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 June 30, 2025

☐ 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 August 1, 2025 was 54,554,634.

Table of Contents

SLR INVESTMENT CORP.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024	3

	Consolidated Statements of Operations for the three and six months ended June 30, 2025 (unaudited) and the three and six months ended June 30, 2024 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 (unaudited) and the three and six months ended June 30, 2024 (unaudited)	5

	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) and the six months ended June 30, 2024 (unaudited)	6

	Consolidated Schedule of Investments as of June 30, 2025 (unaudited)	7

	Consolidated Schedule of Investments as of December 31, 2024	15

	Notes to Consolidated Financial Statements (unaudited)	23

	Report of Independent Registered Public Accounting Firm	46

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	68

Item 4.	Controls and Procedures	69

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	70

Item 1A.	Risk Factors	70

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70

Item 3.	Defaults Upon Senior Securities	70

Item 4.	Mine Safety Disclosures	70

Item 5.	Other Information	70

Item 6.	Exhibits	71

	Signatures	72

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 and per share amounts)


	June 30, 2025 (unaudited)			December 31, 2024
Assets
Investments at fair value:
Companies less than 5% owned (cost: $1,139,331 and $1,019,357, respectively)	$	1,146,050		$	1,027,457
Companies 5% to 25% owned (cost: $106,667 and $103,655, respectively)		91,015			89,945
Companies more than 25% owned (cost: $922,241 and $916,554, respectively)		897,873			888,232
Cash		23,877			16,761
Cash equivalents (cost: $348,904 and $397,510, respectively)		348,904			397,510
Dividends receivable		17,800			15,375
Interest receivable		10,463			11,993
Receivable for investments sold		101			1,573
Prepaid expenses and other assets		1,189			571
Total assets	$	2,537,272		$	2,449,417
Liabilities
Debt ($1,181,260 and $1,041,093 face amounts, respectively, reported net of unamortized debt issuance costs of $8,111 and $9,399, respectively. See note 7)	$	1,173,149		$	1,031,694
Payable for cash equivalents purchased		348,904			397,510
Management fee payable (see note 3)		7,760			7,739
Performance-based incentive fee payable (see note 3)		5,377			5,920
Interest payable (see note 7)		6,502			7,836
Administrative services payable (see note 3)		301			3,332
Other liabilities and accrued expenses		2,930			2,460
Total liabilities	$	1,544,923		$	1,456,491
Commitments and contingencies (see note 9)
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 54,554,634 shares issued and outstanding, respectively	$	546		$	546
Paid-in capital in excess of par		1,117,606			1,117,606
Accumulated distributable net loss		(125,803	)		(125,226	)
Total net assets	$	992,349		$	992,926
Net Asset Value Per Share	$	18.19		$	18.20

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share amounts)


	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
INVESTMENT INCOME:
Interest:
Companies less than 5% owned	$	29,162		$	40,015		$	58,336		$	81,019
Companies 5% to 25% owned		1,243			856			2,467			1,687
Companies more than 25% owned		3,187			3,306			6,422			6,644
Dividends:
Companies 5% to 25% owned		786			—			1,556			—
Companies more than 25% owned		17,800			12,482			35,596			24,709
Other income:
Companies less than 5% owned		1,626			2,184			2,500			2,758
Companies more than 25% owned		109			135			214			260
Total investment income		53,913			58,978			107,091			117,077
EXPENSES:
Management fees (see note 3)		7,760			7,875			15,273			15,757
Performance-based incentive fees (see note 3)		5,397			6,068			10,923			12,020
Interest and other credit facility expenses (see note 7)		16,742			18,179			32,582			36,367
Administrative services expense (see note 3)		1,503			1,376			2,864			2,752
Other general and administrative expenses		922			1,206			1,757			2,101
Total expenses		32,324			34,704			63,399			68,997
Performance-based incentive fees waived (see note 3)		(20	)		(44	)		(22	)		(90	)
Net expenses		32,304			34,660			63,377			68,907
Net investment income	$	21,609		$	24,318		$	43,714		$	48,170
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned)	$	235		$	105		$	(187	)	$	240
Net change in unrealized gain (loss) on investments and cash equivalents:
Companies less than 5% owned		1,401			63			(1,379	)		3,547
Companies 5% to 25% owned		83			—			(1,944	)		1
Companies more than 25% owned		904			(1,258	)		3,954			(859	)
Net change in unrealized gain (loss) on investments and cash equivalents		2,388			(1,195	)		631			2,689
Net realized and unrealized gain (loss) on investments and cash equivalents		2,623			(1,090	)		444			2,929
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,232		$	23,228		$	44,158		$	51,099
EARNINGS PER SHARE (see note 5)	$	0.44		$	0.43		$	0.81		$	0.94

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						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Increase (decrease) in net assets resulting from operations:
Net investment income	$	21,609		$	24,318		$	43,714		$	48,170
Net realized gain (loss)		235			105			(187	)		240
Net change in unrealized gain (loss)		2,388			(1,195	)		631			2,689
Net increase in net assets resulting from operations		24,232			23,228			44,158			51,099
Distributions to stockholders:
From net investment income		(21,609	)		(22,368	)		(43,714	)		(44,735	)
From return of capital		(759	)		—			(1,021	)		—
Net distributions to stockholders		(22,368	)		(22,368	)		(44,735	)		(44,735	)
Total increase (decrease) in net assets		1,864			860			(577	)		6,364
Net assets at beginning of period		990,485			992,143			992,926			986,639
Net assets at end of period	$	992,349		$	993,003		$	992,349		$	993,003

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)


	Six months ended
	June 30, 2025			June 30, 2024
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	44,158		$	51,099
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments and cash equivalents		187			(240	)
Net change in unrealized (gain) loss on investments		(631	)		(2,689	)
Deferred financing costs/market discount amortization		1,495			1,104
Net accretion of discount on investments		(3,472	)		(4,795	)
(Increase) decrease in operating assets:
Purchase of investments		(526,779	)		(192,233	)
Proceeds from disposition of investments		403,843			220,712
Capitalization of payment-in-kind income		(3,489	)		(4,925	)
Collections of payment-in-kind income		1,037			2,386
Receivable for investments sold		1,472			(217	)
Interest receivable		1,530			(725	)
Dividends receivable		(2,425	)		(346	)
Prepaid expenses and other assets		(618	)		(335	)
Increase (decrease) in operating liabilities:
Payable for investments and cash equivalents purchased		(48,606	)		(58,164	)
Management fee payable		21			(153	)
Performance-based incentive fee payable		(543	)		160
Administrative services expense payable		(3,031	)		1,142
Interest payable		(1,334	)		(783	)
Other liabilities and accrued expenses		470			(732	)
Net Cash Provided by (Used in) Operating Activities		(136,715	)		10,266
Cash Flows from Financing Activities:
Cash distributions paid		(44,735	)		(44,735	)
Proceeds from unsecured borrowings		49,820			—
Repayment of unsecured borrowings		(85,000	)		—
Proceeds from secured borrowings		496,474			221,872
Repayment of secured borrowings		(321,334	)		(246,400	)
Net Cash Provided by (Used in) Financing Activities		95,225			(69,263	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(41,490	)		(58,997	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		414,271			344,154
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	372,781		$	285,157
Supplemental disclosure of cash flow information:
Cash paid for interest	$	32,421		$	36,046

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2025

(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 — 127.8%

First Lien Bank Debt/Senior Secured Loans

33Across Inc.

Media

P+232

8.50

10.82

1/2024

10/2025

2,306

Alkeme Intermediary Holdings, LLC(16)

Insurance

S+525

1.00

9.55

9/2023

10/2026

32,055

31,644

32,055

All States Ag Parts, LLC(16)

Trading Companies & Distributors

S+650(28)

1.00

11.06

4/2022

9/2026

2,083

2,071

2,083

BayMark Health Services, Inc.(16)

Health Care Providers & Services

S+500

1.00

9.56

4/2022

6/2027

8,138

7,992

7,975

Bayside Opco, LLC(24)

Health Care Providers & Services

S+725

1.00

11.70

5/2023

5/2026

19,815

Bayside Parent, LLC(24)

Health Care Providers & Services

S+1000(11)

1.00

14.45

5/2023

5/2026

6,453

BDG Media, Inc.

Media

P+525

5.50

12.75

7/2022

7/2025

5,859

CC SAG Holdings Corp.(Spectrum Automotive)(16)

Diversified Consumer Services

S+525

0.75

9.58

6/2021

6/2028

28,905

28,573

28,905

Copper River Seafoods, Inc.

Food Products

P+200

—

9.50

12/2023

4/2027

4,443

CVAUSA Management, LLC(16)

Health Care Providers & Services

S+525

1.00

9.56

5/2023

5/2029

39,726

38,992

39,726

DeepIntent, Inc.

Media

P+185

5.25

9.35

12/2023

9/2027

58,598

61,048

Enhanced Permanent Capital, LLC(3)

Capital Markets

S+700

1.00

11.44

12/2020

6/2026

55,106

54,851

55,106

EyeSouth Eye Care Holdco LLC(16)

Health Care Providers & Services

S+550

1.00

9.93

10/2022

10/2029

2,234

2,177

2,234

FE Advance, LLC & Sonic ACA Advance LLC(16)

Financial Services

S+650

1.00

10.83

7/2024

7/2027

20,894

20,581

20,894

Fertility (ITC) Investment Holdco, LLC

Health Care Providers & Services

S+650

1.00

10.74

1/2023

1/2029

22,254

21,809

22,254

Human Interest Inc.(16)

Professional Services

S+625

1.00

10.57

6/2022

7/2027

20,104

20,184

20,104

iCIMS, Inc.(16)

Software

S+575

0.75

10.02

8/2022

8/2028

25,208

24,966

25,208

Infillion Inc.

Professional Services

P+175

—

9.25

5/2025

4/2028

21,421

Insight Investments Holdings, LLC

Financial Services

S+625

1.00

10.57

6/2025

7/2026

25,000

24,880

24,875

Kingsbridge Holdings, LLC(2)

Multi-Sector Holdings

S+700

1.00

11.45

12/2018

12/2027

100,500

100,315

100,500

Logix Holding Company, LLC(16)

Communications Equipment

S+750(14)

1.00

11.73

9/2018

12/2028

10,329

Luxury Asset Capital, LLC(16)

Consumer Finance

S+675

1.00

11.19

7/2022

7/2027

30,500

30,211

30,500

Lyneer Staffing Solutions, LLC

Professional Services

P+100

—

8.50

4/2025

4/2028

31,814

Maxor Acquisition, Inc.(16)

Health Care Providers & Services

S+600

1.00

10.43

3/2023

3/2029

19,122

18,744

19,122

One Touch Direct, LLC

Commercial Services & Supplies

P+75

4.00

8.25

12/2023

3/2027

2,174

ONS MSO, LLC(16)

Health Care Providers & Services

S+625

1.00

10.53

2/2023

7/2028

27,702

27,148

27,702

Pinnacle Fertility, Inc.

Health Care Providers & Services

S+500

0.75

9.51

3/2025

3/2028

14,483

13,958

14,483

Plastic Management, LLC(16)

Health Care Providers & Services

S+500

1.00

9.30

4/2022

8/2027

16,877

16,468

16,877

Quantcast Corporation

Commercial Services & Supplies

S+525

2.00

11.58

6/2024

6/2029

8,590

8,499

8,590

RQM+ Corp.(16)

Life Sciences Tools & Services

S+675(23)

1.00

11.31

8/2021

8/2029

23,839

23,544

21,932

Sherwood Management Co., Inc.

Specialty Retail

S+500

2.00

9.59

3/2025

3/2030

7,452

7,373

7,452

Shoes for Crews Global, LLC

Diversified Consumer Services

S+650(26)

1.00

10.83

6/2024

6/2029

3,416

Sightly Enterprises, Inc.

Media

P+475

6.00

12.25

1/2024

12/2026

4,790

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

Financial Services

S+650

—

10.79

6/2025

3/2026

8,200

Southern Lifting and Hoisting, LLC

Transportation Infrastructure

P+25

6.00

7.75

1/2025

1/2027

25,196

Southern Orthodontic Partners Management, LLC(16)

Health Care Providers & Services

S+550

1.00

9.80

6/2022

7/2026

32,990

32,691

32,990

Southern Transport LLC

Transportation Infrastructure

P+25

6.00

7.75

1/2025

1/2027

11,856

SPAR Marketing Force, Inc.

Media

P+190

—

9.40

12/2023

10/2025

13,440

Stella & Chewy's, LLC

Consumer Staples Distribution & Retail

S+525

2.00

9.58

3/2025

3/2028

11,523

11,362

11,523

Streamland Media Holdings LLC

Professional Services

S+400

—

8.33

5/2025

5/2030

8,113

8,033

8,113

SunMed Group Holdings, LLC(16)

Health Care Equipment & Supplies

S+550

0.75

9.88

6/2021

6/2028

14,752

14,540

14,752

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

June 30, 2025

(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)
TAUC Management, LLC(16)	Health Care Providers & Services	S+700(27)			1.00	%		11.45	%	4/2022	2/2027	$	6,045	$	5,930	$	5,440
The Townsend Company, LLC(16)	Commercial Services & Supplies	S+500			1.00	%		9.30	%	8/2023	8/2030		13,092		12,824		13,092
Tilley Distribution, Inc.(16)	Trading Companies & Distributors	S+600			1.00	%		10.45	%	4/2022	12/2026		3,820		3,746		3,744
TPC 2022, LLC	Capital Markets	S+650			1.00	%		10.83	%	12/2024	12/2027		20,000		19,831		20,000
United Digestive MSO Parent, LLC(16)	Health Care Providers & Services	S+575			1.00	%		10.04	%	3/2023	3/2029		10,216		9,996		10,216
Urology Management Holdings, Inc.(16)	Health Care Providers & Services	S+550			1.00	%		9.80	%	2/2023	6/2027		11,848		11,664		11,848
UVP Management, LLC	Health Care Providers & Services	S+550			1.00	%		9.95	%	9/2023	9/2027		9,242		9,097		9,242
Velocity One, LLC	Aerospace & Defense	S+425			2.00	%		8.57	%	6/2025	6/2030		5,250		5,185		5,250
Western Veterinary Partners LLC(16)	Diversified Consumer Services	S+525			1.00	%		9.32	%	1/2024	10/2027		26,735		26,415		26,735
Wilbur-Ellis Holdings II, LLC	Fertilizer & Agricultural Chemicals	S+400			1.00	%		8.32	%	6/2025	6/2030		23,619		23,265		23,264
WMD Funding, LLC(11)	Financial Services		—		—			11.50	%	12/2024	7/2031		19,999		19,999		19,999
Total First Lien Bank Debt/ Senior Secured Loans														$	969,668	$	977,345
First Lien Life Science Senior Secured Loans
Arcutis Biotherapeutics, Inc.(3)	Pharmaceuticals	S+595			2.50	%		10.27	%	12/2021	8/2029	$	33,425	$	34,799	$	35,367
Ardelyx, Inc.(3)	Pharmaceuticals	S+400(25)			4.70	%		8.70	%	2/2022	7/2028		46,398		46,875		46,978
Centinel Spine, LLC(16)	Health Care Equipment & Supplies	S+530			4.35	%		9.65	%	2/2025	3/2030		22,460		22,324		22,882
Cerapedics, Inc.	Biotechnology	S+620			2.75	%		10.52	%	12/2022	1/2028		36,156		36,616		37,921
Cogent Biosciences, Inc.(3)	Biotechnology	S+475			4.15	%		9.06	%	6/2025	6/2030		18,717		18,585		18,576
Meditrina, Inc.	Health Care Equipment & Supplies	S+550			3.45	%		9.82	%	12/2022	12/2027		4,209		4,309		4,325
OmniGuide Holdings, Inc. (13)	Health Care Equipment & Supplies	S+580			5.31	%		11.11	%	7/2018	11/2025		27,440		29,635		26,891
SPR Therapeutics, Inc.	Health Care Technology	S+515			4.00	%		9.47	%	1/2024	2/2029		7,299		7,319		7,573
Vapotherm, Inc.(24)	Health Care Equipment & Supplies	S+600			4.50	%		10.50	%	2/2022	9/2027		13,782		14,265		14,357
Total First Lien Life Science Senior Secured Loans														$	214,727	$	214,870
Second Lien Asset-Based Senior Secured Loans
AMF Levered II, LLC	Financial Services	S+705			1.00	%		11.48	%	12/2021	8/2028	$	29,925	$	29,763	$	29,925
FGI Worldwide LLC (16)	Financial Services	S+650			1.00	%		10.83	%	4/2023	4/2028		8,206		8,077		8,206
Pasadena Private Lending Inc.(3)	Financial Services	S+750			1.00	%		11.81	%	12/2024	4/2028		12,736		12,593		12,736
WALCO Funding, LLC	Financial Services	S+785			1.00	%		12.18	%	6/2025	12/2028		20,377		20,026		20,020
Total Second Lien Asset-Backed Senior Secured Loans														$	70,459	$	70,887
Second Lien Bank Debt / Senior Secured Loans
RD Holdco, Inc.** (2)	Diversified Consumer Services	S+975(11)			1.00	%		—		12/2013	10/2026	$	17,545	$	10,272	$	5,802
Total Senior Secured Loans														$	1,265,126	$	1,268,904

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share/unit amounts)


Description	Industry	Interest Rate(1)	Acquisition Date	Maturity Date		Par Amount		Cost		Fair Value
Equipment Financing — 14.0%
A&A Crane and Rigging, LLC (10)	Commercial Services & Supplies	7.78%	3/2023	3/2028		$	47	$	47	$	47
Aero Operating LLC (10)	Commercial Services & Supplies	8.47-8.80%	2/2021	11/2026			103		103		102
Air Methods Corporation (10)	Passenger Airlines	7.08-7.13%	11/2021	11/2026			2,288		2,303		2,288
Boart Longyear Company (10)	Metals & Mining	8.31-9.06%	5/2020	1/2026-10/2026			544		544		544
Bowman Energy Solutions, LLC (10)	Commercial Services & Supplies	7.42%	7/2022	7/1/2026			51		51		51
CKD Holdings, Inc. (10)	Ground Transportation	8.10-8.60%	9/2022	3/2026-9/2027			1,277		1,277		1,277
Complete Equipment Rentals, LLC (10)	Commercial Services & Supplies	6.75-7.15%	3/2023	4/2028-6/2028			1,373		1,359		1,350
Dongwon Autopart Technology Inc. (10)	Automobile Components	7.96%	2/2021	1/2026			336		336		336
Double S Industrial Contractors, Inc. (10)	Commercial Services & Supplies	8.60%	7/2023	8/2027			71		71		71
Drillers Choice, Inc. (10)	Commercial Services & Supplies	8.00-10.08%	10/2022	11/2027-6/2029			955		957		955
Environmental Protection & Improvement Company, LLC (10)	Ground Transportation	8.25%	9/2020	10/2027			3,390		3,400		3,390
First American Commercial Bancorp, Inc. (10)	Financial Services	7.50-9.00%	10/2021	10/2026-3/2027			1,188		1,188		1,188
First National Capital, LLC (10)	Financial Services	9.00%	11/2021	7/2026			2,336		2,336		2,336
GMT Corporation (10)	Machinery	12.60%	10/2018	1/2027			2,242		2,242		2,242
Hawkeye Contracting Company, LLC (10)	Construction & Engineering	10.50%	10/2021	11/2025			162		162		162
HTI Logistics Corporation (10)	Commercial Services & Supplies	9.94%	11/2018	9/2025			18		18		17
Loc Performance Products, LLC (10)	Machinery	10.50%	12/2022	6/2027			392		392		392
Loyer Capital LLC (2)(12)	Multi-Sector Holdings	8.73-11.52%	5/2019	5/2026-9/2026			7,500		7,500		7,361
Nimble Crane LLC (10)	Commercial Services & Supplies	9.18%	7/2023	7/2028			670		670		670
No Limit Construction Services, LLC (10)	Commercial Services & Supplies	7.73%	5/2023	6/2028			83		83		83
PCX Aerostructures LLC (10)	Aerospace & Defense	9.32%	11/2022	12/2028			1,727		1,727		1,727
Rayzor’s Edge LLC (10)	Diversified Consumer Services	7.69-8.27%	5/2023	5/2030-6/2030			577		577		577
RH Land Construction, LLC & Harbor Dredging LA, Inc. (10)	Construction & Engineering	8.08%	5/2023	5/2026			46		46		46
Rotten Rock Hardscaping & Tree Service (10)	Diversified Consumer Services	8.21%	12/2022	12/2027			135		135		135
SLR Equipment Finance (2)(9)(17)	Multi-Sector Holdings	8.50%	12/2024	7/2026			4,850		4,850		4,850
Smiley Lifting Solutions, LLC(10)	Commercial Services & Supplies	7.82-8.61%	6/2022	9/2026-6/2030			4,797		4,797		4,797
The Smedley Company & Smedley Services, Inc. (10)	Commercial Services & Supplies	4.07%	7/2017	1/2028			821		821		779
Trinity Equipment, Inc. (10)	Commercial Services & Supplies	8.78-8.93%	5/2023	5/2028			962		962		962
Trinity Equipment Rentals, Inc. (10)	Commercial Services & Supplies	7.94-7.95%	10/2021	11/2026-12/2026			86		86		86
U.S. Crane & Rigging, LLC (10)	Commercial Services & Supplies	8.73%	12/2022	9/2028			678		678		678
Wind River Environmental, LLC (10)	Diversified Consumer Services	8.43%	7/2019	10/2025			30		30		30
Worldwide Flight Services, Inc. (10)	Transportation Infrastructure	8.32-9.93%	9/2022	9/2027-8/2028			2,149		2,173		2,149
Zamborelli Enterprises Pacific Southern Foundation (10)	Diversified Consumer Services	8.91%	12/2022	1/2027			310		311		310
						Shares/Units
SLR Equipment Finance Equity Interests (2)(9)(17)*	Multi-Sector Holdings		7/2017				200		145,000		97,000
Total Equipment Financing								$	187,232	$	138,988

Preferred Equity – 3.3%
SOINT, LLC (2)(3)(4)	Aerospace & Defense	0.00%	6/2012	6/2027			—	$	5,241	$	2,000
Veronica Holdings, LLC (Vapotherm)(24)	Health Care Equipment & Supplies	9.00%(11)	9/2024		—		13,055,991		29,325		30,510
Total Preferred Equity								$	34,566	$	32,510

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share/unit amounts)


Description	Industry	Acquisition Date	Shares/Units		Cost		Fair Value
Common Equity/Equity Interests/Warrants—70.0%
Assertio Holdings, Inc. (8)*	Pharmaceuticals	7/2023		12,510	$	51	$	8
Bayside Parent, LLC (24)*	Health Care Providers & Services	5/2023		6,526		11,411		9,241
CardioFocus, Inc. Warrants *	Health Care Equipment & Supplies	3/2017		90		51		—
Centrexion Therapeutics, Inc. Warrants *	Pharmaceuticals	6/2019		289,102		136		28
Conventus Orthopaedics, Inc. Warrants *	Health Care Equipment & Supplies	6/2016		157,500		65		—
Delphinus Medical Technologies, Inc. Warrants *	Health Care Equipment & Supplies	8/2017		444,388		74		67
Essence Group Holdings Corporation (Lumeris) Warrants *	Health Care Technology	3/2017		260,000		129		103
KBH Topco LLC (Kingsbridge) (2)(5)(18)	Multi-Sector Holdings	11/2020		78,750,000		145,434		168,500
Meditrina, Inc. Warrants *	Health Care Equipment & Supplies	12/2022		44,049		33		26
RD Holdco, Inc. (Rug Doctor) (2)*	Diversified Consumer Services	12/2013		231,177		15,683		—
RD Holdco, Inc. (Rug Doctor) Class B (2)*	Diversified Consumer Services	12/2013		522		5,216		—
Senseonics Holdings, Inc. (3)(8)*	Health Care Equipment & Supplies	7/2019		469,353		235		224
Shoes for Crews Holdings, LLC	Diversified Consumer Services	6/2024		1,884		2,759		2,040
SLR-AMI Topco Blocker, LLC (15)(24)*	Broadline Retail	6/2023		—		25,068		10,000
SLR Business Credit (2)(3)(19)	Diversified Financial Services	4/2022		100		111,583		129,370
SLR Credit Solutions (2)(3)(20)	Diversified Financial Services	12/2012		280,303		280,737		288,250
SLR Healthcare ABL (2)(3)(21)	Diversified Financial Services	4/2022		32,839		34,335		37,500
SLR Senior Lending Program LLC (2)(3)(22)	Asset Management & Custody Banks	12/2022		—		47,875		48,540
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics)	Health Care Equipment & Supplies	5/2018		36		110		—
Veronica Holdings, LLC (Vapotherm)(24)*	Health Care Equipment & Supplies	9/2024		293,203		330		639
Total Common Equity/Equity Interests/Warrants					$	681,315	$	694,536
Total Investments (6) — 215.1%					$	2,168,239	$	2,134,938


Description	Industry	Acquisition Date	Maturity Date	Par Amount		Cost		Fair Value
Cash Equivalents —35.2%
U.S. Treasury Bill (4.03% yield)	Government	6/2025	7/2025	$	350,000	$	348,904	$	348,904
Total Investments & Cash Equivalents — 250.3%						$	2,517,143	$	2,483,842
Liabilities in Excess of Other Assets — (150.3%)									(1,491,493	)
Net Assets — 100.0%								$	992,349

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share/unit amounts)

(1)

Floating rate debt investments typically bear interest at a rate determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current rate of interest, or in the case of leases the current implied yield, in effect as of June 30, 2025.

(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 six months ended June 30, 2025 in these controlled investments are as follows:


Name of Issuer	Fair Value at December 31, 2024		Gross Additions		Gross Reductions		Realized Loss		Change in Unrealized Gain (Loss)			Fair Value at June 30, 2025		Interest/ Dividend/ Other Income
Equipment Operating Leases, LLC	$	2,812	$	—	$	2,884	$	—	$	72		$	—	$	104
Kingsbridge Holdings, LLC		100,500		—		—		—		(32	)		100,500		5,823
KBH Topco, LLC (Kingsbridge)		152,071		4,514		—		—		11,915			168,500		10,116
Loyer Capital LLC		7,361		—		—		—		—			7,361		374
RD Holdco, Inc. (Rug Doctor, common equity)		—		—		—		—		—			—		—
RD Holdco, Inc. (Rug Doctor, class B)		—		—		—		—		—			—		—
RD Holdco, Inc. (debt)		7,827		—		2,025		—		—			5,802		—
SLR Business Credit (revolver)		—		11,500		11,500		—		—			—		6
SLR Business Credit		125,370		—		—		—		4,000			129,370		7,700
SLR Credit Solutions		288,250		—		—		—		—			288,250		11,900
SLR Equipment Finance (equity)		107,600		—		—		—		(10,600	)		97,000		—
SLR Equipment Finance (debt)		3,000		7,600		5,750		—		—			4,850		92
SLR Healthcare ABL		37,850		—		—		—		(350	)		37,500		3,130
SLR Healthcare ABL (revolver)		4,000		60,400		56,200		—		—			8,200		23
SLR Senior Lending Program LLC		49,091		—		—		—		(551	)		48,540		2,964
SOINT, LLC		2,500		—		—		—		(500	)		2,000		—
	$	888,232	$	84,014	$	78,359	$	—	$	3,954		$	897,873	$	42,232

The change in fair value in the table above may not roll across due to the recognition of accretion income, which is included in interest income.

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share/unit amounts)

(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 June 30, 2025, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 26.9% 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 $8,255; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $124,489 and $116,234, respectively, based on a tax cost of $2,126,683. 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 SOFR or PRIME rate. These instruments are often subject to a 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)

Spread is S+475 cash / 2.75% PIK.

(15)

Through this entity and other intermediate entities, the Company owns approximately 5.7% of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former Amerimark Interactive, LLC.

(16)

Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC. 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 12 to the consolidated financial statements.

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share/unit amounts)

(18)

See note 13 to the consolidated financial statements.

(19)

See note 15 to the consolidated financial statements.

(20)

See note 11 to the consolidated financial statements.

(21)

See note 14 to the consolidated financial statements.

(22)

See note 17 to the consolidated financial statements.

(23)

Spread is S+200 cash / 4.75% PIK.

(24)

Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the six months ended June 30, 2025 in these affiliated investments are as follows:


Name of Issuer	Fair Value at December 31, 2024		Gross Additions		Gross Reductions		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Fair Value at June 30, 2025		Interest/ Dividend Income
Bayside Opco, LLC	$	19,905	$	—	$	90	$	—	$	—		$	19,815	$	1,176
Bayside Parent, LLC (loan)		6,008		445		—		—		—			6,453		445
Bayside Parent, LLC (equity)		7,179		—		—		—		2,062			9,241		—
SLR-AMI Topco Blocker, LLC		12,778		984		—		—		(3,762	)		10,000		—
Vapotherm, Inc.		14,254		—		—		—		(16	)		14,357		846
Veronica Holdings, LLC (preferred equity)		29,182		1,328		—		—		(228	)		30,510		1,556
Veronica Holdings, LLC (common equity)		639		—		—		—		—			639		—
	$	89,945	$	2,757	$	90	$	—	$	(1,944	)	$	91,015	$	4,023

The change in fair value in the table above may not roll across due to the recognition of accretion income, which is included in interest income.

(25)

Certain tranches have a spread of S+795, certain tranches have a spread of S+425 and certain tranches have a spread of S+400.

(26)

Certain tranches have a spread of S+650 and certain tranches have a spread of S+700 (5.00% PIK/2.00% cash).

(27)

Spread is S+600 cash / 1.00% PIK.

(28)

Spread is S+600 cash / 0.50% 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)

June 30, 2025


Industry Classification	Percentage of Total Investments (at fair value) as of June 30, 2025
Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)		28.3	%
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)		17.7	%
Health Care Providers & Services		12.0	%
Health Care Equipment & Supplies		5.4	%
Media		4.1	%
Pharmaceuticals		3.9	%
Professional Services		3.8	%
Capital Markets		3.5	%
Diversified Consumer Services		3.2	%
Biotechnology		2.6	%
Asset Management & Custody Banks		2.3	%
Transportation Infrastructure		1.8	%
Commercial Services & Supplies		1.6	%
Insurance		1.5	%
Consumer Finance		1.4	%
Software		1.2	%
Fertilizers & Agricultural Chemicals		1.1	%
Life Sciences Tools & Services		1.0	%
Consumer Staples Distribution & Retail		0.5	%
Communications Equipment		0.5	%
Broadline Retail		0.5	%
Aerospace & Defense		0.4	%
Health Care Technology		0.4	%
Specialty Retail		0.4	%
Trading Companies & Distributors		0.3	%
Ground Transportation		0.2	%
Food Products		0.2	%
Machinery		0.1	%
Passenger Airlines		0.1	%
Metals & Mining		0.0	%
Automobile Components		0.0	%
Construction & Engineering		0.0	%
Total Investments		100.0	%

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(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 — 112.5%

First Lien Bank Debt/Senior Secured Loans

33Across Inc.

Media

P+232

8.50

10.82

1/2024

10/2025

2,774

Aegis Toxicology Sciences Corporation(16)

Health Care Providers & Services

S+550

1.00

10.28

5/2018

5/2025

13,122

13,075

13,122

Alkeme Intermediary Holdings, LLC(16)

Insurance

S+575

1.00

10.08

9/2023

10/2026

16,886

16,531

16,886

All States Ag Parts, LLC(16)

Trading Companies & Distributors

S+600

1.00

10.59

4/2022

9/2026

2,034

2,016

2,034

BayMark Health Services, Inc.(16)

Health Care Providers & Services

S+500

1.00

9.59

4/2022

6/2027

8,180

7,999

8,180

Bayside Opco, LLC(24)

Health Care Providers & Services

S+725

1.00

11.73

5/2023

5/2026

19,905

Bayside Parent, LLC(24)

Health Care Providers & Services

S+1000(11)

1.00

14.48

5/2023

5/2026

6,008

BDG Media, Inc.

Media

P+525

5.50

12.75

7/2022

7/2025

6,249

CC SAG Holdings Corp.(Spectrum Automotive)(16)

Diversified Consumer Services

S+525

0.75

9.58

6/2021

6/2028

30,202

29,814

30,202

Copper River Seafoods, Inc.

Food Products

P+275

—

10.25

12/2023

4/2025

5,088

CVAUSA Management, LLC(16)

Health Care Providers & Services

S+650

1.00

10.84

5/2023

5/2029

17,191

16,771

17,191

DeepIntent, Inc.

Media

P+185

5.25

9.35

12/2023

9/2027

37,746

Enhanced Permanent Capital, LLC(3)

Capital Markets

S+700

1.00

11.97

12/2020

12/2025

44,578

44,220

44,578

EyeSouth Eye Care Holdco LLC

Health Care Providers & Services

S+550

1.00

9.96

10/2022

10/2029

9,625

9,383

9,625

FE Advance, LLC

Diversified Financial Services

S+650

1.00

10.86

7/2024

7/2027

20,894

20,517

20,894

Fertility (ITC) Investment Holdco, LLC

Health Care Providers & Services

S+650

1.00

11.74

1/2023

1/2029

22,368

21,871

22,368

Foundation Consumer Brands, LLC(16)

Personal Products

S+625

1.00

10.89

2/2021

2/2027

25,058

24,691

25,058

Human Interest Inc.

Internet Software & Services

S+735

1.00

11.90

6/2022

7/2027

20,104

iCIMS, Inc.

Software

S+575

0.75

10.38

8/2022

8/2028

32,245

31,887

32,245

Kaseya, Inc.(16)

Software

S+550(14)

0.75

9.83

6/2022

6/2029

24,702

24,445

24,702

Kingsbridge Holdings, LLC(2)

Multi-Sector Holdings

S+700

1.00

11.71

12/2018

12/2027

100,500

100,283

100,500

Logix Holding Company, LLC(16)

Communications Equipment

P+475

1.00

12.25

9/2018

3/2025

14,009

13,933

13,449

Luxury Asset Capital, LLC(16)

Thrifts & Mortgage Finance

S+675

1.00

11.42

7/2022

7/2027

30,500

30,149

30,500

Maxor Acquisition, Inc.(16)

Health Care Providers & Services

S+600

1.00

10.44

3/2023

3/2029

21,195

20,755

21,195

One Touch Direct, LLC

Commercial Services & Supplies

P+75

4.00

8.25

12/2023

3/2026

1,030

ONS MSO, LLC(16)

Health Care Providers & Services

S+625

1.00

10.84

2/2023

7/2026

27,772

27,317

27,772

Peter C. Foy & Associates Insurance Services, LLC(16)

Insurance

S+550(28)

0.75

9.83

4/2022

11/2028

16,706

16,508

16,706

Plastic Management, LLC(16)

Health Care Providers & Services

S+500

1.00

9.43

4/2022

8/2027

16,965

16,471

16,965

Quantcast Corporation

Commercial Services & Supplies

S+525

2.00

11.75

6/2024

6/2029

10,502

10,380

10,502

Retina Midco, Inc.(16)

Health Care Providers & Services

S+575

1.00

10.35

12/2023

1/2026

27,301

26,985

27,847

RQM+ Corp.(16)

Life Sciences Tools & Services

S+675(23)

1.00

11.34

8/2021

8/2029

23,398

23,201

22,462

RxSense Holdings LLC(16)

Diversified Consumer Services

S+500

1.00

9.69

4/2022

3/2026

2,628

2,582

2,628

Shoes for Crews Global, LLC

Diversified Consumer Services

S+650(26)

1.00

11.17

6/2024

6/2029

3,398

Sightly Enterprises, Inc.

Media

P+475

6.00

12.25

1/2024

12/2026

4,813

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

Diversified Financial Services

S+650

—

10.81

12/2024

12/2025

4,000

Southern Orthodontic Partners Management, LLC(16)

Health Care Providers & Services

S+525

1.00

9.58

6/2022

7/2026

33,158

32,731

33,158

SPAR Marketing Force, Inc.

Media

P+190

—

9.40

12/2023

10/2025

9,251

SunMed Group Holdings, LLC(16)

Health Care Equipment & Supplies

S+550

0.75

10.19

6/2021

6/2028

14,828

14,584

14,828

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2024

(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)
TAUC Management, LLC(16)	Health Care Providers & Services	S+700(27)			1.00	%		11.48	%	4/2022	2/2027	$	7,002	$	6,829	$	6,302
The Townsend Company, LLC(16)	Commercial Services & Supplies	S+500			1.00	%		9.36	%	8/2023	8/2030		19,775		19,275		19,587
Tilley Distribution, Inc.(16)	Trading Companies & Distributors	S+600			1.00	%		10.48	%	4/2022	12/2026		3,688		3,590		3,615
TPC 2022, LLC	Capital Markets	S+650			1.00	%		10.88	%	12/2024	12/2027		20,000		19,802		19,800
United Digestive MSO Parent, LLC(16)	Health Care Providers & Services	S+575			1.00	%		10.08	%	3/2023	3/2029		9,956		9,723		9,956
Urology Management Holdings, Inc.	Health Care Providers & Services	S+550			1.00	%		9.83	%	2/2023	6/2027		11,909		11,683		11,909
UVP Management, LLC	Health Care Providers & Services	S+625			1.00	%		10.73	%	9/2023	9/2025		13,653		13,518		13,653
Western Veterinary Partners LLC(16)	Diversified Consumer Services	S+500			1.00	%		9.33	%	1/2024	10/2027		23,515		23,215		23,515
WMD Funding, LLC(11)	Diversified Financial Services		—		—			11.50	%	12/2024	7/2031		18,330		18,330		18,330
Total First Lien Bank Debt/ Senior Secured Loans														$	845,430	$	852,630
First Lien Life Science Senior Secured Loans
Arcutis Biotherapeutics, Inc.(3)	Pharmaceuticals	S+595			2.50	%		10.47	%	12/2021	8/2029	$	33,425	$	34,531	$	35,263
Ardelyx, Inc.(3)	Pharmaceuticals	S+400(25)			4.70	%		8.70	%	2/2022	7/2028		39,750		40,033		40,247
Cerapedics, Inc.	Biotechnology	S+620			2.75	%		10.72	%	12/2022	1/2028		36,156		36,498		37,889
Meditrina, Inc.	Health Care Equipment & Supplies	S+550			3.45	%		10.02	%	12/2022	12/2027		5,051		5,111		5,127
OmniGuide Holdings, Inc. (13)	Health Care Equipment & Supplies	S+580			5.31	%		11.11	%	7/2018	11/2025		24,500		26,044		24,622
Outset Medical, Inc.(16)	Health Care Equipment & Supplies	S+515			2.75	%		9.67	%	11/2022	11/2027		44,727		45,353		46,405
SPR Therapeutics, Inc.	Health Care Technology	S+515			4.00	%		9.67	%	1/2024	2/2029		4,866		4,872		5,021
Vapotherm, Inc.(24)	Health Care Equipment & Supplies	S+600			4.50	%		10.52	%	2/2022	9/2027		13,782		14,147		14,254
Total First Lien Life Science Senior Secured Loans														$	206,589	$	208,828
Second Lien Asset-Based Senior Secured Loans
AMF Levered II, LLC	Diversified Financial Services	S+705			1.00	%		11.67	%	12/2021	8/2028	$	29,925	$	29,741	$	29,925
FGI Worldwide LLC (3)(16)	Diversified Financial Services	S+650			1.00	%		10.86	%	4/2023	4/2028		8,206		8,058		8,206
Pasadena Private Lending Inc.(3)	Diversified Financial Services	S+750			1.00	%		11.88	%	12/2024	4/2028		9,825		9,703		9,702
Total Second Lien Asset-Backed Senior Secured Loans														$	47,502	$	47,833
Second Lien Bank Debt / Senior Secured Loans
RD Holdco, Inc.** (2)	Diversified Consumer Services	S+975(11)			1.00	%		—		12/2013	10/2026	$	18,228	$	12,297	$	7,827
Total Senior Secured Loans														$	1,111,818	$	1,117,118

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2024

(in thousands, except share/unit amounts)

Description

Industry

Interest
Rate(1)

Acquisition
Date

Maturity
Date

Par Amount

Cost

Fair
Value

Equipment Financing — 18.2%

A&A Crane and Rigging, LLC (10)

Commercial Services & Supplies

7.78%

3/2023

3/2028

Aero Operating LLC (10)

Commercial Services & Supplies

8.47-9.09%

2/2021

3/2025-11/2026

259

258

259

AFG Dallas III, LLC (10)

Diversified Consumer Services

10.00-11.29%

8/2022

8/2026-3/2027

743

Air Methods Corporation (10)

Airlines

7.08-7.13%

11/2021

11/2026

2,569

2,591

2,569

Boart Longyear Company (10)

Metals & Mining

8.31-9.77%

5/2020

4/2025-10/2026

997

Bowman Energy Solutions, LLC (10)

Commercial Services & Supplies

7.42%

7/2022

7/1/2026

Carolina’s Contracting, LLC (10)

Diversified Consumer Services

8.40-8.72%

3/2023

3/2028-5/2028

2,912

2,932

2,912

CKD Holdings, Inc. (10)

Road & Rail

8.10-8.60%

9/2022

3/2026-9/2027

1,816

Clubcorp Holdings, Inc. (10)

Hotels, Restaurants & Leisure

9.36-13.01%

5/2021

4/2025-5/2028

4,550

Complete Equipment Rentals, LLC (10)

Commercial Services & Supplies

6.75-7.15%

3/2023

4/2028-6/2028

1,467

1,450

1,442

Dongwon Autopart Technology Inc. (10)

Auto Components

7.96%

2/2021

1/2026

658

661

658

Double S Industrial Contractors, Inc. (10)

Commercial Services & Supplies

8.60%

7/2023

8/2027

Drillers Choice, Inc. (10)

Commercial Services & Supplies

8.00-10.08%

10/2022

11/2027-6/2029

1,089

1,091

1,089

Environmental Protection & Improvement Company, LLC (10)

Road & Rail

8.25%

9/2020

10/2027

3,798

3,811

3,798

Equipment Operating Leases, LLC (2)(12)

Multi-Sector Holdings

8.37%

4/2018

4/2025

2,884

2,812

Extreme Steel Crane & Rigging, LLC (10)

Commercial Services & Supplies

9.52%

3/2023

3/2027

613

617

613

First American Commercial Bancorp, Inc. (10)

Diversified Financial Services

7.50-9.00%

10/2021

10/2026-3/2027

1,566

1,567

1,566

First National Capital, LLC (10)

Diversified Financial Services

9.00%

11/2021

7/2026

3,340

GMT Corporation (10)

Machinery

10.71%

10/2018

1/2026

2,496

2,497

2,496

Hawkeye Contracting Company, LLC (10)

Construction & Engineering

10.50%

10/2021

11/2025

347

HTI Logistics Corporation (10)

Commercial Services & Supplies

9.94%

11/2018

9/2025

International Automotive Components Group, North America, Inc. (10)

Auto Components

7.95%

6/2021

6/2025

1,001

1,002

1,001

Loc Performance Products, LLC (10)

Machinery

10.50%

12/2022

6/2027

477

Loyer Capital LLC (2)(12)

Multi-Sector Holdings

8.73-11.52%

5/2019

5/2026-9/2026

7,500

7,361

Miranda Logistics Enterprise, Inc. (10)

Construction & Engineering

7.69%

4/2023

4/2028

628

Mountain Air Helicopters, Inc. (10)

Commercial Services & Supplies

10.00%

7/2017

2/2025

114

Nimble Crane LLC (10)

Commercial Services & Supplies

9.18%

7/2023

7/2028

762

No Limit Construction Services, LLC (10)

Commercial Services & Supplies

7.73%

5/2023

6/2028

PCX Aerostructures LLC (10)

Aerospace & Defense

9.32%

11/2022

12/2028

1,931

Rango, Inc. (10)

Commercial Services & Supplies

9.33%

9/2019

4/2025

101

Rayzor’s Edge LLC (10)

Diversified Consumer Services

7.69-8.27%

5/2023

5/2030-6/2030

624

RH Land Construction, LLC & Harbor Dredging LA, Inc. (10)

Construction & Engineering

8.08%

5/2023

5/2026

Rotten Rock Hardscaping & Tree Service (10)

Diversified Consumer Services

8.21%

12/2022

12/2027

159

Signet Marine Corporation (10)

Transportation Infrastructure

8.50%

10/2022

6/2029

10,291

10,319

10,291

SLR Equipment Finance (2)(9)(17)

Multi-Sector Holdings

8.50%

12/2024

12/2025

3,000

Smiley Lifting Solutions, LLC(10)

Commercial Services & Supplies

7.82-8.61%

6/2022

9/2026-6/2030

5,195

ST Coaches, LLC (10)

Road & Rail

8.50%

7/2017

1/2025

520

Star Coaches Inc. (10)

Road & Rail

8.42%

3/2018

4/2025

1,719

1,633

Superior Transportation, Inc. (10)

Road & Rail

10.22-10.63%

7/2017

1/2026

1,346

The Smedley Company & Smedley Services, Inc. (10)

Commercial Services & Supplies

4.07%

7/2017

1/2028

970

901

Trinity Equipment, Inc. (10)

Commercial Services & Supplies

8.78-8.93%

5/2023

5/2028

1,085

Trinity Equipment Rentals, Inc. (10)

Commercial Services & Supplies

7.94-7.95%

10/2021

11/2026-12/2026

136

U.S. Crane & Rigging, LLC (10)

Commercial Services & Supplies

8.73%

12/2022

9/2028

766

Wind River Environmental, LLC (10)

Diversified Consumer Services

8.43%

7/2019

10/2025

Womble Company, Inc. (10)

Energy Equipment & Services

9.11%

12/2019

1/2025

Worldwide Flight Services, Inc. (10)

Transportation Infrastructure

8.32-9.93%

9/2022

9/2027-8/2028

2,465

2,495

2,465

Zamborelli Enterprises Pacific Southern Foundation (10)

Diversified Consumer Services

8.91%

12/2022

1/2027

399

401

399

Shares/Units

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

Multi-Sector Holdings

7/2017

200

145,000

107,600

Total Equipment Financing

218,920

181,016

Preferred Equity – 3.2%

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

Aerospace & Defense

0.00%

6/2012

6/2025

—

5,241

2,500

Veronica Holdings, LLC (Vapotherm)(24)

Health Care Equipment & Supplies

9.00%(11)

9/2024

—

13,055,991

27,769

29,182

Total Preferred Equity

33,010

31,682

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2024

(in thousands, except share/unit amounts)


Description	Industry	Acquisition Date	Shares/ Units		Cost		Fair Value
Common Equity/Equity Interests/Warrants—68.1%
Assertio Holdings, Inc. (8)*	Pharmaceuticals	7/2023		12,510	$	51	$	11
Bayside Parent, LLC (24)*	Health Care Providers & Services	5/2023		6,526		11,411		7,179
CardioFocus, Inc. Warrants *	Health Care Equipment & Supplies	3/2017		90		51		—
Centrexion Therapeutics, Inc. Warrants *	Pharmaceuticals	6/2019		289,102		136		47
Conventus Orthopaedics, Inc. Warrants *	Health Care Equipment & Supplies	6/2016		157,500		65		—
Delphinus Medical Technologies, Inc. Warrants *	Health Care Equipment & Supplies	8/2017		444,388		74		84
Essence Group Holdings Corporation (Lumeris) Warrants *	Health Care Technology	3/2017		260,000		129		131
KBH Topco LLC (Kingsbridge) (2)(5)(18)	Multi-Sector Holdings	11/2020		76,125,000		140,920		152,071
Meditrina, Inc. Warrants *	Health Care Equipment & Supplies	12/2022		44,049		33		31
RD Holdco, Inc. (Rug Doctor) (2)*	Diversified Consumer Services	12/2013		231,177		15,683		—
RD Holdco, Inc. (Rug Doctor) Class B (2)*	Diversified Consumer Services	12/2013		522		5,216		—
Senseonics Holdings, Inc. (3)(8)*	Health Care Equipment & Supplies	7/2019		469,353		235		246
Shoes for Crews Holdings, LLC	Diversified Consumer Services	6/2024		1,884		2,759		2,040
SLR-AMI Topco Blocker, LLC (15)(24)*	Internet & Catalog Retail	6/2023		—		24,085		12,778
SLR Business Credit (2)(3)(19)	Diversified Financial Services	4/2022		100		111,583		125,370
SLR Credit Solutions (2)(3)(20)	Diversified Financial Services	12/2012		280,303		280,737		288,250
SLR Healthcare ABL (2)(3)(21)	Diversified Financial Services	4/2022		32,839		34,335		37,850
SLR Senior Lending Program LLC (2)(3)(22)	Asset Management	12/2022		—		47,875		49,091
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics)	Health Care Equipment & Supplies	5/2018		396		110		—
Veronica Holdings, LLC (Vapotherm)(24)*	Health Care Equipment & Supplies	9/2027		293,203		330		639
Total Common Equity/Equity Interests/Warrants					$	675,818	$	675,818
Total Investments (6) — 202.0%					$	2,039,566	$	2,005,634

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2024

(in thousands, except share/unit amounts)


Description	Industry	Acquisition Date	Maturity Date	Par Amount		Cost		Fair Value
Cash Equivalents —40.0%
U.S. Treasury Bill (4.24% yield)	Government	12/2024	2/2025	$	400,000	$	397,510	$	397,510
Total Investments & Cash Equivalents — 242.0%						$	2,437,076	$	2,403,144
Liabilities in Excess of Other Assets — (142.0%)									(1,410,218	)
Net Assets — 100.0%								$	992,926

(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 (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2024 in these controlled investments are as follows:


Name of Issuer	Fair Value at December 31, 2023		Gross Additions		Gross Reductions		Realized Loss		Change in Unrealized Gain (Loss)			Fair Value at December 31, 2024		Interest/ Dividend/ Other Income
Equipment Operating Leases, LLC	$	3,296	$	—	$	496	$	—	$	12		$	2,812	$	264
Kingsbridge Holdings, LLC		96,000		4,500		—		—		113			100,500		11,972
KBH Topco, LLC (Kingsbridge)		142,000		4,323		—		—		5,748			152,071		12,159
Loyer Capital LLC		7,361		—		—		—		—			7,361		757
RD Holdco, Inc. (Rug Doctor, common equity)		—		—		—		—		—			—		—
RD Holdco, Inc. (Rug Doctor, class B)		—		—		—		—		—			—		—
RD Holdco, Inc. (debt)		7,827		—		—		—		—			7,827		—
SLR Business Credit (revolver)		—		19,000		19,000		—		—			—		33
SLR Business Credit		90,370		30,000		—		—		5,000			125,370		8,350
SLR Credit Solutions		284,000		—		—		—		4,250			288,250		20,500
SLR Equipment Finance (equity)		120,820		—		—		—		(13,220	)		107,600		—
SLR Equipment Finance (debt)		3,850		3,000		3,850		—		—			3,000		28
SLR Healthcare ABL		35,850		—		—		—		2,000			37,850		5,123
SLR Healthcare ABL (revolver)		—		4,000		—		—		—			4,000		1
SLR Senior Lending Program LLC		43,899		5,000		—		—		192			49,091		7,262
SOINT, LLC		3,801		63		—		—		(1,364	)		2,500		62
	$	839,074	$	69,886	$	23,346	$	—	$	2,731		$	888,232	$	66,511

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2024

(in thousands, except share/unit amounts)

(3)

Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If the Company fails to invest a sufficient portion of our assets in qualifying assets, it 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, 2024, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 26.3% 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 $7,625; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $109,461 and $101,836, respectively, based on a tax cost of $1,998,009. 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 SOFR or PRIME rate. These instruments are often subject to a 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)

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

(15)

(16)

(17)

See note 12 to the consolidated financial statements.

See notes to consolidated financial statements.

Table of Contents

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2024

(in thousands, except share/unit amounts)

(18)

See note 13 to the consolidated financial statements.

(19)

See note 15 to the consolidated financial statements.

(20)

See note 11 to the consolidated financial statements.

(21)

See note 14 to the consolidated financial statements.

(22)

See note 17 to the consolidated financial statements.

(23)

Spread is S+200 cash / 4.75% PIK.

(24)

Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2024 (beginning with the date at which the Company became an Affiliated Person) in these affiliated investments are as follows:


Name of Issuer	Fair Value at December 31, 2023		Gross Additions		Gross Reductions		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Fair Value at December 31, 2024		Interest/ Dividend Income
Bayside Opco, LLC	$	19,415	$	626	$	136	$	—	$	—		$	19,905	$	2,543
Bayside Parent, LLC (loan)		5,153		855		—		—		—			6,008		850
Bayside Parent, LLC (equity)		3,815		—		—		—		3,364			7,179		—
SLR-AMI Topco Blocker, LLC		15,867		—		—		—		(3,089	)		12,778		—
Vapotherm, Inc.		—		14,080		—		—		108			14,254		488
Veronica Holdings, LLC (preferred equity)		—		27,644		—		—		1,413			29,182		845
Veronica Holdings, LLC (common equity)		—		330		—		—		309			639		—
	$	44,250	$	43,535	$	136	$	—	$	2,105		$	89,945	$	4,726

(25)

Certain tranches have a spread of S+795, certain tranches have a spread of S+425 and certain tranches have a spread of S+400.

(26)

Certain tranches have a spread of S+650 and certain tranches have a spread of S+700 (5.00% PIK/2.00% cash).

(27)

Spread is S+600 cash / 1.00% PIK.

(28)

Certain tranches have a spread of S+550 and certain tranches have a spread of S+650.

* 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, 2024


Industry Classification	Percentage of Total Investments (at fair value) as of December 31, 2024
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)		27.7	%
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)		18.6	%
Health Care Providers & Services		13.6	%
Health Care Equipment & Supplies		6.8	%
Pharmaceuticals		3.8	%
Diversified Consumer Services		3.3	%
Capital Markets		3.2	%
Media		3.0	%
Software		2.8	%
Asset Management		2.4	%
Commercial Services & Supplies		2.2	%
Biotechnology		1.9	%
Insurance		1.7	%
Thrifts & Mortgage Finance		1.5	%
Personal Products		1.2	%
Life Sciences Tools & Services		1.1	%
Internet Software & Services		1.0	%
Communications Equipment		0.7	%
Internet & Catalog Retail		0.6	%
Transportation Infrastructure		0.6	%
Road & Rail		0.5	%
Trading Companies & Distributors		0.3	%
Health Care Technology		0.3	%
Food Products		0.3	%
Hotels, Restaurants, & Leisure		0.2	%
Aerospace & Defense		0.2	%
Machinery		0.1	%
Airlines		0.1	%
Auto Components		0.1	%
Construction & Engineering		0.1	%
Metals & Mining		0.1	%
Energy Equipment & Services		0.0	%
Total Investments		100.0	%

See notes to consolidated financial statements.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

Note 1. Organization

SLR Investment Corp. (the “Company,” “SLRC,” “we,” “us” or “our”), a Maryland corporation formed in November 2007, is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company 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 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.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

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 consolidated 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, 2025.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of consolidated 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 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 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;

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

(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.

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 six months ended June 30, 2025, there has been no change to the Company’s valuation approaches or techniques and the nature of the related inputs considered in the valuation process.

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

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The exercise of judgment is based in part on our knowledge of the asset class and our prior experience.

(c)

Gains or losses on investments are calculated by using the specific identification method.

(d)

The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Loan origination fees, original issue discount, and market discounts are capitalized, and we amortize such amounts into income using the effective interest method. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record call premiums received on loans repaid as interest income when we receive such amounts. Capital structuring fees, amendment fees, consent fees, and any other non-recurring fee income, as well as a management fee and other fee income for services rendered, if any, are recorded as other income when earned.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

(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.

(i)

The accounting records of the Company are maintained in U.S. dollars. Any assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. The Company will not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations would be included with the net unrealized gain or loss from investments. The Company’s investments in foreign securities, if any, may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments in terms of U.S. dollars and therefore the earnings of the Company.

(j)

In accordance with ASC 835-30, the Company reports origination and other expenses related to certain debt issuances as a direct deduction from the carrying amount of the debt liability. Applicable expenses are deferred and amortized using either the effective interest method or the straight-line method over the stated life. The straight-line method may be used on revolving facilities and/or when it approximates the effective yield method.

(k)

The Company may enter into forward exchange contracts in order to hedge against foreign currency risk. These contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. Realized gains or losses are recognized when contracts are settled.

(l)

The Company records expenses related to shelf registration statements and applicable equity offering costs as prepaid assets. These expenses are typically charged as a reduction of capital upon the sale of shares or expensed, in accordance with ASC 946-20-25.

(m)

Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when principal or interest cash payments are past due 30 days or more (90 days or more for equipment financing) and/or when it is no longer probable that principal or interest cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining principal and interest obligations. Cash interest payments received on such investments may be recognized as income or applied to principal depending on management’s judgment.

(n)

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less would qualify, with limited exceptions. The Company believes that certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents.

Recent Accounting Pronouncements

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per 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. On April 1, 2022, in connection with the consummation of the Mergers, we entered into a letter agreement (the “Letter Agreement”) pursuant to which the Investment Adviser voluntarily agreed to a permanent 25 basis point reduction of the annual base management fee rate payable by us to the Investment Adviser pursuant to the Advisory Agreement. Following the Letter Agreement, the base management fee is now determined by taking the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters calculated at an annual rate of 1.50% on gross assets up to 200% of the Company’s total net assets as of the immediately preceding quarter end and 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter end. For purposes of computing the base management fee, gross assets exclude temporary assets acquired at the end of each fiscal quarter for purposes of preserving investment flexibility in the next fiscal quarter. 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 (as defined below), and any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the performance-based incentive fee). Pre-incentive 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 equals 20% of the Company’s cumulative realized capital gains less cumulative realized capital losses, unrealized capital depreciation (unrealized depreciation on a gross investment-by-investment basis at the end of each calendar year) and all net capital gains upon which prior performance-based capital gains incentive fee payments were previously made to the Investment Adviser. For financial statement purposes, the second part of the performance-based incentive fee is accrued based upon 20% of cumulative net realized gains and net unrealized capital appreciation. No accrual was required for the three and six months ended June 30, 2025 and 2024.

For the three and six months ended June 30, 2025, the Company recognized $7,760 and $15,273, respectively, in base management fees and $5,397 and $10,923, respectively, in performance-based incentive fees. For the three and six months ended June 30, 2025, $20 and $22, respectively, of such performance-based incentive fees were waived. For the three and six months ended June 30, 2024, the Company recognized $7,875 and $15,757, respectively, in base management fees and $6,068 and $12,020, respectively, in performance-based incentive fees. For the three and six months ended June 30, 2024, $44 and $90, 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 discounts 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 (the “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,

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

including rent. The Administrator will also provide, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. The Company typically reimburses the Administrator on a quarterly basis.

For the three and six months ended June 30, 2025, the Company recognized expenses under the Administration Agreement of $1,503 and $2,864, respectively. No managerial assistance fees were accrued or collected for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, the Company recognized expenses under the Administration Agreement of
$1,376 and $2,752, respectively. No managerial assistance fees were accrued or collected for the three and six months ended June 30,
2024.

Note 4. Net Asset Value Per Share

At June 30, 2025, the Company’s total net assets and net asset value per share were $992,349 and $18.19, respectively. This compares to total net assets and net asset value per share at December 31, 2024 of $992,926 and $18.20, respectively.

Note 5. Earnings Per Share

The following table sets forth the computation of basic and diluted net increase in net assets per share resulting from operations, pursuant to ASC 260-10, for the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Earnings per share (basic & diluted)
Numerator - net increase in net assets resulting from operations:	$	24,232	$	23,228	$	44,158	$	51,099
Denominator - weighted average shares:		54,554,634		54,554,634		54,554,634		54,554,634
Earnings per share:	$	0.44	$	0.43	$	0.81	$	0.94

Note 6. Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuations used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access.

Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

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 3. Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

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 tables 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.

The following tables present the balances of assets measured at fair value on a recurring basis, as of June 30, 2025 and December 31, 2024:

Fair Value Measurements

As of June 30, 2025


	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,268,904	$	—	$	1,268,904
Equipment Financing		—		—		138,988		—		138,988
Preferred Equity		—		—		32,510		—		32,510
Common Equity/Equity Interests/Warrants		232		—		645,764		48,540		694,536
Total Investments	$	232	$	—	$	2,086,166	$	48,540	$	2,134,938

Fair Value Measurements

As of December 31, 2024


	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,117,118	$	—	$	1,117,118
Equipment Financing		—		—		181,016		—		181,016
Preferred Equity		—		—		31,682		—		31,682
Common Equity/Equity Interests/Warrants		257		—		626,470		49,091		675,818
Total Investments	$	257	$	—	$	1,956,286	$	49,091	$	2,005,634

* 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 (as defined below). 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.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

The following table provides a summary of the changes in fair value of Level 3 assets for the three and six months ended June 30, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at June 30, 2025:

Fair Value Measurements Using Level 3 Inputs


	Senior Secured Loans			Equipment Financing			Preferred Equity			Common Equity/ Equity Interests/ Warrants		Total
Fair value, March 31, 2025	$	1,116,605		$	166,799		$	32,339		$	639,902	$	1,955,645
Total gains or losses included in earnings:
Net realized gain (loss)		365			(10	)		—			—		355
Net change in unrealized gain (loss)		1,382			(3,846	)		(615	)		5,449		2,370
Purchase of investment securities*		330,936			4,816			786			413		336,951
Proceeds from dispositions of investment securities		(180,384	)		(28,771	)		—			—		(209,155	)
Transfers in/out of Level 3		—			—			—			—		—
Fair value, June 30, 2025	$	1,268,904		$	138,988		$	32,510		$	645,764	$	2,086,166
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	1,620		$	(3,846	)	$	(615	)	$	5,449	$	2,608



	Senior Secured Loans			Equipment Financing			Preferred Equity			Common Equity/ Equity Interests/ Warrants		Total
Fair value, December 31, 2024	$	1,117,118		$	181,016		$	31,682		$	626,470	$	1,956,286
Total gains or losses included in earnings:
Net realized gain (loss)		395			(18	)		—			—		377
Net change in unrealized gain (loss)		(1,523	)		(10,339	)		(728	)		13,797		1,207
Purchase of investment securities*		519,136			7,550			1,556			5,497		533,739
Proceeds from dispositions of investment securities		(366,222	)		(39,221	)		—			—		(405,443	)
Transfers in/out of Level 3		—			—			—			—		—
Fair value, June 30, 2025	$	1,268,904		$	138,988		$	32,510		$	645,764	$	2,086,166
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	1,306		$	(10,339	)	$	(728	)	$	13,797	$	4,036

* Includes PIK capitalization and accretion of discount.

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at June 30, 2025, the fair value of the Credit Facility, SPV Credit Facility, 2026 Unsecured Notes, 2027 Unsecured Notes, 2027 Series F Unsecured Notes, 2027 Series G Unsecured Notes and the 2028 Unsecured Notes (each as defined below) would be $657,210, $165,050, $73,313, $47,625, $129,938, $49,368 and $50,250, respectively. All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2024:

Fair Value Measurements Using Level 3 Inputs


	Senior Secured Loans			Equipment Financing			Preferred Equity		Common Equity/ Equity Interests/ Warrants			Total
Fair value, December 31, 2023	$	1,277,539		$	256,819		$	3,801	$	572,427		$	2,110,586
Total gains or losses included in earnings:
Net realized loss		(1,400	)		—			—		(668	)		(2,068	)
Net change in unrealized gain (loss)		(3,598	)		(12,646	)		49		17,726			1,531
Purchase of investment securities*		411,598			2,852			27,832		37,434			479,716
Proceeds from dispositions of investment securities		(567,021	)		(66,009	)		—		(449	)		(633,479	)
Transfers in/out of Level 3		—			—			—		—			—
Fair value, December 31, 2024	$	1,117,118		$	181,016		$	31,682	$	626,470		$	1,956,286
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	1,533		$	(12,646	)	$	49	$	16,751		$	5,687

* Includes PIK capitalization and accretion of discount

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations,
if the Company’s debt obligations were carried at fair value at December 31, 2024, the fair value of the Credit Facility, SPV Credit
Facility, 2025 Unsecured Notes, 2026 Unsecured Notes, 2027 Unsecured Notes, 2027 Series F Unsecured Notes and 2027 Series G
Unsecured Notes (each as defined below) would be $482,043, $165,050, $84,575, $72,750, $46,875, $128,250 and $49,368, respectively.

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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of June 30, 2025 is summarized in the table below:

 
Asset or
Liability

Fair Value at
June 30, 2025

Principal Valuation
Technique/Methodology

Unobservable
Input

Range (Weighted
Average)

Senior Secured Loans

Asset

1,263,102

Income Approach

Market Yield

9.4% – 21.6% (11.8%)

Asset

5,802

Recovery Analysis

Recoverable Amount

N/A

Equipment Financing

Asset

41,988

Income Approach

Market Yield

8.5% – 9.4% (9.3%)

97,000

Market Multiple(1)

Comparable Multiple

1.1x – 1.4x (1.3x)

Preferred Equity

Asset

30,510

Income Approach

Market Yield

9.0% – 9.0% (9.0%)

2,000

Recovery Analysis

Recoverable Amount

N/A

Common Equity/Equity
   Interests/Warrants

Asset

190,644

Market Multiple(2)

Comparable Multiple

5.5x – 12.3x (7.6x)

455,120

Market Approach

Return on Equity

8.9% – 23.5% (11.8%)

(1)

Includes $97,000 of investments valued using an implied multiple.

(2)

Includes $224 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $2,040 of investments valued using a recovery analysis and $187,741 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, 2024 is summarized in the table below:

 
Asset or
Liability

Fair Value at December 31, 2024

Principal Valuation
Technique/Methodology

Unobservable Input

Range (Weighted Average)

Senior Secured Loans

Asset

1,095,842

Income Approach

Market Yield

8.5% – 18.5% (11.8%)

Asset

21,276

Recovery Analysis

Recoverable Amount

N/A

Equipment Financing

Asset

73,416

Income Approach

Market Yield

8.5% – 9.0% (9.0%)

107,600

Market Multiple(1)

Comparable Multiple

1.2x – 1.5x (1.5x)

Preferred Equity

Asset

29,182

Income Approach

Market Yield

9.0% – 9.0% (9.0%)

2,500

Recovery Analysis

Recoverable Amount

N/A

Common Equity/Equity
   Interests/Warrants

Asset

175,000

Market Multiple(2)

Comparable Multiple

5.5x – 12.3x (9.1x)

451,470

Market Approach

Return on Equity

7.8% – 21.7% (11.3%)

(1)

Includes $107,600 of investments valued using an implied multiple.

(2)

Includes $293 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $2,040 of investments valued using a recovery analysis and $172,028 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. Weighted averages in the above tables are calculated based on fair value of the underlying assets.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

Note 7. Debt

Our debt obligations consisted of the following as of June 30, 2025 and December 31, 2024:


	June 30, 2025					December 31, 2024
Facility	Face Amount		Carrying Value			Face Amount		Carrying Value
Credit Facility	$	657,210	$	650,894	(1)	$	482,043	$	474,715	(1)
SPV Credit Facility		165,050		163,652	(2)		165,050		163,335	(2)
2025 Unsecured Notes		—		—			85,000		84,956	(3)
2026 Unsecured Notes		75,000		74,804	(4)		75,000		74,741	(4)
2027 Unsecured Notes		50,000		49,985	(5)		50,000		49,979	(5)
2027 Series F Unsecured Notes		135,000		134,990	(6)		135,000		134,998	(6)
2027 Series G Unsecured Notes		49,000		48,904	(7)		49,000		48,970	(7)
2028 Unsecured Notes		50,000		49,920	(8)		—		—
	$	1,181,260	$	1,173,149		$	1,041,093	$	1,031,694

(1)

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $6,316 and $7,328 as of June 30, 2025 and December 31, 2024, respectively.

(2)

Carrying Value equals the Face Amount net of unamortized debt issuance costs/market discount of $1,398 and $1,715 as of June 30, 2025 and December 31, 2024, respectively.

(3)

Carrying Value equals the Face Amount net of unamortized market discount of $44 as of December 31, 2024.

(4)

Carrying Value equals the Face Amount net of unamortized market discount of $196 and $259 as of June 30, 2025 and December 31, 2024, respectively.

(5)

Carrying Value equals the Face Amount net of unamortized market discount of $15 and $21 as of June 30, 2025 and December 31, 2024, respectively.

(6)

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $10 and $2 as of June 30, 2025 and December 31, 2024, respectively.

(7)

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $96 and $30 as of June 30, 2025 and December 31, 2024, respectively.

(8) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $80 as of June 30, 2025.

Unsecured Notes

On February 18, 2025, the Company closed a private offering of $50,000 of unsecured notes with a fixed interest rate of 6.14% and a maturity date of February 18, 2028 (the “2028 Unsecured Notes”). Interest on the 2028 Unsecured Notes is due semi-annually on February 18 and August 18. The 2028 Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On December 16, 2024, the Company closed a private offering of $49,000 of unsecured notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027 (the “2027 Series G Unsecured Notes”). Interest on the 2027 Series G Unsecured Notes is due semi-annually on June 16 and December 16. The 2027 Series G Unsecured Notes were issued in a private placement only to qualified institutional buyers.

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 was 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. The 2025 Unsecured Notes were repaid in full at maturity on March 31, 2025.

On January 6, 2022, the Company closed a private offering of $135,000 of unsecured notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027 (the “2027 Series F Unsecured Notes”). Interest on the 2027 Series F Unsecured Notes is due

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

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 unsecured notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027 (the “2027 Unsecured Notes”). 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 $75,000 of unsecured notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026 (the “2026 Unsecured Notes”). 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.

Revolving and Term Loan Facilities

On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (as amended to date, the “Credit Facility”). Following the amendment and several commitment increases in the fourth quarter of 2024, the Credit Facility is now composed of $695,000 of revolving credit and $140,000 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, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900,000 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, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At June 30, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $657,210, composed of $517,210 of revolving credit and $140,000 of term loans.

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, subsequent to an August 30, 2024 amendment, the commitment under the
SPV Credit Facility is $275,000. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor
requirement and the current final maturity date is August 30, 2028. 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 June 30, 2025,
outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165,050.

The average annualized interest cost for all borrowings for the six months ended June 30, 2025 and the year ended December 31, 2024 was 5.68% and 5.91%, 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 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes and the 2028 Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the six months ended June 30, 2025 and the year ended December 31, 2024 were $1,181,260 and $1,192,250, respectively.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

Note 8. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:


	Six months ended June 30, 2025			Six months ended June 30, 2024
Per Share Data: (a)
Net asset value, beginning of year	$	18.20		$	18.09
Net investment income		0.80			0.88
Net realized and unrealized gain (loss)		0.01			0.05
Net increase in net assets resulting from operations		0.81			0.93
Distributions to stockholders:
From distributable earnings		(0.80	)		(0.82	)
From return of capital		(0.02	)		—
Net asset value, end of period	$	18.19		$	18.20
Per share market value, end of period	$	16.14		$	16.09
Total Return (b)(c)		4.83	%		12.70	%
Net assets, end of period	$	992,349		$	993,003
Shares outstanding, end of period		54,554,634			54,554,634
Ratios to average net assets (c):
Net investment income		4.41	%		4.87	%
Operating expenses	3.11%*			3.29%*
Interest and other credit facility expenses		3.28	%		3.67	%
Total expenses	6.39%*			6.96%*
Average debt outstanding	$	1,036,273		$	1,148,919
Portfolio turnover ratio		20.1	%		9.0	%

(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, 2024 and December 31, 2023 was $16.16 and $15.03, 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 six months ended June 30, 2025 and 2024, the ratios of operating expenses to average net assets would be 3.11% and 3.30%, respectively, without the performance-based incentive fee waiver. For the six months ended June 30, 2025 and 2024, the ratios of total expenses to average net assets would be 6.39% and 6.97%, respectively, without the performance-based incentive fee waiver.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

Note 9. Commitments and Contingencies

Off-Balance Sheet Arrangements

The Company has unfunded debt and equity commitments to various revolving and delayed-draw term loans as well as to SLR Credit and SLR Healthcare (each as defined below). The total amount of these unfunded commitments as of June 30, 2025 and December 31, 2024 was $396,921 and $234,554, respectively, comprised of the following:


	June 30, 2025		December 31, 2024
Cogent Biosciences, Inc.	$	56,150	$	—
SLR Credit Solutions*		44,263		44,263
Ardelyx, Inc.		29,273		6,648
Lyneer Staffing Solutions, LLC		28,186		—
OIS Management Services, LLC		20,882		—
Infillion Inc.		18,579		—
Wilbur-Ellis Holdings II, LLC		12,769		—
Arcutis Biotherapeutics, Inc.		12,658		12,658
BDG Media, Inc.		12,141		11,751
Stella & Chewy's, LLC		11,219		—
Plastic Management, LLC		10,806		10,806
Alkeme Intermediary Holdings, LLC		10,413		—
SLR Healthcare ABL*		8,800		10,000
WALCO Funding, LLC		8,733		—
SLR Business Credit*		8,000		8,000
Copper River Seafoods, Inc.		7,557		6,912
Velocity One, LLC		7,250		—
One Touch Direct, LLC		6,826		7,970
WMD Funding LLC		6,660		7,243
The Townsend Company, LLC		6,569		7,923
United Digestive MSO Parent, LLC		6,199		7,496
Quantcast Corporation		5,983		4,071
Pinnacle Fertility, Inc.		5,280		—
Western Veterinary Partners LLC		4,916		18,245
33 Across Inc.		4,694		4,226
iCIMS, Inc.		3,761		3,530
SPR Therapeutics, Inc.		3,650		6,083
Sherwood Management Co., Inc.		3,311		—
CVAUSA Management, LLC		3,151		10,164
Southern Transport LLC		3,144		—
Streamland Media Holdings LLC		2,888		—
Sightly Enterprises, Inc.		2,710		2,687
Erie Construction Mid-west, LLC		2,403		2,403
Southern Lifting and Hoisting, LLC		2,303		—
SLR Senior Lending Program LLC*		2,125		2,125
Bayside Opco, LLC		2,093		2,093
SunMed Group Holdings, LLC		1,621		1,621
DeepIntent, Inc.		1,402		7,254
EyeSouth Eye Care Holdco LLC		1,279		1,279
SPAR Marketing Force, Inc.		1,260		5,449
SLR Equipment Finance*		1,150		3,000
Tilley Distribution, Inc.		1,007		1,158
Urology Management Holdings, Inc.		863		863
High Street Buyer, Inc.		631		631
CC SAG Holdings Corp. (Spectrum Automotive)		548		548
TAUC Management, LLC		294		294
Shoes for Crews Global, LLC		284		284
All States Ag Parts, LLC		237		331
Pasadena Private Lending Inc.		—		8,369
Foundation Consumer Brands, LLC		—		3,009
Kaseya, Inc.		—		1,917
RxSense Holdings LLC		—		1,250
Total Commitments	$	396,921	$	234,554

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

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

The credit agreements governing 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 June 30, 2025 and December 31, 2024, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025 and December 31, 2024, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Note 10. Capital Share Transactions

As of June 30, 2025 and June 30, 2024, 200,000,000 shares of $0.01 par value capital stock were authorized.

On February 28, 2025, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) by and among the Company, the Investment Adviser and the Administrator, on the one hand, and Raymond James & Associates, Inc., Citizens JMP Securities, LLC and Jefferies LLC, as placement agents thereunder (collectively, the “Agents”), on the other hand. Under the Equity Distribution Agreement, the Company may, but has no obligation to, issue and sell up to $150,000 in aggregate amount of shares of its common stock from time to time through the Agents, or to them, as principal for their own account.

For the three and six months ended June 30, 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of June 30, 2025, shares representing $150,000 of the Company’s common stock remain available for issuance and sale under the Equity Distribution Agreement.

Transactions in capital stock were as follows for the periods presented:

 
Shares

Amount

 
Three months
ended June 30, 2025

Three months ended June 30, 2024

Three months
ended June 30, 2025

Three months ended June 30, 2024

Share activity

—

—

—

—

 
Shares

Amount

 
Six months
ended June 30, 2025

Six months ended June 30, 2024

Six months
ended June 30, 2025

Six months ended June 30, 2024

Share activity

—

—

—

—

Note 11. SLR Credit Solutions

On December 28, 2012, we acquired an equity interest in Crystal Capital Financial Holdings LLC (“Crystal Financial”) for $275,000 in cash. Crystal Financial owned approximately 98% of the outstanding ownership interest in SLR Credit Solutions, f/k/a Crystal Financial LLC (“SLR Credit”). 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 June 30, 2025, total commitments to the revolving credit facility were $300,000.

As of June 30, 2025, SLR Credit had 30 funded commitments to 24 different issuers with total funded loans of approximately $348,217 on total assets of $391,073. As of December 31, 2024, SLR Credit had 27 funded commitments to 22 different issuers with total funded loans of approximately $317,565 on total assets of $364,258. As of June 30, 2025 and December 31, 2024, the largest loan outstanding totaled $27,691 and $27,879, respectively. For the same periods, the average exposure per issuer was $14,509 and

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

$14,435, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $175,368 and $149,997 of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Credit had net income of $3,502 and $6,861, respectively, on gross income of $12,476 and $15,539, respectively. For the six months ended June 30, 2025 and 2024, SLR Credit had net income of $8,702 and $12,579, respectively, on gross income of $22,532 and $28,596, 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.

Note 12. 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. On January 31, 2024, SLR Equipment entered into a $225,000 senior secured credit facility with a maturity date of January 31, 2027. On March 1, 2024, the credit facility was expanded to $350,000 of commitments.

As of June 30, 2025, SLR Equipment had 546 funded equipment-backed leases and loans to 281 different customers with a total net investment in leases and loans of approximately $313,818 on total assets of $356,511. As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324,939 on total assets of $366,258. As of June 30, 2025 and December 31, 2024, the largest position outstanding totaled $17,564 and $17,883, respectively. For the same periods, the average exposure per customer was $1,117 and $1,497, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $253,625 and $260,974 of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Equipment had net income (loss) of $2,563 and ($1,777), respectively, on gross income of $8,780 and $5,223, respectively. For the six months ended June 30, 2025 and 2024, SLR Equipment had net income (loss) of $646 and ($3,733), respectively, on gross income of $15,435 and $10,138, 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.

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 of KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owned 87.5% of KBHT’s equity and the KBH management team owned the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. On March 11, 2025, as per the terms of the original purchase agreement, the Company acquired an additional 3.125% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 93.75% of KBHT’s equity and the KBH management team owns the remaining 6.25%.

As of June 30, 2025 and December 31, 2024, KBHT had total assets of $883,672 and $920,072, respectively. For the same periods, debt recourse to KBHT totaled $264,833 and $271,584, respectively, and non-recourse debt totaled $410,811 and $421,587, respectively. None of the debt is recourse to the Company. For the three months ended June 30, 2025 and 2024, KBHT had net income of $2,877 and $2,675, respectively, on gross income of $90,007 and $78,485, respectively. For the six months ended June 30, 2025 and 2024, KBHT had net income of $6,241 and $4,603, respectively, on gross income of $187,949 and $158,493, respectively.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

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’s 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 June 30, 2025, SLR Healthcare’s management team and the Company owned approximately 8% and 92% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers on April 1, 2022. Effective upon an amendment dated September 19, 2024, SLR Healthcare has a $160,000 non-recourse credit facility, which is expandable to $200,000 under its accordion facility. The maturity date of this facility is March 31, 2026.

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of June 30, 2025, the portfolio totaled approximately $293,250 of commitments with a total net investment in loans of $157,899 on total assets of $166,280. As of December 31, 2024, the portfolio totaled approximately $288,250 of commitments with a total net investment in loans of $130,207 on total assets of $138,494. At June 30, 2025, the portfolio consisted of 48 issuers with an average balance of approximately $3,290 versus 47 issuers with an average balance of approximately $2,770 at December 31, 2024. 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 $122,500 and $99,600 of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Healthcare had net income of $1,454 and $1,291, respectively, on gross income of $5,792 and $5,086, respectively. For the six months ended June 30, 2025 and 2024, SLR Healthcare had net income of $2,885 and $2,609, respectively, on gross income of $11,096 and $9,877, 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 repayments of financings, the Company cannot guarantee that SLR Healthcare will be able to maintain consistent dividend payments to us.

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’s 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. On September 27, 2024, NMC acquired an asset-based factoring portfolio and operations from Webster Bank, N.A.’s Commercial Services Division. The transaction purchase price of approximately $127,000 was funded with $30,000 of equity from the Company and the remaining $97,000 from borrowings on NMC’s credit facility.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

December 31, 2024. NMC has a senior credit facility with a bank lending group for $325,307 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 $274,365 and $231,034 of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Business Credit had net income of $2,931 and $2,324 respectively, on gross income of $13,224 and $10,437, respectively. For the six months ended June 30, 2025 and 2024, SLR Business Credit had net income of $5,482 and $5,505 respectively, on gross income of $26,151 and $21,605, 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 7, 2025, 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 Securities Exchange Act of 1934, as amended, 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 7, 2026 or until $50,000 of our outstanding shares of common stock have been repurchased. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases beyond what is reported herein. There were no share repurchases during the three and six months ended June 30, 2025 or for the fiscal year ended December 31, 2024.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per 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. On October 20, 2023, the SSLP Facility was expanded to $150,000. Effective with an amendment on March 25, 2024, the SSLP Facility is scheduled to mature on December 12, 2028 and generally bears interest at a rate of SOFR plus 2.90%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At June 30, 2025 and December 31, 2024, borrowings outstanding on the SSLP Facility totaled $112,500 and $96,600, respectively.

As of June 30, 2025 and December 31, 2024, the Company and the Investor had contributed combined equity capital in the amount of $95,750 and $95,750, respectively. As of June 30, 2025 and December 31, 2024, the Company and the Investor’s combined remaining commitments to SSLP totaled $4,250 and $4,250, respectively. The Company and the Investor control 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 June 30, 2025 and December 31, 2024, SSLP had total assets of $210,953 and $197,461, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 29 and 32 different borrowers, respectively. For the three and six months ended June 30, 2025, SSLP invested $32,253 and $38,841, respectively, in 7 and 10 portfolio companies, respectively. Investments sold or prepaid totaled $13,854 and $33,772, respectively, for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, SSLP invested $11,444 and $41,202, respectively, in 7 and 13 portfolio companies, respectively. Investments prepaid totaled $7,702 and $8,473, respectively for the three and six months ended June 30, 2024.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

SSLP Portfolio as of June 30, 2025


Description	Industry	Spread Above Index(1)	Floor			Interest Rate(2)			Maturity Date	Par Amount		Cost		Fair Value(3)
Accession Risk Management Group, Inc.	Insurance	S+475		0.75	%		9.03	%	11/2029	$	6,852	$	6,832	$	6,852
Alkeme Intermediary Holdings, LLC (4)	Insurance	S+525		1.00	%		9.55	%	10/2026		5,955		5,863		5,955
All States Ag Parts, LLC (4)	Trading Companies & Distributors	S+650		1.00	%		11.06	%	9/2026		2,081		2,081		2,081
BayMark Health Services, Inc. (4)	Health Care Providers & Services	S+500		1.00	%		9.56	%	6/2027		3,971		3,971		3,892
CC SAG Holdings Corp. (4)	Diversified Consumer Services	S+525		0.75	%		9.58	%	6/2028		9,974		9,974		9,974
Crewline Buyer, Inc.	IT Services	S+675		1.00	%		11.08	%	11/2030		5,084		4,973		5,084
CVAUSA Management, LLC (4)	Health Care Providers & Services	S+525		1.00	%		9.56	%	5/2029		9,975		9,753		9,975
Erie Construction Mid-west, LLC	Building Products	S+475		1.00	%		9.18	%	7/2027		7,771		7,771		7,771
Exactcare Parent, Inc.	Health Care Providers & Services	S+550		1.00	%		9.76	%	11/2029		3,187		3,116		3,187
Eyesouth Eye Care Holdco LLC (4)	Health Care Providers & Services	S+550		1.00	%		9.92	%	10/2029		9,975		9,929		9,975
Fertility (ITC) Investment Holdco, LLC (4)	Health Care Providers & Services	S+650		1.00	%		10.74	%	1/2029		5,865		5,742		5,865
Foundation Consumer Brands, LLC	Personal Care Products	S+500		1.00	%		9.36	%	2/2029		7,894		7,894		7,894
High Street Buyer, Inc.	Insurance	S+525		0.75	%		9.55	%	4/2028		7,488		7,488		7,488
iCIMS, Inc.(4)	Software	S+575		0.75	%		10.03	%	8/2028		10,000		9,965		10,000
Legacy Service Partners, LLC	Diversified Consumer Services	S+525		1.00	%		9.70	%	1/2029		2,782		2,728		2,782
Maxor Acquisition, Inc.(4)	Health Care Providers & Services	S+600		1.00	%		10.43	%	3/2029		7,992		7,846		7,992
Medrina, LLC	Health Care Providers & Services	S+600		1.00	%		10.13	%	10/2029		2,772		2,715		2,772
ONS MSO, LLC(4)	Health Care Providers & Services	S+625		1.00	%		10.53	%	7/2028		5,819		5,702		5,819
Plastic Management, LLC(4)	Health Care Providers & Services	S+500		1.00	%		9.30	%	8/2027		5,551		5,445		5,551
RQM+ Corp.(4)	Life Sciences Tools & Services	S+675		1.00	%		11.31	%	8/2029		6,006		6,006		5,525
RxSense Holdings LLC	Diversified Consumer Services	S+500		1.00	%		9.28	%	3/2026		8,828		8,828		8,828
SunMed Group Holdings, LLC(4)	Health Care Equipment & Supplies	S+550		0.75	%		9.88	%	6/2028		8,811		8,811		8,811
The Townsend Company, LLC(4)	Commercial Services & Supplies	S+500		1.00	%		9.30	%	8/2030		12,136		11,811		12,136
Tilley Distribution, Inc.(4)	Trading Companies & Distributors	S+600		1.00	%		10.45	%	12/2026		5,578		5,578		5,466
United Digestive MSO Parent, LLC(4)	Health Care Providers & Services	S+575		1.00	%		10.04	%	3/2029		3,550		3,468		3,550
Urology Management Holdings, Inc.(4)	Health Care Providers & Services	S+550		1.00	%		9.80	%	6/2027		4,091		4,029		4,091
UVP Management, LLC(4)	Health Care Providers & Services	S+550		1.00	%		9.95	%	9/2027		3,288		3,234		3,288
WCI-BXC Purchaser, LLC	Distributors	S+625		1.00	%		10.51	%	11/2030		2,861		2,800		2,861
Western Veterinary Partners LLC(4)	Diversified Consumer Services	S+525		1.00	%		9.31	%	10/2027		8,645		8,597		8,645
												$	182,950	$	184,110

(1)

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

(2)

Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current interest rate in effect as of June 30, 2025.

(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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

SSLP Portfolio as of December 31, 2024


Description	Industry	Spread Above Index(1)	Floor			Interest Rate(2)			Maturity Date	Par Amount		Cost		Fair Value(3)
Accession Risk Management Group, Inc.	Insurance	S+475		0.75	%		9.08	%	11/2029	$	6,888	$	6,865	$	6,888
Aegis Toxicology Sciences Corporation (4)	Health Care Providers & Services	S+550		1.00	%		10.28	%	5/2025		2,895		2,895		2,895
Alkeme Intermediary Holdings, LLC (4)	Insurance	S+575		1.00	%		10.08	%	10/2026		5,984		5,861		5,984
All States Ag Parts, LLC (4)	Trading Companies & Distributors	S+600		1.00	%		10.59	%	9/2026		2,111		2,111		2,111
BayMark Health Services, Inc. (4)	Health Care Providers & Services	S+500		1.00	%		9.59	%	6/2027		3,992		3,992		3,992
CC SAG Holdings Corp. (4)	Diversified Consumer Services	S+525		0.75	%		9.58	%	6/2028		8,877		8,877		8,877
Crewline Buyer, Inc.	IT Services	S+675		1.00	%		11.11	%	11/2030		5,084		4,966		5,084
CVAUSA Management, LLC (4)	Health Care Providers & Services	S+650		1.00	%		10.84	%	5/2029		5,357		5,220		5,357
Erie Construction Mid-west, LLC	Building Products	S+475		1.00	%		10.09	%	7/2027		8,000		8,000		8,000
Exactcare Parent, Inc.	Health Care Providers & Services	S+550		1.00	%		10.03	%	11/2029		3,203		3,125		3,203
Eyesouth Eye Care Holdco LLC (4)	Health Care Providers & Services	S+550		1.00	%		10.15	%	10/2029		2,646		2,596		2,646
Fertility (ITC) Investment Holdco, LLC (4)	Health Care Providers & Services	S+650		1.00	%		11.74	%	1/2029		5,895		5,757		5,895
Foundation Consumer Brands, LLC (4)	Personal Products	S+625		1.00	%		10.89	%	2/2027		8,102		8,102		8,102
High Street Buyer, Inc.	Insurance	S+525		0.75	%		9.58	%	4/2028		7,527		7,527		7,527
iCIMS, Inc.(4)	Software	S+575		0.75	%		10.38	%	8/2028		3,195		3,158		3,195
Kaseya, Inc.(4)	Software	S+550		0.75	%		10.75	%	6/2029		9,127		9,127		9,127
Kid Distro Holdings, LLC	Software	S+475		1.00	%		9.49	%	10/2029		8,848		8,848		8,848
Legacy Service Partners, LLC	Diversified Consumer Services	S+525		1.00	%		9.73	%	1/2029		2,796		2,733		2,796
Maxor Acquisition, Inc.(4)	Health Care Providers & Services	S+600		1.00	%		10.46	%	3/2029		6,058		5,906		6,058
Medrina, LLC	Health Care Providers & Services	S+600		1.00	%		10.44	%	10/2029		2,386		2,333		2,386
ONS MSO, LLC(4)	Health Care Providers & Services	S+625		1.00	%		10.84	%	7/2026		5,833		5,738		5,833
Plastic Management, LLC(4)	Health Care Providers & Services	S+500		1.00	%		9.43	%	8/2027		5,579		5,453		5,579
Retina Midco, Inc.(4)	Health Care Providers & Services	S+575		1.00	%		10.35	%	1/2026		9,918		9,793		10,116
RQM+ Corp.(4)	Life Sciences Tools & Services	S+675		1.00	%		11.34	%	8/2029		5,895		5,895		5,659
RxSense Holdings LLC(4)	Diversified Consumer Services	S+500		1.00	%		9.69	%	3/2026		8,875		8,875		8,875
SunMed Group Holdings, LLC(4)	Health Care Equipment & Supplies	S+550		0.75	%		10.19	%	6/2028		8,856		8,856		8,856
The Townsend Company, LLC(4)	Commercial Services & Supplies	S+500		1.00	%		9.36	%	8/2030		4,117		4,026		4,078
Tilley Distribution, Inc.(4)	Trading Companies & Distributors	S+600		1.00	%		10.48	%	12/2026		5,607		5,607		5,495
United Digestive MSO Parent, LLC(4)	Health Care Providers & Services	S+575		1.00	%		10.08	%	3/2029		3,433		3,346		3,433
Urology Management Holdings, Inc.(4)	Health Care Providers & Services	S+550		1.00	%		9.83	%	6/2027		4,112		4,035		4,112
UVP Management, LLC(4)	Health Care Providers & Services	S+625		1.00	%		10.73	%	9/2025		4,858		4,803		4,858
WCI-BXC Purchaser, LLC	Distributors	S+625		1.00	%		10.78	%	11/2030		2,875		2,810		2,875
												$	177,236	$	178,740

(1)

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

(2)

(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.

Table of Contents

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

Below is certain summarized financial information for SSLP as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and June 30, 2024:


	June 30, 2025		December 31, 2024
Selected Balance Sheet Information for SSLP:
Investments at fair value (cost $182,950 and $177,236, respectively)	$	184,110	$	178,740
Cash and other assets		26,843		18,721
Total assets	$	210,953	$	197,461
Debt outstanding ($112,500 and $96,600 face amounts, respectively, reported net of unamortized debt issuance costs of $1,319 and $1,572, respectively)	$	111,181	$	95,028
Distributions payable		1,892		3,381
Interest payable and other credit facility related expenses		444		472
Accrued expenses and other payables		356		398
Total liabilities	$	113,873	$	99,279
Members’ equity	$	97,080	$	98,182
Total liabilities and members’ equity	$	210,953	$	197,461


	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Selected Income Statement Information for SSLP:
Interest income	$	4,558		$	6,616		$	9,027		$	12,585
Service fees*		109			135			214			260
Interest and other credit facility expenses		2,248			2,920			4,490			5,638
Other general and administrative expenses		61			46			132			90
Total expenses		2,418			3,101			4,836			5,988
Net investment income	$	2,140		$	3,515		$	4,191		$	6,597
Realized gain on investments		14			—			337			—
Net change in unrealized gain (loss) on investments		(59	)		(118	)		(344	)		391
Net realized and unrealized gain (loss) on investments	$	(45	)	$	(118	)	$	(7	)	$	391
Net income	$	2,095		$	3,397		$	4,184		$	6,988

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

Note 18. Segment Reporting

The Company operates as a single reporting segment and derives its revenue from providing comprehensive financing solutions primarily to middle market borrowers in the United States through direct cash flow lending or specialty finance instruments. The Company has identified its co-CEOs as the Chief Operating Decision Maker (“CODM”). The CODM reviews all significant segment expenses on the Consolidated Statements of Operations and uses net investment income to evaluate the performance of the Company and to determine distributions. Additionally, the CODM uses net asset value per share (see Note 4) to determine capital adequacy of the Company. All metrics are used to ultimately allocate resources to the Company as needed.

The accounting policies used to measure the revenue and expenses of the segment are the same as those described in Note 2.

Note 19. Subsequent Events

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

June 30, 2025

(in thousands, except share and per share amounts)

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 July 30, 2025, the Company closed a private offering of $50,000 of unsecured notes due 2028 (the “2028 Series I Unsecured Notes”) with a fixed interest rate of 5.96% and a maturity date of July 30, 2028. Interest on the 2028 Series I Unsecured Notes is due semi-annually on January 30th and July 30th. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On August 5, 2025, the Board declared a quarterly distribution of $0.41 per share payable on September 26, 2025 to holders of record as of September 12, 2025.

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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 June 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2025 and 2024, the related consolidated statements of cash flows for the six-month periods ended June 30, 2025 and 2024, 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, 2024, 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 25, 2025, 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, 2024, 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

August 5, 2025

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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:

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our future operating results, including our ability to achieve objectives;

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our business prospects and the prospects of our portfolio companies;

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the impact of investments that we expect to make;

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our contractual arrangements and relationships with third parties;

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the dependence of our future success on the general economy and its impact on the industries in which we invest;

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

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the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;

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changes in import/export regulations;

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the ability of our portfolio companies to achieve their objectives;

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

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

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our expected financings and investments;

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the adequacy of our cash resources and working capital;

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the timing of cash flows, if any, from the operations of our portfolio companies;

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the ability of SLR Capital Partners, LLC (the “Investment Adviser”) to locate suitable investments for us and to monitor and administer our investments;

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

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

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

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

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the escalating conflict in the Middle East;

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the impact of geopolitical conditions on our portfolio companies and on the industries in which we invest;

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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

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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 chains and operations.

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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:

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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;

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a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

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interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

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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; and

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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, 2024, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the Securities and Exchange Commission (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.

Overview

SLR Investment Corp. (the “Company,” “SLRC,” “we” or “our”), a Maryland corporation formed in November 2007, is an externally managed, non-diversified closed-end 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 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, Chief Operating Officer and board member, collectively purchased an additional 0.6 million shares of our common stock through a private placement transaction exempt from registration under the Securities Act of 1933, as amended.

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 the Investment Adviser and supervised by our 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.

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Recent Developments

On July 30, 2025, the Company closed a private offering of $50 million of unsecured notes due 2028 (the “2028 Series I Unsecured Notes”) with a fixed interest rate of 5.96% and a maturity date of July 30, 2028. Interest on the 2028 Series I Unsecured Notes is due semi-annually on January 30th and July 30th. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On August 5, 2025, the Board declared a quarterly distribution of $0.41 per share payable on September 26, 2025 to holders of record as of September 12, 2025.

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 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):

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the cost of our organization and public offerings;

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the cost of calculating our net asset value, including the cost of any third-party valuation services;

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the cost of effecting sales and repurchases of our shares and other securities;

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interest payable on debt, if any, to finance our investments;

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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;

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transfer agent and custodial fees;

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fees and expenses associated with marketing efforts;

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federal and state registration fees, any stock exchange listing fees;

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federal, state and local taxes;

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independent directors’ fees and expenses;

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brokerage commissions;

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fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

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direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

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fees and expenses associated with independent audits and outside legal costs;

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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 the Administrator or us in connection with administering our business, including payments under the Administration Agreement (as defined below) that will be based upon our allocable portion of overhead and other expenses incurred by the Administrator 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 June 30, 2025, we invested approximately $333.3 million across 33 portfolio companies. This compares to investing approximately $92.1 million in 24 portfolio companies during the three months ended June 30, 2024. Investments sold, prepaid or repaid during the three months ended June 30, 2025 totaled approximately $209.4 million versus approximately $93.0 million for the three months ended June 30, 2024.

At June 30, 2025, our portfolio consisted of 115 portfolio companies and was invested 24.6% in cash flow senior secured loans, 44.8% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 19.1% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 11.5% in life science investments, in each case, measured at fair value, versus 138 portfolio companies invested 33.7% in cash flow senior secured loans, 28.9% in asset-based senior secured loans / SLR Credit / SLR Healthcare ABL / SLR Business Credit, 21.2% in equipment senior secured financings / SLR Equipment / KBH, and 16.2% in life science investments, in each case, measured at fair value, at June 30, 2024.

At June 30, 2025, 82.9%, or $1.75 billion, of our income producing investment portfolio* was floating rate and 17.1%, or $359.8 million, was fixed rate, measured at fair value. At June 30, 2024, 82.7%, or $1.74 billion, of our income producing investment portfolio* was floating rate and 17.3%, or $365.0 million, was fixed rate, measured at fair value. As of June 30, 2025 and 2024, we had one and one issuers, respectively, on non-accrual status.

* We have included SLR Credit Solutions, SLR Equipment Finance, SLR Healthcare ABL, SLR Business Credit and Kingsbridge Holdings, LLC within our income producing investment portfolio.

SLR Credit Solutions

On December 28, 2012, we acquired an equity interest in Crystal Capital Financial Holdings LLC (“Crystal Financial”) for $275 million in cash. Crystal Financial owned approximately 98% of the outstanding ownership interest in SLR Credit Solutions, 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 June 30, 2025, total commitments to the revolving credit facility were $300 million.

As of June 30, 2025, SLR Credit had 30 funded commitments to 24 different issuers with total funded loans of approximately $348.2 million on total assets of $391.1 million. As of December 31, 2024, SLR Credit had 27 funded commitments to 22 different issuers with total funded loans of approximately $317.6 million on total assets of $364.3 million. As of June 30, 2025 and December 31, 2024, the largest loan outstanding totaled $27.7 million and $27.9 million, respectively. For the same periods, the average exposure per issuer was $14.5 million and $14.4 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $175.4 million and $150.0 million of borrowings outstanding at June 30, 2025 and December 31, 2024,

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respectively. For the three months ended June 30, 2025 and 2024, SLR Credit had net income of $3.5 million and $6.9 million, respectively, on gross income of $12.5 million and $15.5 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Credit had net income of $8.7 million and $12.6 million, respectively, on gross income of $22.5 million and $28.6 million, respectively. Due to timing and non-cash items, there may be material differences between U.S. generally accepted accounting principles (“GAAP”) net income and cash available for distributions. As such, and subject to fluctuations in SLR Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Credit will be able to maintain consistent dividend payments to us.

SLR Equipment Finance

On July 31, 2017, we acquired a 100% equity interest in NEF Holdings, LLC, which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. Effective February 25, 2021, Nations Equipment Finance, LLC and its related companies are doing business as SLR Equipment Finance. 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. On January 31, 2024, SLR Equipment entered into a $225 million senior secured credit facility with a maturity date of January 31, 2027. On March 1, 2024, the credit facility was expanded to $350 million of commitments.

As of June 30, 2025, SLR Equipment had 546 funded equipment-backed leases and loans to 281 different customers with a total net investment in leases and loans of approximately $313.8 million on total assets of $356.5 million. As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324.9 million on total assets of $366.3 million. As of June 30, 2025 and December 31, 2024, the largest position outstanding totaled $17.6 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.1 million and $1.5 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $253.6 million and $261.0 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Equipment had net income (loss) of $2.6 million and ($1.8) million, respectively, on gross income of $8.8 million and $5.2 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Equipment had net income (loss) of $0.6 million and ($3.7) million, respectively, on gross income of $15.4 million and $10.1 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in 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

On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC 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 $216.6 million to effect the transaction, of which $136.6 million was invested to acquire 87.5% of KBHT’s equity and $80.0 million of 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’s equity and the KBH management team owns the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. On March 11, 2025, as per the terms of the original purchase agreement, the Company acquired an additional 3.125% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 93.75% of KBHT’s equity and the KBH management team owns the remaining 6.25%.

As of June 30, 2025 and December 31, 2024, KBHT had total assets of $883.7 million and $920.1 million, respectively. For the same periods, debt recourse to KBHT totaled $264.8 million and $271.6 million, respectively, and non-recourse debt totaled $410.8 million and $421.6 million, respectively. None of the debt is recourse to the Company. For the three months ended June 30, 2025 and 2024, KBHT had net income of $2.9 million and $2.7 million, respectively, on gross income of $90.0 million and $78.5 million, respectively. For the six months ended June 30, 2025 and 2024, KBHT had net income of $6.2 million and $4.6 million, respectively, on gross income of $187.9 million and $158.5 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.

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SLR Healthcare ABL

SLR Senior Investment Corp. (“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’s initial investment in SLR Healthcare ABL was approximately $32.8 million. The management team of SLR Healthcare co-invested in the transaction and continues to lead SLR Healthcare. As of June 30, 2025, SLR Healthcare’s management team and the Company owned approximately 8% and 92% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers (as defined in Note 1 to the Company’s Consolidated Financial Statements) on April 1, 2022. Effective with an amendment dated September 19, 2024, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $200 million under its accordion facility. The maturity date of this facility is March 31, 2026.

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of June 30, 2025, the portfolio totaled approximately $293.3 million of commitments with a total net investment in loans of $157.9 million on total assets of $166.3 million. As of December 31, 2024, the portfolio totaled approximately $288.3 million of commitments with a total net investment in loans of $130.2 million on total assets of $138.5 million. At June 30, 2025, the portfolio consisted of 48 issuers with an average balance of approximately $3.3 million versus 47 issuers with an average balance of approximately $2.8 million at December 31, 2024. 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 $122.5 million and $99.6 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Healthcare had net income of $1.5 million and $1.3 million, respectively, on gross income of $5.8 million and $5.1 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Healthcare had net income of $2.9 million and $2.6 million, respectively, on gross income of $11.1 million and $9.9 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

SUNS acquired 100% of the equity interests of North Mill Capital LLC (“NMC”) on October 20, 2017. NMC is a leading asset-backed lending commercial finance company that provides senior secured asset-backed financings to U.S. based small-to-medium-sized businesses primarily in the manufacturing, services and distribution industries. SUNS invested approximately $51.0 million to effect the transaction. Subsequently, SUNS contributed 1% of its equity interest in NMC to ESP SSC Corporation. Immediately thereafter, SUNS and ESP SSC Corporation contributed their equity interests to NorthMill LLC (“North Mill”). On May 1, 2018, North Mill merged with and into NMC, with NMC being the surviving company. SUNS and ESP SSC Corporation then owned 99% and 1% of the equity interests of NMC, respectively. The management team of NMC continues to lead NMC. On June 28, 2019, North Mill Holdco LLC (“NM Holdco”), a newly formed entity and ESP SSC Corporation acquired 100% of Summit Financial Resources, a Salt Lake City-based provider of asset-backed financing to small and medium-sized businesses. As part of this transaction, SUNS’s 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. On September 27, 2024, NMC acquired an asset-based factoring portfolio and operations from Webster Bank, N.A.’s Commercial Services Division. The transaction purchase price of approximately $127 million was funded with $30 million of equity from the Company and the remaining $97 million from borrowings on NMC’s credit facility.

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of June 30, 2025, the portfolio totaled approximately $1.01 billion of commitments, of which, on a net basis, approximately $516.3 million were funded, on total assets of $558.1 million. As of December 31, 2024, the portfolio totaled approximately $858.0 million of commitments, of which $488.4 million were funded, on total assets of $527.1 million. At June 30, 2025, the portfolio consisted of 192 issuers with an average balance of approximately $2.7 million versus 188 issuers with an average balance of approximately $2.6 million at December 31, 2024. NMC has a senior credit facility with a bank lending group for $325.3 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 $274.4 million and $231.0 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Business Credit had net income of $2.9 million and $2.3 million, respectively, on gross income of $13.2 million and $10.4 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Business Credit had net income of $5.5 million and $5.5 million, respectively, on gross income of $26.2 million and $21.6 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net

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

SLR 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.

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. On October 20, 2023, the SSLP Facility was expanded to $150 million. Effective with an amendment on March 25, 2024, the SSLP Facility is scheduled to mature on December 12, 2028 and generally bears interest at a rate of SOFR plus 2.90%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At June 30, 2025 and December 31, 2024, borrowings outstanding on the SSLP Facility totaled $112.5 million and $96.6 million, respectively.

As of June 30, 2025 and December 31, 2024, the Company and the Investor had contributed combined equity capital in the amount of $95.75 million and $95.75 million, respectively. As of June 30, 2025 and December 31, 2024, the Company and the Investor’s combined remaining commitments to SSLP totaled $4.25 million and $4.25 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 the approval of both the Company and the Investor.

As of June 30, 2025 and December 31, 2024, SSLP had total assets of $211.0 million and $197.5 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 29 and 32 different borrowers, respectively. For the three and six months ended June 30, 2025, SSLP invested $32.3 million and $38.8 million, respectively, in 7 and 10 portfolio companies, respectively. Investments sold or prepaid totaled $13.9 million and $33.8 million, respectively for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, SSLP invested $11.4 million and $41.2 million, respectively, in 7 and 13 portfolio companies, respectively. Investments prepaid totaled $7.7 million and $8.5 million, respectively, for the three and six months ended June 30, 2024.

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SSLP Portfolio as of June 30, 2025 (dollar amounts in thousands)


Description	Industry	Spread Above Index(1)	Floor			Interest Rate(2)			Maturity Date	Par Amount		Cost		Fair Value(3)
Accession Risk Management Group, Inc.	Insurance	S+475		0.75	%		9.03	%	11/2029	$	6,852	$	6,832	$	6,852
Alkeme Intermediary Holdings, LLC (4)	Insurance	S+525		1.00	%		9.55	%	10/2026		5,955		5,863		5,955
All States Ag Parts, LLC (4)	Trading Companies & Distributors	S+650		1.00	%		11.06	%	9/2026		2,081		2,081		2,081
BayMark Health Services, Inc. (4)	Health Care Providers & Services	S+500		1.00	%		9.56	%	6/2027		3,971		3,971		3,892
CC SAG Holdings Corp. (4)	Diversified Consumer Services	S+525		0.75	%		9.58	%	6/2028		9,974		9,974		9,974
Crewline Buyer, Inc.	IT Services	S+675		1.00	%		11.08	%	11/2030		5,084		4,973		5,084
CVAUSA Management, LLC (4)	Health Care Providers & Services	S+525		1.00	%		9.56	%	5/2029		9,975		9,753		9,975
Erie Construction Mid-west, LLC	Building Products	S+475		1.00	%		9.18	%	7/2027		7,771		7,771		7,771
Exactcare Parent, Inc.	Health Care Providers & Services	S+550		1.00	%		9.76	%	11/2029		3,187		3,116		3,187
Eyesouth Eye Care Holdco LLC (4)	Health Care Providers & Services	S+550		1.00	%		9.92	%	10/2029		9,975		9,929		9,975
Fertility (ITC) Investment Holdco, LLC (4)	Health Care Providers & Services	S+650		1.00	%		10.74	%	1/2029		5,865		5,742		5,865
Foundation Consumer Brands, LLC	Personal Care Products	S+500		1.00	%		9.36	%	2/2029		7,894		7,894		7,894
High Street Buyer, Inc.	Insurance	S+525		0.75	%		9.55	%	4/2028		7,488		7,488		7,488
iCIMS, Inc.(4)	Software	S+575		0.75	%		10.03	%	8/2028		10,000		9,965		10,000
Legacy Service Partners, LLC	Diversified Consumer Services	S+525		1.00	%		9.70	%	1/2029		2,782		2,728		2,782
Maxor Acquisition, Inc.(4)	Health Care Providers & Services	S+600		1.00	%		10.43	%	3/2029		7,992		7,846		7,992
Medrina, LLC	Health Care Providers & Services	S+600		1.00	%		10.13	%	10/2029		2,772		2,715		2,772
ONS MSO, LLC(4)	Health Care Providers & Services	S+625		1.00	%		10.53	%	7/2028		5,819		5,702		5,819
Plastic Management, LLC(4)	Health Care Providers & Services	S+500		1.00	%		9.30	%	8/2027		5,551		5,445		5,551
RQM+ Corp.(4)	Life Sciences Tools & Services	S+675		1.00	%		11.31	%	8/2029		6,006		6,006		5,525
RxSense Holdings LLC	Diversified Consumer Services	S+500		1.00	%		9.28	%	3/2026		8,828		8,828		8,828
SunMed Group Holdings, LLC(4)	Health Care Equipment & Supplies	S+550		0.75	%		9.88	%	6/2028		8,811		8,811		8,811
The Townsend Company, LLC(4)	Commercial Services & Supplies	S+500		1.00	%		9.30	%	8/2030		12,136		11,811		12,136
Tilley Distribution, Inc.(4)	Trading Companies & Distributors	S+600		1.00	%		10.45	%	12/2026		5,578		5,578		5,466
United Digestive MSO Parent, LLC(4)	Health Care Providers & Services	S+575		1.00	%		10.04	%	3/2029		3,550		3,468		3,550
Urology Management Holdings, Inc.(4)	Health Care Providers & Services	S+550		1.00	%		9.80	%	6/2027		4,091		4,029		4,091
UVP Management, LLC(4)	Health Care Providers & Services	S+550		1.00	%		9.95	%	9/2027		3,288		3,234		3,288
WCI-BXC Purchaser, LLC	Distributors	S+625		1.00	%		10.51	%	11/2030		2,861		2,800		2,861
Western Veterinary Partners LLC(4)	Diversified Consumer Services	S+525		1.00	%		9.31	%	10/2027		8,645		8,597		8,645
												$	182,950	$	184,110

(1)

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

(2)

(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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SSLP Portfolio as of December 31, 2024 (dollar amounts in thousands)


Description	Industry	Spread Above Index(1)	Floor			Interest Rate(2)			Maturity Date	Par Amount		Cost		Fair Value(3)
Accession Risk Management Group, Inc.	Insurance	S+475		0.75	%		9.08	%	11/2029	$	6,888	$	6,865	$	6,888
Aegis Toxicology Sciences Corporation (4)	Health Care Providers & Services	S+550		1.00	%		10.28	%	5/2025		2,895		2,895		2,895
Alkeme Intermediary Holdings, LLC (4)	Insurance	S+575		1.00	%		10.08	%	10/2026		5,984		5,861		5,984
All States Ag Parts, LLC (4)	Trading Companies & Distributors	S+600		1.00	%		10.59	%	9/2026		2,111		2,111		2,111
BayMark Health Services, Inc. (4)	Health Care Providers & Services	S+500		1.00	%		9.59	%	6/2027		3,992		3,992		3,992
CC SAG Holdings Corp. (4)	Diversified Consumer Services	S+525		0.75	%		9.58	%	6/2028		8,877		8,877		8,877
Crewline Buyer, Inc.	IT Services	S+675		1.00	%		11.11	%	11/2030		5,084		4,966		5,084
CVAUSA Management, LLC (4)	Health Care Providers & Services	S+650		1.00	%		10.84	%	5/2029		5,357		5,220		5,357
Erie Construction Mid-west, LLC	Building Products	S+475		1.00	%		10.09	%	7/2027		8,000		8,000		8,000
Exactcare Parent, Inc.	Health Care Providers & Services	S+550		1.00	%		10.03	%	11/2029		3,203		3,125		3,203
Eyesouth Eye Care Holdco LLC (4)	Health Care Providers & Services	S+550		1.00	%		10.15	%	10/2029		2,646		2,596		2,646
Fertility (ITC) Investment Holdco, LLC (4)	Health Care Providers & Services	S+650		1.00	%		11.74	%	1/2029		5,895		5,757		5,895
Foundation Consumer Brands, LLC (4)	Personal Products	S+625		1.00	%		10.89	%	2/2027		8,102		8,102		8,102
High Street Buyer, Inc.	Insurance	S+525		0.75	%		9.58	%	4/2028		7,527		7,527		7,527
iCIMS, Inc.(4)	Software	S+575		0.75	%		10.38	%	8/2028		3,195		3,158		3,195
Kaseya, Inc.(4)	Software	S+550		0.75	%		10.75	%	6/2029		9,127		9,127		9,127
Kid Distro Holdings, LLC	Software	S+475		1.00	%		9.49	%	10/2029		8,848		8,848		8,848
Legacy Service Partners, LLC	Diversified Consumer Services	S+525		1.00	%		9.73	%	1/2029		2,796		2,733		2,796
Maxor Acquisition, Inc.(4)	Health Care Providers & Services	S+600		1.00	%		10.46	%	3/2029		6,058		5,906		6,058
Medrina, LLC	Health Care Providers & Services	S+600		1.00	%		10.44	%	10/2029		2,386		2,333		2,386
ONS MSO, LLC(4)	Health Care Providers & Services	S+625		1.00	%		10.84	%	7/2026		5,833		5,738		5,833
Plastic Management, LLC(4)	Health Care Providers & Services	S+500		1.00	%		9.43	%	8/2027		5,579		5,453		5,579
Retina Midco, Inc.(4)	Health Care Providers & Services	S+575		1.00	%		10.35	%	1/2026		9,918		9,793		10,116
RQM+ Corp.(4)	Life Sciences Tools & Services	S+675		1.00	%		11.34	%	8/2029		5,895		5,895		5,659
RxSense Holdings LLC(4)	Diversified Consumer Services	S+500		1.00	%		9.69	%	3/2026		8,875		8,875		8,875
SunMed Group Holdings, LLC(4)	Health Care Equipment & Supplies	S+550		0.75	%		10.19	%	6/2028		8,856		8,856		8,856
The Townsend Company, LLC(4)	Commercial Services & Supplies	S+500		1.00	%		9.36	%	8/2030		4,117		4,026		4,078
Tilley Distribution, Inc.(4)	Trading Companies & Distributors	S+600		1.00	%		10.48	%	12/2026		5,607		5,607		5,495
United Digestive MSO Parent, LLC(4)	Health Care Providers & Services	S+575		1.00	%		10.08	%	3/2029		3,433		3,346		3,433
Urology Management Holdings, Inc.(4)	Health Care Providers & Services	S+550		1.00	%		9.83	%	6/2027		4,112		4,035		4,112
UVP Management, LLC(4)	Health Care Providers & Services	S+625		1.00	%		10.73	%	9/2025		4,858		4,803		4,858
WCI-BXC Purchaser, LLC	Distributors	S+625		1.00	%		10.78	%	11/2030		2,875		2,810		2,875
												$	177,236	$	178,740

(1)

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

(2)

(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.

Below is certain summarized financial information for SSLP as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024:


	June 30, 2025		December 31, 2024
Selected Balance Sheet Information for SSLP (in thousands):
Investments at fair value (cost $182,950 and $177,236, respectively)	$	184,110	$	178,740
Cash and other assets		26,843		18,721
Total assets	$	210,953	$	197,461
Debt outstanding ($112,500 and $96,600 face amounts, respectively, reported net of unamortized debt issuance costs of $1,319 and $1,572, respectively)	$	111,181	$	95,028
Distributions payable		1,892		3,381
Interest payable and other credit facility related expenses		444		472
Accrued expenses and other payables		356		398
Total liabilities	$	113,873	$	99,279
Members’ equity	$	97,080	$	98,182
Total liabilities and members’ equity	$	210,953	$	197,461

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	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Selected Income Statement Information for SSLP (in thousands):
Interest income	$	4,558		$	6,616		$	9,027		$	12,585
Service fees*		109			135			214			260
Interest and other credit facility expenses		2,248			2,920			4,490			5,638
Other general and administrative expenses		61			46			132			90
Total expenses		2,418			3,101			4,836			5,988
Net investment income	$	2,140		$	3,515		$	4,191		$	6,597
Realized gain on investments		14			—			337			—
Net change in unrealized gain (loss) on investments		(59	)		(118	)		(344	)		391
Net realized and unrealized gain (loss) on investments	$	(45	)	$	(118	)	$	(7	)	$	391
Net income	$	2,095		$	3,397		$	4,184		$	6,988

* 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 Rule 2a-5 under the 1940 Act addressing fair valuation of fund investments. The 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 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 complies with the Rule 2a-5 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, reflect the payment deferral and increased credit risks associated with such instruments and that such investments may represent a significantly higher credit risk than coupon loans. PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. PIK income has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK income also increases the loan-to-value ratio at a compounding rate. PIK securities create the risk that incentive fees will be paid to the Investment Adviser based on non-cash accruals that ultimately may not be realized, but the Investment Adviser will be under no obligation to reimburse the Company for these fees. For the three and six months ended June 30, 2025, capitalized PIK income totaled $1.8 million and $3.5 million, respectively. For the three and six months ended June 30, 2024, capitalized PIK income totaled $2.1 million and $4.9 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

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board. ASUs not listed were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

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RESULTS OF OPERATIONS

Results comparisons for the three and six months ended June 30, 2025 and June 30, 2024 are presented below:

Investment Income

For the three and six months ended June 30, 2025, gross investment income totaled $53.9 million and $107.1 million, respectively. For the three and six months ended June 30, 2024, gross investment income totaled $59.0 million and $117.1 million, respectively. The decrease in gross investment income for the year over year three and six month periods was primarily due to a decrease in the average size of the income-producing investment portfolio as well as a decrease in index rates.

Expenses

Net expenses totaled $32.3 million and $63.4 million, respectively, for the three and six months ended June 30, 2025, of which $13.2 million and $26.2 million, respectively, consisted of base management fees and performance-based incentive fees and $16.7 million and $32.6 million, respectively, consisted of interest and other credit facility expenses. Other general and administrative expenses totaled $2.4 million and $4.6 million, respectively, for the three and six months ended June 30, 2025. Over the same periods, $20 thousand and $22 thousand of performance-based incentive fees were waived. Net expenses totaled $34.7 million and $68.9 million, respectively, for the three and six months ended June 30, 2024, of which $13.9 million and $27.8 million, respectively, were base management fees and performance-based incentive fees and $18.2 million and $36.4 million, respectively, were interest and other credit facility expenses. Other general and administrative expenses totaled $2.6 million and $4.9 million, respectively, for the three and six months ended June 30, 2024. Over the same periods, $44 thousand and $90 thousand 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 decrease in expenses for the year over year three and six month periods was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings.

Net Investment Income

The Company’s net investment income totaled $21.6 million and $43.7 million, or $0.40 and $0.80, per average share, respectively, for the three and six months ended June 30, 2025. The Company’s net investment income totaled $24.3 million and $48.2 million, or $0.45 and $0.88, per average share, respectively, for the three and six months ended June 30, 2024.

Net Realized Gain (Loss)

The Company had investment sales and prepayments totaling approximately $209 million and $406 million, respectively, for the three and six months ended June 30, 2025. Net realized gain (loss) over the same periods were $0.2 million and $(0.2) million, respectively. The Company had investment sales and prepayments totaling approximately $93 million and $224 million, respectively, for the three and six months ended June 30, 2024. Net realized gains over the same periods were $0.1 million and $0.2 million, respectively. Net realized gain (loss) for the three and six months ended June 30, 2025 and 2024 were primarily due to the disposition of selected assets.

Net Change in Unrealized Gain (Loss)

For the three and six months ended June 30, 2025, net change in unrealized gain on the Company’s assets totaled $2.4 million and $0.6 million, respectively. Net unrealized gain for the three months ended June 30, 2025 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, DeepIntent, Inc., SLR Business Credit and Bayside Parent, LLC, among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, OmniGuide Holdings, Inc., SLR-AMI Topco Blocker, LLC and RQM+ Corp., among others. Net unrealized gain for the six months ended June 30, 2025 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit, DeepIntent, Inc. and Bayside Parent, LLC, among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, SLR-AMI Topco Blocker, LLC, OmniGuide Holdings, Inc. and RQM+ Corp., among others, as well as the reversal of previously recognized unrealized appreciation upon the exit of our investments in Outset Medical, Inc. and Retina Midco, Inc. For the three and six months ended June 30, 2024, net change in unrealized gain (loss) on the Company’s assets totaled ($1.2) million and $2.7 million, respectively. Net unrealized loss for the three months ended June 30, 2024 was primarily due to depreciation in the value of our investments in SLR Equipment Finance, NSPC Intermediate Corp. and RQM+ Corp., among others, partially offset by appreciation in the value of our investments in Neuronetics, Inc., SLR Credit Solutions and SLR Business Credit, among others. Net unrealized gain for the six

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months ended June 30, 2024 was primarily due to appreciation in the value of our investments in Neuronetics, Inc., SLR Credit Solutions, Arcutis Biotherapeutics, Inc. and Cerapedics, Inc., among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, SOINT, LLC, RQM+ Corp. and NSPC Intermediate Corp., among others.

Net Increase in Net Assets from Operations

For the three and six months ended June 30, 2025, the Company had a net increase in net assets resulting from operations of $24.2 million and $44.2 million, respectively. For the same periods, earnings per average share were $0.44 and $0.81, respectively. For the three and six months ended June 30, 2024, the Company had a net increase in net assets resulting from operations of $23.2 million and $51.1 million, respectively. For the same periods, earnings per average share were $0.43 and $0.94, 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, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes and the 2028 Unsecured Notes (each as defined below and, collectively, the “Debt Instruments”), 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 June 30, 2025, we had a total of $287.7 million of collective unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.

On February 28, 2025, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) by and among the Company, the Investment Adviser and the Administrator, on the one hand, and Raymond James & Associates, Inc., Citizens JMP Securities, LLC and Jefferies LLC, as placement agents thereunder (collectively, the “Agents”), on the other hand. Under the Equity Distribution Agreement, the Company may, but has no obligation to, issue and sell up to $150.0 million in aggregate amount of shares of its common stock from time to time through the Agents, or to them, as principal for their own account.

For the three and six months ended June 30, 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of June 30, 2025, shares representing $150.0 million of our common stock remain available for issuance and sale under the Equity Distribution Agreement.

We may from time to time issue other 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 are expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our stockholders, or for other general corporate purposes.

Debt

On February 18, 2025, the Company closed a private offering of $50 million of unsecured notes with a fixed interest rate of 6.14% and a maturity date of February 18, 2028 (the “2028 Unsecured Notes”). Interest on the 2028 Unsecured Notes is due
semi-annually on February 18 and August 18. The 2028 Unsecured Notes were issued in a private placement only to qualified
institutional buyers.

On December 16, 2024, the Company closed a private offering of $49 million of unsecured notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027 (the “2027 Series G Unsecured Notes”). Interest on the 2027 Series G Unsecured Notes is due semi-annually on June 16 and December 16. The 2027 Series G Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (as amended to date, the “Credit Facility”). Following this amendment and several commitment increases in the fourth quarter of 2024, the Credit Facility is now composed of $695 million of revolving credit and $140 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, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900 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 stockholder’s equity and a minimum asset coverage ratio. At June 30, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $657.2 million, composed of $517.2 million of revolving credit and $140.0 million of term loans.

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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 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 was 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. The 2025 Unsecured Notes were repaid in full at maturity on March 31, 2025.

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, subsequent to an August 30, 2024 amendment, the commitment under the SPV Credit Facility is $275 million. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor requirement, and the current final maturity date is August 30, 2028. 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 June 30, 2025, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165.1 million.

On January 6, 2022, the Company closed a private offering of $135 million of unsecured notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027 (the “2027 Series F Unsecured Notes”). Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On September 14, 2021, the Company closed a private offering of $50 million of unsecured notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027 (the “2027 Unsecured Notes”). 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 $75 million of unsecured notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026 (the “2026 Unsecured Notes”). 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.

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 June 30, 2025, the Company was in compliance with all financial and operational covenants required by the Debt Instruments.

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 are excluded from total assets for purposes of computing the asset base upon which the management fee is determined. We held a face amount of $350 million in cash equivalents as of June 30, 2025.

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Contractual Obligations

A summary of our significant contractual payment obligations is as follows as of June 30, 2025:

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)	$	682.3	$	—	$	—	$	682.3	$	—
Unsecured senior notes		359.0		—		359.0		—		—
Term loans		140.0		—		—		140.0		—

(1)

As of June 30, 2025, we had a total of $287.7 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: an investment advisory and management agreement (the “Advisory Agreement”), pursuant to which the Investment Adviser has agreed to serve as our investment adviser, and an administration agreement (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.

Senior Securities

Information about our senior securities is shown in the following table (in thousands) as of the quarter ended June 30, 2025 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.

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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)
Credit Facility
Fiscal 2025 (through June 30, 2025)	$	517,210	$	806		—	N/A
Fiscal 2024		342,043		642		—	N/A
Fiscal 2023		407,000		631		—	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
SPV Credit Facility
Fiscal 2025 (through June 30, 2025)		165,050		257		—	N/A
Fiscal 2024		165,050		310		—	N/A
Fiscal 2023		206,250		320		—	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		—		—		—	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 2024		—		—		—	N/A
Fiscal 2023		125,000		194		—	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 2025 (through June 30, 2025)		—		—		—	N/A
Fiscal 2024		85,000		159		—	N/A
Fiscal 2023		85,000		132		—	N/A
Fiscal 2022		85,000		149		—	N/A

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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)
2026 Unsecured Notes
Fiscal 2025 (through June 30, 2025)	$	75,000	$	117		—	N/A
Fiscal 2024		75,000		141		—	N/A
Fiscal 2023		75,000		116		—	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 2025 (through June 30, 2025)		50,000		78		—	N/A
Fiscal 2024		50,000		94		—	N/A
Fiscal 2023		50,000		77		—	N/A
Fiscal 2022		50,000		88		—	N/A
Fiscal 2021		50,000		124		—	N/A
2027 Series F Unsecured Notes
Fiscal 2025 (through June 30, 2025)		135,000		210		—	N/A
Fiscal 2024		135,000		253		—	N/A
Fiscal 2023		135,000		209		—	N/A
Fiscal 2022		135,000		237		—	N/A
2027 Series G Unsecured Notes
Fiscal 2025 (through June 30, 2025)		49,000		76		—	N/A
Fiscal 2024		49,000		92		—	N/A
2028 Unsecured Notes
Fiscal 2025 (through June 30, 2025)		50,000		78		—	N/A
2042 Unsecured Notes
Fiscal 2017		—		—		—	N/A
Fiscal 2016		100,000		859		—	$	1,002
Fiscal 2015		100,000		702		—		982
Senior Secured Notes
Fiscal 2017		—		—		—	N/A
Fiscal 2016		75,000		645		—	N/A
Fiscal 2015		75,000		527		—	N/A
Term Loans
Fiscal 2025 (through June 30, 2025)		140,000		218		—	N/A
Fiscal 2024		140,000		263		—	N/A
Fiscal 2023		100,000		155		—	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
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 2025 (through June 30, 2025)	$	1,181,260	$	1,840		—	N/A
Fiscal 2024		1,041,093		1,954		—	N/A
Fiscal 2023		1,183,250		1,834		—	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

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(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 June 30, 2025, asset coverage was 184.0%.

(3)

The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.

(4)

Not applicable except for the 2042 Unsecured Notes which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. The average market value for the fiscal 2016 and 2015 periods was $100,175 and $98,196, 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 loans 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 June 30, 2025 and December 31, 2024, respectively:


(in millions)	June 30, 2025		December 31, 2024
Cogent Biosciences, Inc.	$	56.1	$	—
SLR Credit Solutions*		44.3		44.3
Ardelyx, Inc.		29.3		6.6
Lyneer Staffing Solutions, LLC		28.2		—
OIS Management Services, LLC		20.9		—
Infillion Inc.		18.6		—
Wilbur-Ellis Holdings II, LLC		12.8		—
Arcutis Biotherapeutics, Inc.		12.7		12.7
BDG Media, Inc.		12.1		11.8
Stella & Chewy's, LLC		11.2		—
Plastic Management, LLC		10.8		10.8
Alkeme Intermediary Holdings, LLC		10.4		—
SLR Healthcare ABL*		8.8		10.0
WALCO Funding, LLC		8.7		—
SLR Business Credit*		8.0		8.0
Copper River Seafoods, Inc.		7.6		6.9
Velocity One, LLC		7.2		—
One Touch Direct, LLC		6.8		8.0
WMD Funding LLC		6.7		7.2
The Townsend Company, LLC		6.6		7.9
United Digestive MSO Parent, LLC		6.2		7.5
Quantcast Corporation		6.0		4.1
Pinnacle Fertility, Inc.		5.3		—
Western Veterinary Partners LLC		4.9		18.2
33 Across Inc.		4.7		4.2
iCIMS, Inc.		3.8		3.5
SPR Therapeutics, Inc.		3.6		6.1
Sherwood Management Co., Inc.		3.3		—
CVAUSA Management, LLC		3.2		10.2
Southern Transport LLC		3.1		—
Streamland Media Holdings LLC		2.9		—
Sightly Enterprises, Inc.		2.7		2.7
Erie Construction Mid-west, LLC		2.4		2.4
Southern Lifting and Hoisting, LLC		2.3		—
SLR Senior Lending Program LLC*		2.1		2.1
Bayside Opco, LLC		2.1		2.1
SunMed Group Holdings, LLC		1.6		1.6
DeepIntent, Inc.		1.4		7.3
EyeSouth Eye Care Holdco LLC		1.3		1.3
SPAR Marketing Force, Inc.		1.3		5.4
SLR Equipment Finance*		1.1		3.0
Tilley Distribution, Inc.		1.0		1.2
Urology Management Holdings, Inc.		0.9		0.9
High Street Buyer, Inc.		0.6		0.6
CC SAG Holdings Corp. (Spectrum Automotive)		0.5		0.5
TAUC Management, LLC		0.3		0.3
Shoes for Crews Global, LLC		0.3		0.3
All States Ag Parts, LLC		0.2		0.3
Pasadena Private Lending Inc.		—		8.4
Foundation Consumer Brands, LLC		—		3.0
Kaseya, Inc.		—		1.9
RxSense Holdings LLC		—		1.3
Total Commitments	$	396.9	$	234.6

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

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The credit agreements governing the above loan commitments contain customary lending provisions and/or are subject to the respective portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of June 30, 2025 and December 31, 2024, 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 2025
August 5, 2025	September 12, 2025	September 26, 2025	$	0.41
May 7, 2025	June 13, 2025	June 27, 2025		0.41
February 25, 2025	March 14, 2025	March 28, 2025		0.41
Total 2025			$	1.23
Fiscal 2024
November 6, 2024	December 13, 2024	December 27, 2024	$	0.41
August 7, 2024	September 13, 2024	September 27, 2024		0.41
May 8, 2024	June 13, 2024	June 27, 2024		0.41
February 27, 2024	March 14, 2024	March 28, 2024		0.41
Total 2024			$	1.64
Fiscal 2023
November 7, 2023	December 14, 2023	December 28, 2023	$	0.41
September 5, 2023	September 20, 2023	September 28, 2023		0.136667
August 8, 2023	August 18, 2023	August 30, 2023		0.136667
July 5, 2023	July 20, 2023	August 1, 2023		0.136667
June 1, 2023	June 20, 2023	June 29, 2023		0.136667
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			$	1.64

Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Future quarterly distributions, if any, will be determined by the Board. We expect that our distributions to stockholders will generally be from accumulated net investment income, 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.

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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 RIC. 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 RIC.

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. Michael S. Gross, our Chairman, Co-Chief Executive Officer and President, and Mr. Bruce J. 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. Shiraz Y. Kajee, our Chief Financial Officer and Treasurer, serves as the Chief Financial Officer for the Investment Adviser, and Mr. Guy F. Talarico, our Chief Compliance Officer and Secretary, serves as Partner, General Counsel and Chief Compliance 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”.

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The Investment Adviser may also manage other funds in the future that may have investment mandates that are similar, in whole or 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, Mr. Gross, our Chairman, Co-Chief Executive Officer and President, Mr. Spohler, our Co-Chief Executive Officer, Chief Operating Officer and board member, Mr. Kajee, our Chief Financial Officer and Treasurer, and Mr. Talarico, our Chief Compliance Officer and Secretary, 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 Investment 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 “Exemptive Order”). If the Company is unable to rely on the Exemptive Order for a particular opportunity, such opportunity will be allocated first to the entity whose investment strategy is the most consistent with the opportunity being allocated, and second, if the terms of the opportunity are consistent with more than one entity’s investment strategy, on an alternating basis. Although the Investment 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 Investment 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 interest rates, inflationary pressures, risks in respect of a failure to increase the U.S. debt ceiling or a downgrade in the U.S. credit rating, the war between Ukraine and Russia, certain regional bank failures, the ongoing war in the Middle East and other geopolitical risk, health epidemics and pandemics and the U.S. government’s recent enactments and proposals to enact substantial tariffs introduced significant volatility in the financial markets, and the effects of this volatility have 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 SOFR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net investment income. During the six months ended June 30, 2025, certain investments in our comprehensive investment portfolio had floating interest rates. These floating rate investments were primarily based on floating 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 June 30, 2025 and no new defaults by portfolio companies, a hypothetical one percent decrease in SOFR on our comprehensive floating rate assets and liabilities would decrease our net investment income by five cents per average share over the next twelve months. Assuming no changes to our balance sheet as of June 30, 2025 and no new defaults by portfolio companies, a hypothetical one percent increase in SOFR on our comprehensive floating rate assets and liabilities would increase our net investment income by approximately five 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

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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 June 30, 2025, we had no interest rate hedging instruments outstanding on our balance sheet.


Increase (Decrease) in SOFR		(1.00	%)		1.00	%
Increase (Decrease) in Net Investment Income Per Share Per Year	$	(0.05	)	$	0.05

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.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of June 30, 2025 (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 our Co-Chief Executive Officers and Chief Financial Officer, concluded that, as of June 30, 2025, 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 Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the second quarter of 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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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 25, 2025 filing of our Annual Report on Form 10-K (the “Annual Report”) , 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. There have been no material changes during the period ended June 30, 2025 to the risk factors discussed in “Risk Factors” in the February 25, 2025 filing of our Annual Report on Form 10-K.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the 1934 Act) adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the 1934 Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.

Unsecured Note Issuance

On July 30, 2025, the Company closed a private offering of $50 million of the 2028 Series I Unsecured Notes with a fixed interest rate of 5.96% and a maturity date of July 30, 2028. Interest on the 2028 Series I Unsecured Notes is due semi-annually on January 30th and July 30th. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers.

The description above is only a summary of the material provisions of the 2028 Series I Unsecured Notes and is qualified in its entirety by reference to the full text of the Form of Eighth Supplement to Note Purchase Agreement, which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q.

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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

3.1		Articles of Amendment and Restatement(1)

3.2		Second Amended and Restated Bylaws(4)

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(3)

10.1		Form of Eighth Supplement to Note Purchase Agreement*

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*

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 Investment Corp.’s registration statement on Form N-2 Post-Effective Amendment No. 6 (File No. 333-172968) filed on November 16, 2012.

(4)

Previously filed in connection with SLR Investment Corp.’s current report on Form 8-K filed on December 1, 2021.

* Filed herewith.

** Furnished 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 August 5, 2025.


SLR INVESTMENT CORP.

By:		/s/ MICHAEL S. GROSS
		Michael S. Gross Co-Chief Executive Officer (Principal Executive Officer)

By:		/s/ BRUCE J. SPOHLER
		Bruce J. Spohler Co-Chief Executive Officer (Principal Executive Officer)

By:		/s/ SHIRAZ Y. KAJEE
		Shiraz Y. Kajee Chief Financial Officer (Principal Financial and Accounting Officer)

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