137		1,090
Enverus Holdings, Inc		1,004		1,004
Orthopedic Care Partners Management, LLC.		971		1,620
Composite Technology Acquisition Corp		970		1,537
Pinnacle Treatment Centers, Inc.		960		1,745
SunMed Group Holdings, LLC		908		843
GSM Acquisition Corp		862		784
Tilley Distribution, Inc.		635		525
High Street Buyer, Inc.		327		327
ENS Holdings III Corp, LLC		317		144
TAUC Management, LLC		294		294
All State Ag Parts, LLC		6		135
Plastics Management, LLC		—		2,424
Ivy Fertility Services, LLC		—		1,571
NAC Holdings Corporation		—		1,479
Peter C. Foy & Associates Insurance Services, LLC.		—		1,094
BayMark Health Services, Inc.		—		391

Total Commitments	$	336,319	$	323,663

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

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

In addition to the above, please see SLR Senior Lending Program LLC herein where the Company has a remaining equity commitment of $40,500 in which the Company also controls such funding. The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of March 31, 2023 and December 31, 2022, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any

appropriate

fair value adjustment.

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 are 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 March 31, 2023, SLR Equipment had 129 funded equipment-backed leases and loans to 53 different customers with a total net investment in leases and loans of approximately $188,633 on total assets of $236,635. As of December 31, 2022, SLR Equipment had 131 funded equipment-backed leases and loans to 59 different customers with a total net investment in leases and loans of approximately $190,830 on total assets of $241,813. As of March 31, 2023 and December 31, 2022, the largest position outstanding totaled $19,259 and $19,259, respectively. For the same periods, the average exposure per customer was $3,559 and $3,234, respectively. SLR Equipment’s credit facility, which is

non-recourse

to the Company, had approximately $113,132 and $114,977 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and March 31, 2022, SLR Equipment had net income of $1,038 and $594, respectively, on gross income of $6,337 and $5,173, respectively. Due to timing and

non-cash

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

Note 12. Capital Share Transactions

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

Transactions in capital stock were as follows:


	Shares					Amount
	For the three months ended March 31, 2023			For the three months ended March 31, 2022		For the three months ended March 31, 2023			For the three months ended March 31, 2022
Shares repurchased		(746	)		—	$	(10	)	$	—

Note 13. Kingsbridge Holdings, LLC

On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a 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 continuing to lead KBH after the transaction. Following the transaction, the Company owns 87.5% of KBHT equity and the KBH management team owns the remaining 12.5% of KBHT’s equity.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

As of March 31, 2023 and December 31, 2022, KBHT had total assets of $778,489 and $777,151, respectively. For the same periods, debt recourse to KBHT totaled $225,119 and $222,094, respectively, and

non-recourse

debt totaled $360,090 and $353,128, respectively. None of the debt is recourse to the Company. For the three months ended March 31, 2023 and 2022, KBHT had net income of $2,627 and $3,399, respectively, on gross income of $68,007 and $66,426, respectively. 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

% and

% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers on April 1, 2022.

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

four-year

non-recourse,

100,000

credit facility with

non-affiliates,

which was expandable to $

150,000

under its accordion feature. Effective March 31, 2014, the credit facility was expanded to $

105,000

and again on June 27, 2014 to $

110,000

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

125,000

credit facility which replaced the previously existing facility. The new facility has similar terms as compared to the previous facility and includes an accordion feature increase to $

200,000

and had a maturity date of

May 27, 2020

. On June 28, 2019, this $

125,000

facility was amended, extending the maturity date to

June 28, 2023

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

100,000

and extending the maturity date to

March 31, 2026

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2023, the portfolio totaled approximately $258,600 of commitments with a total net investment in loans of $105,667 on total assets of $113,753. As of December 31, 2022, the portfolio totaled approximately $242,106 of commitments with a total net investment in loans of $92,383 on total assets of $108,705. At March 31, 2023, the portfolio consisted of 41 issuers with an average balance of approximately $2,577 versus 41 issuers with an average balance of approximately $2,253 at December 31, 2022. 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 $83,500 and $77,000 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Healthcare had net income of $1,120 and $873, respectively, on gross income of $3,836 and $2,391, respectively. Due to timing and

non-cash

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

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

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 Mergers on April 1, 2022.

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2023, the portfolio totaled approximately $596,999 of commitments, of which $242,400 were funded, on total assets of $287,345. As of December 31, 2022, the portfolio totaled approximately $603,432 of commitments, of which $286,006 were funded, on total assets of $332,247. At March 31, 2023, the portfolio consisted of 100 issuers with an average balance of approximately $2,424 versus 108 issuers with an average balance of approximately $2,648 at December 31, 2022. NMC has a senior credit facility with a bank lending group for $285,307 which expires on November 13, 2025. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is

non-recourse

to us, had approximately $183,460 and $214,425 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Business Credit had net income of $2,017 and $1,869 respectively, on gross income of $9,331 and $6,145, respectively. 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.

Note 16. 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

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 beyond what is reported herein. For the three months ended March 31, 2023, the Company repurchased 746 shares at an average price of approximately $14.02 per share, inclusive of commissions. The total dollar amount of shares repurchased for the three months ended March 31, 2023 was $10. During the fiscal year ended December 31, 2022, the Company repurchased 217,271 shares at an average price of approximately $13.98 per share, inclusive of commissions. The total dollar amount of shares repurchased for the fiscal year ended December 31, 2022 was $3,038.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

Note 17. SLR Senior Lending Program LLC

On October 12, 2022, the Company entered into an amended and restated limited liability company agreement with Sunstone Senior Credit L.P. (the “Investor”) to create a joint venture vehicle, SLR Senior Lending Program LLC (“SSLP”). SSLP 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. Investment decisions and all material decisions in respect of SSLP must be approved by representatives of the Company and the Investor.

On December 1, 2022, SSLP commenced operations. On December 12, 2022, SSLP as servicer and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower entered into a $100,000 senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent. The SSLP Facility is scheduled to mature on December 12, 2027. The SSLP Facility generally bears interest at a rate of SOFR plus 3.25%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties, and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2023, there were $27,900 of borrowings outstanding on the SSLP Facility.

As of March 31, 2023, the Company and the Investor had contributed combined equity capital in the amount of $19,000. As of March 31, 2023, the Company and the Investors’ remaining commitments to SSLP totaled $40,500 and $40,500, respectively. The Company, along with the Investor, controls the funding of SSLP and SSLP may not call the unfunded commitments of the Company or the Investor without the approval of both the Company and the Investor.

As of March 31, 2023 and December 31, 2022, SSLP had total assets of $46,000 and $19,105, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 18 and 7 different borrowers, respectively. For the three months ended March 31, 2023, SSLP invested $29,829 in 12 portfolio companies. Investments prepaid totaled $3,215 for the three months ended March 31, 2023. For the period December 1, 2022 (commencement of operations) through December 31, 2022, SSLP invested $18,100 in 7 portfolio companies. Investments prepaid totaled $68 for the period December 1, 2022 (commencement of operations) through December 31, 2022.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

SSLP Portfolio as of March 31, 2023


Description	Industry		Spread Above Index (1)		Floor			Interest Rate (2)			Maturity Date		Par Amount		Cost		Fair Value (3)
Aegis Toxicology Sciences Corporation (4)		Health Care Providers & Services		L+550		1.00	%		10.36	%		5/9/25	$	2,987	$	2,987	$	2,987
Atria Wealth Solutions, Inc. (4)		Diversified Financial Services		S+600		1.00	%		11.16	%		2/29/24		2,487		2,487		2,487
BayMark Health Services, Inc. (4)		Health Care Providers & Services		L+500		1.00	%		10.16	%		6/11/27		2,985		2,985		2,985
ENS Holdings III Corp. & ES Opco USA LLC (4)		Trading Companies & Distributors		S+475		1.00	%		9.75	%		12/31/25		1,094		1,094		1,094
Foundation Consumer Brands, LLC (4)		Personal Products		L+550		1.00	%		10.38	%		2/12/27		2,879		2,879		2,879
Higginbotham Insurance Agency, Inc. (4)		Insurance		L+525		0.75	%		10.09	%		11/25/26		1,297		1,297		1,297
High Street Buyer, Inc. (4)		Insurance		S+600		0.75	%		11.05	%		4/16/28		2,487		2,487		2,487
iCIMS, Inc. (4)		Software		S+725		0.75	%		12.05	%		8/18/28		3,000		2,954		3,000
Kid Distro Holdings, LLC (4)		Software		L+575		1.00	%		10.91	%		10/1/27		2,985		2,985		2,985
PhyNet Dermatology LLC (4)		Health Care Providers & Services		S+625		1.00	%		11.66	%		8/16/24		2,490		2,490		2,490
Pinnacle Treatment Centers, Inc. (4)		Health Care Providers & Services		S+650		1.00	%		11.79	%		1/2/26		2,494		2,494		2,494
Plastics Management, LLC (4)		Health Care Providers & Services		S+500		1.00	%		9.89	%		8/18/27		2,693		2,667		2,693
RQM+ Corp. (4)		Life Sciences Tools & Services		S+575		1.00	%		10.97	%		8/12/26		2,500		2,500		2,500
RSC Acquisition, Inc. (4)		Insurance		S+550		0.75	%		10.24	%		11/1/26		1,995		1,995		1,995
RxSense Holdings LLC (4)		Diversified Consumer Services		S+500		1.00	%		9.83	%		3/13/26		2,992		2,992		2,992
SunMed Group Holdings, LLC (4)		Health Care Equipment & Supplies		L+575		0.75	%		10.91	%		6/16/28		2,494		2,494		2,494
Tilley Distribution, Inc. (4)		Trading Companies & Distributors		S+550		1.00	%		10.55	%		12/31/26		2,494		2,494		2,494
Urology Management Holdings, Inc. (4)		Health Care Providers & Services		S+625		1.00	%		11.36	%		6/15/26		2,477		2,405		2,403

															$	44,686	$	44,756

(1)	Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR. These instruments are typically subject to a LIBOR or SOFR floor.

(2)	Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of March 31, 2023.

(3)	Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein.

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

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

SSLP Portfolio as of December 31, 2022 (audited)


Description	Industry		Spread Above Index (1)	Floor		Interest Rate (2)			Maturity Date		Par Amount		Cost		Fair Value (3)
Atria Wealth Solutions, Inc. (4)		Diversified Financial Services	S+600	1.00	%		10.84	%		2/29/24	$	2,494	$	2,494	$	2,494
BayMark Health Services, Inc. (4)		Health Care Providers & Services	L+500	1.00	%		9.73	%		6/11/27		2,992		2,992		2,992
ENS Holdings III Corp. & ES Opco USA LLC (4)		Trading Companies & Distributors	L+475	1.00	%		9.43	%		12/31/25		1,097		1,097		1,097
Foundation Consumer Brands, LLC (4)		Personal Products	L+550	1.00	%		10.15	%		2/12/27		2,963		2,963		2,963
High Street Buyer, Inc. (4)		Insurance	L+600	0.75	%		10.73	%		4/16/28		2,494		2,494		2,494
Ivy Fertility Services, LLC (4)		Health Care Providers & Services	L+625	1.00	%		10.39	%		2/25/26		3,000		3,000		3,030
Kid Distro Holdings, LLC (4)		Software	L+575	1.00	%		10.48	%		10/1/27		2,992		2,992		2,992

													$	18,032	$	18,062

(

)

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

(

)

Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of December 31, 2022.

(

)

Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein.

(

)

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

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


	March 31, 2023		December 31, 2022 (audited)
Selected Balance Sheet Information for SSLP:
Investments at fair value (cost $44,686 and $18,032, respectively)	$	44,756	$	18,062
Cash and other assets		1,244		1,043

Total assets	$	46,000	$	19,105

Debt outstanding	$	26,623	$	—
Interest payable and other credit facility related expenses		170		165
Accrued expenses and other payables		139		89

Total liabilities	$	26,932	$	254

Members’ equity	$	19,068	$	18,851

Total liabilities and members’ equity	$	46,000	$	19,105

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)


	For the three months ended March 31, 2023		For the period December 1, 2022 (commencement of operations) to December 31, 2022 (audited)
Selected Income Statement Information for SSLP:
Interest income	$	1,009	$	152

Service fees*		19	$	4
Interest and other credit facility expenses		805		166
Organizational costs		—		73
Other general and administrative expenses		38		88

Total expenses		862		331

Net investment income (loss)	$	147	$	(179	)

Realized gain on investments		30		—
Net change in unrealized gain on investments		40		30

Net realized and unrealized gain on investments	$	70		30

Net income (loss)	$	217	$	(149	)

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

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

On May 9, 2023, our Board authorized an extension of a program for the purpose of repurchasing up to $50,000 of our outstanding shares of common stock. 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 further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 10, 2024 or until $50,000 of our outstanding shares of common stock have been repurchased. To date, approximately $3,048 of repurchases have been made by us under the repurchase program. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases.

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

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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 March 31, 2023, the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2023 and 2022, and the related notes (collectively, the consolidated interim financial information). 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, 2022, 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 February 28, 2023, 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, 2022, 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

May 10, 2023

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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;

•

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;

•

the impact of any protracted decline in the liquidity of credit markets on our business;

•

the ability of our portfolio companies to achieve their objectives;

•

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•

market conditions and our ability to access alternative debt markets and additional debt and equity capital;

•

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;

•

the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of the Investment Adviser to attract and retain highly talented professionals;

•

the ability of the Investment Adviser to adequately allocate investment opportunities among the Company and its other advisory clients;

•

any conflicts of interest posed by the structure of the management fee and incentive fee to be paid to the Investment Adviser;

•

changes in political, economic or industry conditions, relations between the United States, Russia, Ukraine and other nations, the interest rate environment or conditions affecting the financial and capital markets;

•

changes in the general economy, slowing economy, rising inflation, risk of recession and risks in respect of a failure to increase the U.S. debt ceiling; and

•

our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations.

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 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 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 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, 2022, 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.

Recent Developments

Effective on April 3, 2023, Richard L. Peteka resigned from his position as the Chief Financial Officer, Treasurer and Secretary of the Company. The resignation was not the result of any disagreement between Mr. Peteka and the Company.

On April 3, 2023, the Company’s board of directors appointed Shiraz Y. Kajee as the Company’s Chief Financial Officer, Treasurer and Secretary effective immediately. For more information on Mr. Kajee’s background and experience, refer to the Company’s Form

8-K

as filed with the SEC on April 3, 2023.

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

On May 9, 2023, our Board authorized an extension of a program for the purpose of repurchasing up to $50 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 further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 10, 2024 or until $50 million of our outstanding shares of common stock have been repurchased. To date, approximately $3 million of repurchases have been made by us under the repurchase program. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases.

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

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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.

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

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•

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 March 31, 2023, we invested approximately $156.0 million across 40 portfolio companies. This compares to investing approximately $67.5 million in 14 portfolio companies for the three months ended March 31, 2022. Investments sold, prepaid or repaid during the three months ended March 31, 2023 totaled approximately $144.2 million versus approximately $101.0 million for the three months ended March 31, 2022.

At March 31, 2023, our portfolio consisted of 145 portfolio companies and was invested 31.9% in cash flow senior secured loans, 29.3% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 23.3% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 15.5% in life science senior secured loans, in each case, measured at fair value, versus 101 portfolio companies invested 23.2% in cash flow senior secured loans, 28.4% in asset-based senior secured loans / SLR Credit, 14.1% in KBH, 16.0% in equipment senior secured financings / SLR Equipment, and 18.3% in life science senior secured loans, in each case, measured at fair value, at March 31, 2022.

At March 31, 2023, 77.7% or $1.61 billion of our income producing investment portfolio

is floating rate and 22.3% or $460.4 million is fixed rate, measured at fair value. At March 31, 2022, 79.4% or $1.15 billion of our income producing investment portfolio

is floating rate and 20.6% or $296.9 million is fixed rate, measured at fair value. As of March 31, 2023 and 2022, we had two and two 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 March 31, 2023, total commitments to the revolving credit facility are $300 million.

As of March 31, 2023, SLR Credit had 28 funded commitments to 24 different issuers with total funded loans of approximately $423.2 million on total assets of $435.3 million. As of December 31, 2022, SLR Credit had 29 funded commitments to 25 different issuers with total funded loans of approximately $439.5 million on total assets of $460.7 million. As of March 31, 2023 and December 31, 2022, the largest loan outstanding totaled $37.2 million and $33.4 million, respectively. For the same periods, the average exposure per issuer was $17.6 million and $17.6 million, respectively. SLR Credit’s credit facility, which is

non-recourse

to the Company, had approximately $207.8 million and $224.3 million of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Credit had net income (loss) of ($9.7) million and $2.8 million, respectively, on gross income of $14.6 million and $6.7 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 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.

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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 are 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 March 31, 2023, SLR Equipment had 129 funded equipment-backed leases and loans to 53 different customers with a total net investment in leases and loans of approximately $188.6 million on total assets of $236.6 million. As of December 31, 2022, SLR Equipment had 131 funded equipment-backed leases and loans to 59 different customers with a total net investment in leases and loans of approximately $190.8 million on total assets of $241.8 million. As of March 31, 2023 and December 31, 2022, the largest position outstanding totaled $19.3 million and $19.3 million, respectively. For the same periods, the average exposure per customer was $3.6 million and $3.2 million, respectively. SLR Equipment’s credit facility, which is

non-recourse

to the Company, had approximately $113.1 million and $115.0 million of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Equipment had net income of $1.0 million and $0.6 million, respectively, on gross income of $6.3 million and $5.2 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 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.

Kingsbridge Holdings, LLC

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

As of March 31, 2023 and December 31, 2022, KBHT had total assets of $778.5 million and $777.2 million, respectively. For the same periods, debt recourse to KBHT totaled $225.1 million and $222.1 million, respectively, and

non-recourse

debt totaled $360.1 million and $353.1 million, respectively. None of the debt is recourse to the Company. For the three months ended March 31, 2023 and 2022, KBHT had net income of $2.6 million and $3.4 million, respectively, on gross income of $68.0 million and $66.4 million, respectively. Due to timing and

non-cash

SLR Healthcare ABL

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

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portfolio consisted of 41 issuers with an average balance of approximately $2.6 million versus 41 issuers with an average balance of approximately $2.3 million at December 31, 2022. 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 $83.5 million and $77.0 million of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Healthcare had net income of $1.1 million and $0.9 million, respectively, on gross income of $3.8 million and $2.4 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 Healthcare’s funded commitments, the timing of originations, and the repayment of financings, the Company cannot guarantee that SLR Healthcare will be able to maintain consistent dividend payments to us.

SLR Business Credit

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 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 Mergers on April 1, 2022.

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2023, the portfolio totaled approximately $597.0 million of commitments, of which $242.4 million were funded, on total assets of $287.3 million. As of December 31, 2022, the portfolio totaled approximately $603.4 million of commitments, of which $286.0 million were funded, on total assets of $332.2 million. At March 31, 2023, the portfolio consisted of 100 issuers with an average balance of approximately $2.4 million versus 108 issuers with an average balance of approximately $2.6 million at December 31, 2022. NMC has a senior credit facility with a bank lending group for $285.3 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 $183.5 million and $214.4 million of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, SLR Business Credit had net income of $2.0 million and $1.9 million, respectively, on gross income of $9.3 million and $6.1 million, respectively. Due to timing and

non-cash

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 1934 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 beyond what is reported herein. For the three months ended March 31, 2023, the Company repurchased 746 shares at an average price of approximately $14.02 per share, inclusive of commissions. The total dollar amount of shares repurchased for the three months ended March 31, 2023 was $0.01 million. During the fiscal year ended December 31, 2022, the Company repurchased 217,271 shares at an average price of approximately $13.98 per share, inclusive of commissions. The total dollar amount of shares repurchased for the fiscal year ended December 31, 2022 was $3.0 million.

SLR Senior Lending Program LLC

On October 12, 2022, the Company entered into an amended and restated limited liability company agreement with Sunstone Senior Credit L.P. (the “Investor”) to create a joint venture vehicle, SLR Senior Lending Program LLC (“SSLP”). SSLP 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. Investment decisions and all material decisions in respect of SSLP must be approved by representatives of the Company and the Investor.

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On December 1, 2022, SSLP commenced operations. On December 12, 2022, SSLP as servicer and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower entered into a $100 million senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent. The SSLP Facility is scheduled to mature on December 12, 2027. The SSLP Facility generally bears interest at a rate of SOFR plus 3.25%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties, and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2023, there were $27.9 million of borrowings outstanding on the SSLP Facility.

As of March 31, 2023 the Company and the Investor had contributed combined equity capital in the amount of $19.0 million. As of March 31, 2023, the Company and the Investor’s remaining commitments to SSLP totaled $40.5 million and $40.5 million, respectively. The Company, along with the Investor, controls the funding of SSLP, and SSLP may not call the unfunded commitments of the Company or the Investor without approval of both the Company and the Investor.

As of March 31, 2023 and December 31, 2022, SSLP had total assets of $46.0 million and $19.1 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 18 and 7 different borrowers, respectively. For the three months ended March 31, 2023, SSLP invested $29.8 million in 12 portfolio companies. Investments prepaid totaled $3.2 million for the three months ended March 31, 2023. For the period December 1, 2022 (commencement of operations) through December 31, 2022, SSLP invested $18.1 million in 7 portfolio companies. Investments prepaid totaled $0.1 million for the period December 1, 2022 (commencement of operations) through December 31, 2022.

SSLP Portfolio as of March 31, 2023 (dollar amounts in thousands)


Description	Industry		Spread Above Index (1)		Floor			Interest Rate (2)			Maturity Date		Par Amount		Cost		Fair Value (3)
Aegis Toxicology Sciences Corporation (4)		Health Care Providers & Services		L+550		1.00	%		10.36	%		5/9/25	$	2,987	$	2,987	$	2,987
Atria Wealth Solutions, Inc. (4)		Diversified Financial Services		S+600		1.00	%		11.16	%		2/29/24		2,487		2,487		2,487
BayMark Health Services, Inc. (4)		Health Care Providers & Services		L+500		1.00	%		10.16	%		6/11/27		2,985		2,985		2,985
ENS Holdings III Corp. & ES Opco USA LLC (4)		Trading Companies & Distributors		S+475		1.00	%		9.75	%		12/31/25		1,094		1,094		1,094
Foundation Consumer Brands, LLC (4)		Personal Products		L+550		1.00	%		10.38	%		2/12/27		2,879		2,879		2,879
Higginbotham Insurance Agency, Inc. (4)		Insurance		L+525		0.75	%		10.09	%		11/25/26		1,297		1,297		1,297
High Street Buyer, Inc. (4)		Insurance		S+600		0.75	%		11.05	%		4/16/28		2,487		2,487		2,487
iCIMS, Inc. (4)		Software		S+725		0.75	%		12.05	%		8/18/28		3,000		2,954		3,000
Kid Distro Holdings, LLC (4)		Software		L+575		1.00	%		10.91	%		10/1/27		2,985		2,985		2,985
PhyNet Dermatology LLC (4)		Health Care Providers & Services		S+625		1.00	%		11.66	%		8/16/24		2,490		2,490		2,490
Pinnacle Treatment Centers, Inc. (4)		Health Care Providers & Services		S+650		1.00	%		11.79	%		1/2/26		2,494		2,494		2,494
Plastics Management, LLC (4)		Health Care Providers & Services		S+500		1.00	%		9.89	%		8/18/27		2,693		2,667		2,693
RQM+ Corp. (4)		Life Sciences Tools & Services		S+575		1.00	%		10.97	%		8/12/26		2,500		2,500		2,500
RSC Acquisition, Inc. (4)		Insurance		S+550		0.75	%		10.24	%		11/1/26		1,995		1,995		1,995
RxSense Holdings LLC (4)		Diversified Consumer Services		S+500		1.00	%		9.83	%		3/13/26		2,992		2,992		2,992
SunMed Group Holdings, LLC (4)		Health Care Equipment & Supplies		L+575		0.75	%		10.91	%		6/16/28		2,494		2,494		2,494
Tilley Distribution, Inc. (4)		Trading Companies & Distributors		S+550		1.00	%		10.55	%		12/31/26		2,494		2,494		2,494
Urology Management Holdings, Inc. (4)		Health Care Providers & Services		S+625		1.00	%		11.36	%		6/15/26		2,477		2,405		2,403

															$	44,686	$	44,756

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(1)	Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR. These instruments are typically subject to a LIBOR or SOFR floor.

(2)	Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of March 31, 2023.

(3)	Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein.

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

SSLP Portfolio as of December 31, 2022 (audited) (dollar amounts in thousands)


Description	Industry		Spread Above Index (1)		Floor			Interest Rate (2)			Maturity Date		Par Amount		Cost		Fair Value (3)
Atria Wealth Solutions, Inc. (4)		Diversified Financial Services		S+600		1.00	%		10.84	%		2/29/24	$	2,494	$	2,494	$	2,494
BayMark Health Services, Inc. (4)		Health Care Providers & Services		L+500		1.00	%		9.73	%		6/11/27		2,992		2,992		2,992
ENS Holdings III Corp. & ES Opco USA LLC (4)		Trading Companies & Distributors		L+475		1.00	%		9.43	%		12/31/25		1,097		1,097		1,097
Foundation Consumer Brands, LLC (4)		Personal Products		L+550		1.00	%		10.15	%		2/12/27		2,963		2,963		2,963
High Street Buyer, Inc. (4)		Insurance		L+600		0.75	%		10.73	%		4/16/28		2,494		2,494		2,494
Ivy Fertility Services, LLC (4)		Health Care Providers & Services		L+625		1.00	%		10.39	%		2/25/26		3,000		3,000		3,030
Kid Distro Holdings, LLC (4)		Software		L+575		1.00	%		10.48	%		10/1/27		2,992		2,992		2,992

															$	18,032	$	18,062

(1)	Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR. These instruments are typically subject to a LIBOR or SOFR floor.

(2)	Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of December 31, 2022.

(3)	Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein.

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


	March 31, 2023		December 31, 2022 (audited)
Selected Balance Sheet Information for SSLP (in thousands):
Investments at fair value (cost $44,686 and $18,032, respectively)	$	44,756	$	18,062
Cash and other assets		1,244		1,043

Total assets	$	46,000	$	19,105

Debt outstanding	$	26,623	$	—
Interest payable and other credit facility related expenses		170		165
Accrued expenses and other payables		139		89

Total liabilities	$	26,932	$	254

Members’ equity	$	19,068	$	18,851

Total liabilities and members’ equity	$	46,000	$	19,105

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	For the three months ended March 31, 2023		For the period December 1, 2022 (commencement of operations) to December 31, 2022 (audited)
Selected Income Statement Information for SSLP (in thousands):
Interest income	$	1,009	$	152

Service fees*		19	$	4
Interest and other credit facility expenses		805		166
Organizational costs		—		73
Other general and administrative expenses		38		88

Total expenses		862		331

Net investment income (loss)	$	147	$	(179	)

Realized gain on investments		30		—
Net change in unrealized gain on investments		40		30

Net realized and unrealized gain on investments	$	70		30

Net income (loss)	$	217	$	(149	)

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

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

In December 2020, the SEC adopted new Rule

2a-5

under the 1940 Act addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value, as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the 1940 Act, and the SEC noted that this definition will apply in all contexts under the 1940 Act. The Company will comply with Rule

2a-5’s

valuation requirements.

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. The Board will (1) periodically assess and manage valuation risks; (2) establish and apply fair value methodologies; (3) test fair value methodologies; (4) oversee and evaluate third-party pricing services, as applicable; (5) oversee the reporting required by Rule

2a-5

under the 1940 Act; and (6) maintain recordkeeping requirements under Rule

2a-5.

It is anticipated that in respect of many of the Company’s assets, readily available market quotations will not be obtainable and that such assets will be valued at 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.

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.

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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 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 months ended March 31, 2023 and 2022, capitalized PIK income totaled $3.2 million and $0.7 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

None.

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RESULTS OF OPERATIONS

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

Investment Income

For the three months ended March 31, 2023 and 2022, gross investment income totaled $53.5 million and $33.0 million, respectively. The increase in gross investment income for the year over year three month periods was primarily due to the Mergers as well as an increase in index rates.

Expenses

Net expenses totaled $31.4 million and $19.5 million, respectively, for the three months ended March 31, 2023 and 2022, of which $13.2 million and $7.2 million, respectively, were base management fees and performance-based incentive fees and $15.3 million and $8.3 million, respectively, were interest and other credit facility expenses. Administrative services and other general and administrative expenses totaled $3.0 million and $4.0 million, respectively, for the three months ended March 31, 2023 and 2022. Over the same periods, $0.1 million and $0.0 million of performance-based incentive fees were waived. 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 three months ended March 31, 2023 versus the three months ended March 31, 2022 was primarily due to higher management fees, incentive fees and interest expense on a larger portfolio resulting from the Mergers. Additionally, there was an increase in index rates on borrowings.

Net Investment Income

The Company’s net investment income totaled $22.1 million and $13.5 million, or $0.41 and $0.32, per average share, respectively, for the three months ended March 31, 2023 and 2022.

Net Realized Gain

The Company had investment sales and prepayments totaling approximately $144 million and $101 million, respectively, for the three months ended March 31, 2023 and 2022. Net realized gains over the same periods were $0.7 million and $0.03 million, respectively. Net realized gain for the three months ended March 31, 2023 was primarily due to sales of selected assets. Net realized gain for the three months ended March 31, 2022 was de minimis.

Net Change in Unrealized Loss

For the three months ended March 31, 2023 and 2022, net change in unrealized loss on the Company’s assets totaled $16.0 million and $12.0 million, respectively. Net unrealized loss for the three months ended March 31, 2023 is primarily due to depreciation in the value of our investments in AmeriMark Intermediate Holdings, LLC and SLR Credit Solutions, among others, partially offset by appreciation in the value of our investments in Spectrum Pharmaceuticals, Inc., SLR Business Credit and Pinnacle Treatment Centers, Inc., among others. Net unrealized loss for the three months ended March 31, 2022 is primarily due to depreciation in the value of our investments in PhyMed Management LLC and Rug Doctor LLC, among others, partially offset by appreciation in the value of our investments in KBH Topco, LLC, SOC Telemed, Inc. and Cerapedics, Inc., among others.

Net Increase in Net Assets From Operations

For the three months ended March 31, 2023 and 2022, the Company had a net increase in net assets resulting from operations of $6.8 million and $1.5 million, respectively. For the same periods, earnings per average share were $0.13 and $0.04, 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 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 March 31, 2023, we had a total of $297.8 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.

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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 and a November 2022 upsizing, the Credit Facility is composed of $625 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.

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 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 were repaid in full at maturity on January 20, 2023.

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 $430 million in cash equivalents as of March 31, 2023.

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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.

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 March 31, 2023, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $164.2 million.

On December 28, 2021, the Company closed on Amendment No. 1 to the Credit Facility. Following the amendment and a November 2022 upsizing, the Credit Facility is composed of $625 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, require the Company to maintain a minimum shareholder’s equity and a minimum asset coverage ratio. At March 31, 2023, outstanding USD equivalent borrowings under the Credit Facility totaled $488.0 million, composed of $388.0 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 March 31, 2023, the Company was in compliance with all financial and operational covenants required by the Debt Instruments.

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Contractual Obligations

A summary of our significant contractual payment obligations is as follows as of March 31, 2023:

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)	$	552.2	$	—	$	—	$	552.2	$	—
Unsecured senior notes		470.0		—		210.0		260.0		—
Term loans		100.0		—		—		100.0		—

(1)	As of March 31, 2023, we had a total of $297.8 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.

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.

On October 7, 2022, the Company committed $50 million to SSLP and entered into a servicing agreement. SSLP engaged and retained the Company to provide certain administrative services relating to the facilities, supplies and necessary ongoing overhead support services for the operation of SSLP’s ongoing business affairs in exchange for a fee.

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Senior Securities

Information about our senior securities is shown in the following table (in thousands) as of the quarter ended March 31, 2023 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 2023 (through March 31, 2023)	$	388,000	$	649		—		N/A
Fiscal 2022		293,000		513		—		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
SPV Credit Facility
Fiscal 2023 (through March 31, 2023)		164,200		275		—		N/A
Fiscal 2022		155,200		272		—		N/A
2022 Unsecured Notes
Fiscal 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		—		—		—		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
Fiscal 2023 (through March 31, 2023)		—		—		—		N/A
Fiscal 2022		75,000		131		—		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 2023 (through March 31, 2023)		125,000		209		—		N/A
Fiscal 2022		125,000		219		—		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 2023 (through March 31, 2023)		85,000		142		—		N/A
Fiscal 2022		85,000		149		—		N/A
2026 Unsecured Notes

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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 2023 (through March 31, 2023)		75,000		125		—		N/A
Fiscal 2022		75,000		131		—		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 2023 (through March 31, 2023)		50,000		84		—		N/A
Fiscal 2022		50,000		88		—		N/A
Fiscal 2021		50,000		124		—		N/A
2027 Series F Unsecured Notes
Fiscal 2023 (through March 31, 2023)		135,000		226		—		N/A
Fiscal 2022		135,000		237		—		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
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
Term Loans
Fiscal 2023 (through March 31, 2023)		100,000		167		—		N/A
Fiscal 2022		100,000		175		—		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
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
Total Senior Securities
Fiscal 2023 (through March 31, 2023)	$	1,122,200	$	1,877		—		N/A
Fiscal 2022		1,093,200		1,915		—		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

(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 March 31, 2023, asset coverage was 187.7%.

(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 and 2013 periods was $100,175, $98,196, $94,301 and $93,392, respectively.

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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 March 31, 2023 and December 31, 2022, respectively:


	March 31, 2023		December 31, 2022
(in millions)
SLR Credit Solutions*	$	44.3	$	44.3
Outset Medical, Inc.		35.1		35.1
Apeel Technology, Inc.		32.8		32.8
CC SAG Holdings Corp. (Spectrum Automotive)		20.7		20.7
Human Interest, Inc.		20.1		20.1
Glooko, Inc.		17.9		17.9
ONS MSO, LLC		11.0		—
iCIMS, Inc.		10.4		11.4
BDG Media, Inc.		10.2		3.5
World Insurance Associates, LLC		9.2		17.1
Spectrum Pharmaceuticals, Inc.		8.8		8.8
Arcutis Biotherapeutics, Inc.		8.4		8.4
Atria Wealth Solutions, Inc.		8.2		8.2
Copper River Seafoods, Inc.		7.8		3.6
Ardelyx, Inc.		7.8		7.8
Luxury Asset Capital, LLC		7.5		7.5
Cerapedics, Inc.		6.7		6.7
United Digestive MSO Parent, LLC		5.2		—
RSC Acquisition, Inc.		5.0		7.5
Kaseya, Inc.		3.8		3.9
Urology Management Holdings, Inc.		3.6		—
SLR Equipment Finance		3.5		1.0
Vessco Midco Holdings, LLC		3.5		3.9
Meditrina, Inc.		3.4		3.4
One Touch Direct, LLC		3.2		3.1
DeepIntent, Inc.		3.1		3.1
Foundation Consumer Brands, LLC		3.0		3.0
Maurices, Incorporated		2.7		4.3
Basic Fun, Inc.		2.7		2.7
Kid Distro Holdings, LLC		2.6		2.7
SPAR Marketing Force, Inc.		2.5		1.3
SCP Eye Care, LLC		2.4		2.8
Ultimate Baked Goods Midco LLC		2.2		1.6
Pediatric Home Respiratory Services, LLC		1.8		1.8
Southern Orthodontic Partners Management, LLC		1.6		1.9
Montefiore Nyack Hospital		1.4		1.0
SLR Healthcare ABL*		1.4		1.4
RxSense Holdings LLC		1.2		1.3
Erie Construction Mid-west, LLC		1.2		1.3
American Teleconferencing Services, Ltd.		1.1		1.1
Enverus Holdings, Inc.		1.0		1.0
Orthopedic Care Partners Management, LLC		1.0		1.6
Composite Technology Acquisition Corp.		1.0		1.5
Pinnacle Treatment Centers, Inc.		1.0		1.7
SunMed Group Holdings, LLC		0.9		0.8
GSM Acquisition Corp.		0.9		0.8
Tilley Distribution, Inc.		0.6		0.5
High Street Buyer, Inc.		0.3		0.3
ENS Holdings III Corp, LLC		0.3		0.1
TAUC Management, LLC		0.3		0.3

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	March 31, 2023		December 31, 2022
(in millions)
All State Ag Parts, LLC		—		0.1
Plastics Management, LLC		—		2.4
Ivy Fertility Services, LLC		—		1.6
NAC Holdings Corporation		—		1.5
Peter C. Foy & Associates Insurance Services, LLC.		—		1.1
BayMark Health Services, Inc.		—		0.4

Total Commitments	$	336.3	$	323.7

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

In addition to the above, please see SLR Senior Lending Program LLC herein where the Company has a remaining equity commitment of $40.5 million in which the Company also controls such funding. The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of March 31, 2023 and December 31, 2022, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.

In the normal course of 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 2023

May 10, 2023

May 24, 2023

June 1, 2023

0.136667

April 4, 2023

April 20, 2023

May 2, 2023

0.136667

February 28, 2023

March 23, 2023

April 4, 2023

0.136667

February 2, 2023

February 16, 2023

March 1, 2023

0.136667

January 10, 2023

January 26, 2023

February 2, 2023

0.136667

Total 2023

0.683335

Fiscal 2022

December 6, 2022

December 22, 2022

January 5, 2023

0.136667

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

March 1, 2022

March 18, 2022

April 1, 2022

0.41

Total 2022

1.64

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

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Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Future monthly 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. Kajee, 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”.

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, 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, and SLR Private Credit BDC II LLC, an unlisted BDC focused on first lien senior secured floating rate loans. 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 Shiraz Kajee, our Chief Financial Officer, serve in similar capacities for SCP Private Credit Income BDC LLC, SLR HC BDC LLC and SLR Private Credit BDC II 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

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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 Senior Lending Program LLC, SLR Senior Lending Program SPV LLC, 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 Senior Lending Program LLC, SLR Senior Lending Program SPV LLC, 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. Uncertainty with respect to the rising interest rates, inflationary pressures, risks in respect of a failure to increase the U.S. debt ceiling, the war between Ukraine and Russia and health epidemics and pandemics introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks. 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 as the current economic environment, such difference could potentially increase thereby increasing our net investment income. During the three months ended March 31, 2023, 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 SOFR. Assuming no changes to our balance sheet as of March 31, 2023 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 nine cents per average share over the next twelve months. Assuming no changes to our balance sheet as of March 31, 2023 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 ten 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 March 31, 2023, 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	$	(0.09	)	$	0.10

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.

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Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of March 31, 2023 (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 first quarter of 2023 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

We and our consolidated subsidiaries are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or our consolidated subsidiaries. From time to time, we and our consolidated subsidiaries may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to 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 financial condition or results of operations.

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 February 28, 2023 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 factor set forth below, there have been no material changes during the period ended March 31, 2023 to the risk factors discussed in “Risk Factors” in the February 28, 2023 filing of our Annual Report on Form

10-K.

Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a material adverse effect on us, the Investment Adviser and our portfolio companies.

Cash not held in custody accounts and held by us, our Investment Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts could, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Investment Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limits. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Investment Adviser’s and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we and our Investment Adviser assess our and our portfolio companies’ banking and financing relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize current and projected future business operations could be significantly impaired by factors that affect the financial institutions with which we, our Investment Adviser or our portfolio companies have arrangements directly or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Investment Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Investment Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.

Our stock repurchase program could affect the price of our common stock and increase volatility and may be suspended or terminated at any time, which may result in a decrease in the trading price of our common stock.

On May 9, 2023, the Board most recently extended our share repurchase program (the “Program”), under which we can repurchase up to $50 million of our outstanding common stock. Under the Program, purchases can be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations, at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. We have in the past, and could in the future, enter into a plan to repurchase shares of our common stock pursuant to the Program in a manner intended to comply with the requirements of Rule 10b5-1 under the Exchange Act.

The Program is discretionary and whether purchases will be made under the Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which we cannot predict. These activities could have the effect of maintaining the market price of our common stock or retarding a decline in the market price of the common stock, and, as a result, the price of our common stock could be higher than the price that otherwise might exist in the open market. Repurchases pursuant to the Program could affect the price of our common stock and increase its volatility. The existence of the Program could also cause the price of our common stock to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for our common stock. There can be no assurance that any stock repurchases will enhance stockholder value because the market price of our common stock could decline below the levels at which we repurchased such shares. Any failure to repurchase shares after we have announced our intention to do so could negatively impact our reputation and investor confidence in us and could negatively impact our stock price. Although the Program is intended to enhance long-term stockholder value, short-term stock price fluctuations could reduce the Program’s effectiveness.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not engage in unregistered sales of securities during the quarter ended March 31, 2023.

Issuer Purchases of Equity Securities


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a) (in thousands)
January 1, 2023 to January 31, 2023		746	$	14.02		746	$	46,952
February 1, 2023 to February 28, 2023		—	$	—		—	$	46,952
March 1, 2023 to March 31, 2023		—	$	—		—	$	46,952

Total		746				746

(a) On May 3, 2022, the Board authorized a program to repurchase 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

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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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(7)

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.*

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*

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Exhibit Number		Description

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.

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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 May 10, 2023.


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/ S HIRAZ Y. K AJEE
		Shiraz Y. Kajee Chief Financial Officer (Principal Financial and Accounting Officer)

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting company

Emerging growth company