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9/20242026-03-310001418076ck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001418076srt:MinimumMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesJUnsecuredNotesMember2025-08-210001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:LoyerCapitalLlcMember2025-01-012025-12-310001418076ck0001418076:ConsumerFinanceMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Receivables I, LLC | Health Care Equipment & Supplies | S+395 | 2.00% | 7.62% | 10/2025 | 6/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | FE Advance, LLC & Sonic ACA Advance LLC | Financial Services | S+650 | 1.00% | 10.17% | 7/2024 | 7/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Centinel Spine, LLC | Health Care Equipment & Supplies | S+530 | 4.35% | 9.65% | 2/2025 | 3/20302025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | CVAUSA Management, LLC | Health Care Providers & Services | S+525 | 1.00% | 8.97% | 5/2023 | 5/20292025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SointLlcMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2025-12-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | nFusion Capital Finance, LLC | Financial Services | S+725 | 1.00% | 11.13% | 7/2025 | 7/20282025-12-310001418076ck0001418076:NmcsCreditFacilityMember2019-06-280001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:IcimsInc.Member2026-03-310001418076Crewline Buyer Inc. | IT Services | S+675 | 1.00% | 10.42% | 11/20302026-03-310001418076ck0001418076:CreditFacilityOneMember2023-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Shoes for Crews Global, LLC | Diversified Consumer Services | S+650 | 1.00% | 10.33% | 6/2024 | 6/20292025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | OmniGuide Holdings, Inc. | Health Care Equipment & Supplies | S+580 | 5.31% | 11.21% | 7/2018 | 5/20262026-03-310001418076Preferred Equity | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9.00% | 9/20242025-01-012025-12-310001418076ck0001418076:SeniorSecuredLoansMember2026-03-310001418076ck0001418076:CreditFacilityMember2023-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Copper River Seafoods, Inc. | Food Products | P+200 | 8.75% | 12/2023 | 4/20282026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SLR Healthcare ABL | Financial Services | S+650 | 10.16% | 6/2025 | 4/20262026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:ReFocusManagementServicesLLCMember2026-03-310001418076ck0001418076:SlrBusinessCreditMember2025-01-012025-03-310001418076ck0001418076:NorthMillCapitalLlcMember2017-10-200001418076Common Equity/Equity Interests/Warrants | Essence Group Holdings Corporation (Lumeris) Warrants | Health Care Technology | 3/20172026-01-012026-03-310001418076us-gaap:USTreasuryBillSecuritiesMember2026-01-012026-03-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2024-12-310001418076ck0001418076:CreditFacilityMember2021-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | United Digestive MSO Parent, LLC | Health Care Providers & Services | S+575 | 1.00% | 9.40% | 3/2023 | 3/20292026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Arcutis Biotherapeutics, Inc. | Pharmaceuticals | S+595 | 2.50% | 9.61% | 12/2021 | 8/20292026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Plastic Management, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.67% | 4/2022 | 8/20272025-12-310001418076Plastic Management, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.67% | 8/20272025-12-310001418076ck0001418076:SlramiTopcoBlockerLlcMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SPAR Marketing Force, Inc. | Media | P+125 | 8.00% | 12/2023 | 10/20252025-01-012025-12-310001418076Common Equity/Equity Interests/Warrants | CardioFocus, Inc. Warrants | Health Care Equipment & Supplies | 3/20172025-12-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) | Diversified Consumer Services | 12/20132025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Shoes for Crews Global, LLC | Diversified Consumer Services | S+650 | 1.00% | 10.46% | 6/2024 | 6/20292026-01-012026-03-310001418076ck0001418076:TermLoansMember2017-12-310001418076ck0001418076:SeniorSecuredLoansMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Quantcast Corporation | Commercial Services & Supplies | S+525 | 2.00% | 9.04% | 6/2024 | 6/20292025-01-012025-12-310001418076ck0001418076:ConstructionAndEngineeringMember2026-03-3100014180762025-03-110001418076ck0001418076:TermLoansMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Townsend Company, LLC | Commercial Services & Supplies | S+500 | 1.00% | 8.67% | 8/2023 | 8/20302026-01-012026-03-310001418076ck0001418076:PreferredEquityMemberck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:CreditFacilityMember2015-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Enhanced Permanent Capital, LLC | Capital Markets | S+625 | 1.00% | 10.72% | 12/2020 | 6/20292025-01-012025-12-310001418076ck0001418076:NefpassFacilityMember2018-12-310001418076ck0001418076:SlrBusinessCreditRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Vapotherm, Inc | Health Care Equipment & Supplies | S+600 | 4.50% | 10.50% | 2/2022 | 9/20272026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Treace Medical Concepts, Inc. | Life Sciences Tools & Services | S+505 | 3.00% | 8.78% | 12/2025 | 1/20312025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:OneTouchDirectLlcMember2026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMemberus-gaap:InvestorMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Kingsbridge Holdings, LLC | Multi-Sector Holdings | S+700 | 1.00% | 10.84% | 12/2018 | 12/20272025-12-310001418076ck0001418076:AssetManagementAndCustodyBanksMember2026-03-310001418076ck0001418076:SlrBusinessCreditRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001418076:InvestmentInSeniorSecuredLoansMember2026-03-310001418076CVAUSA Management, LLC | Health Care Providers & Services | S+525 | 1.00% | 8.92% | 5/20292026-03-310001418076Common Equity/Equity Interests/Warrants | Shoes for Crews Holdings, LLC | Diversified Consumer Services | 6/20242026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:EquipmentFinancingMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/2030srt:MaximumMember2026-03-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMember2026-03-310001418076ck0001418076:SpecialtyRetailMember2025-12-310001418076ck0001418076:MeasuredAtNetAssetValueMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:SixInvestmentPortfolioCompanyMember2025-01-012025-03-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2022-12-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberck0001418076:EquipmentFinancingMembersrt:MaximumMember2025-12-310001418076ck0001418076:TermLoansMember2016-12-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2025-12-310001418076ck0001418076:AscHoldcoLlcMember2025-12-310001418076ck0001418076:EquipmentFinancingMemberck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoTrancheCNotesMember2021-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Tilley Distribution, Inc | Trading Companies & Distributors | S+600 | 1.00% | 9.82% | 4/2022 | 12/20262025-01-012025-12-310001418076ck0001418076:AssetManagementAndCustodyBanksMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:LoyerCapitalLlcMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076ck0001418076:TwoThousandAndFortyTwoUnsecuredNotesMember2016-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Alkeme Intermediary Holdings, LLC | Insurance | S+500 | 1.00% | 8.70% | 9/2023 | 5/20272026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class C | Diversified Consumer Services | 12/20252026-03-310001418076ck0001418076:SlrHealthcareAblCreditMember2026-01-012026-03-310001418076ck0001418076:CompaniesFivePercentageToTwentyFivePercentageOwnedMember2026-03-310001418076Preferred Equity | SOINT LLC | Aerospace & Defense | 0.00% | 6/2012 | 6/20272025-01-012025-12-310001418076Equipment Financing | Double S Industrial Contractors, Inc | Commercial Services & Supplies | 8.60% | 7/2023 | 8/20272026-03-310001418076SunMed Group Holdings, LLC | Health Care Equipment & Supplies | S+550 | 0.75% | 9.27% | 6/20282026-03-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076us-gaap:RevolvingCreditFacilityMemberck0001418076:SlrBusinessCreditFacilityMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2025-12-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMembersrt:MinimumMemberck0001418076:CitiBankNaMember2024-08-162024-08-310001418076ck0001418076:BaysideOpcoLLCOneMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:TilleyDistributionIncMember2026-03-310001418076ck0001418076:VeronicaHoldingsLlcCommonEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:CreditFacilityMember2020-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-03-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | All States Ag Parts, LLC | Trading Companies & Distributors | S+650 | 1.00% | 10.46% | 4/2022 | 9/20262026-01-012026-03-310001418076ck0001418076:VeronicaHoldingsLlcCommonEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:MetalsAndMiningMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndFortyTwoUnsecuredNotesMember2017-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:CreditFacilityOneMember2022-12-310001418076ck0001418076:CompaniesLessThanFivePercentageOwnedMember2025-01-012025-03-310001418076ONS MSO, LLC | Health Care Providers & Services | S+625 | 1.00% | 10.09% | 7/20282025-12-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/2028srt:MinimumMember2025-12-310001418076ck0001418076:SpreadSevenMember2026-01-012026-03-310001418076ck0001418076:SpreadEightMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | EyeSouth Eye Care Holdco LLC | Health Care Providers & Services | S+550 | 1.00% | 9.32% | 10/2022 | 10/20292025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:PlasticManagementLlcMember2025-12-310001418076ck0001418076:KbhTopcoLlcKingsbridgeMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:ReFocusManagementServicesLLCMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Infillion Inc. | Professional Services | P+175 | 8.50% | 5/2025 | 4/20282025-01-012025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:StreamlandMediaHoldingsLLCMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:ArdelyxIncMember2026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class C | Diversified Consumer Services | 12/20252025-12-310001418076us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001418076:InvestmentInSeniorSecuredLoansMember2025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001418076:InvestmentInSeniorSecuredLoansMembersrt:MaximumMember2026-03-310001418076ck0001418076:SlrBusinessCreditFacilityMember2025-12-310001418076ck0001418076:CommunicationsEquipmentMember2026-03-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | RQM+ Corp. | Life Sciences Tools & Services | S+675 | 1.00% | 10.68% | 8/2021 | 8/20292025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | CC SAG Holdings Corp. (Spectrum Automotive) | Diversified Consumer Services | S+525 | 0.75% | 8.92% | 6/2021 | 6/20282026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2020-12-310001418076ck0001418076:KingsbridgeHoldingsLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076Equipment Financing | No Limit Construction Services, LLC | Commercial Services & Supplies | 7.73% | 5/2023 | 6/20282026-01-012026-03-310001418076ck0001418076:AlkemeIntermediaryHoldingsLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Senior Lending Program LLC | Asset Management & Custody Banks | 12/20222026-01-012026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:FiveInvestmentPortfolioCompanyMember2026-03-310001418076Common Equity/Equity Interests/Warrants | SLR Business Credit | Financial Services | 4/20222026-03-310001418076ck0001418076:SlrBusinessCreditMemberck0001418076:SeniorSecuredCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Group Holdings, LLC | Health Care Equipment & Supplies | S+550 | 0.75% | 9.27% | 6/2021 | 6/20282026-01-012026-03-310001418076CC SAG Holdings Corp. | Diversified Consumer Services | S+525 | 0.75% | 8.97% | 6/20282025-12-310001418076us-gaap:FairValueInputsLevel2Memberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:EspSscCorporationMember2018-05-010001418076ck0001418076:CompaniesLessThanFivePercentageOwnedMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:TreaceMedicalConceptsIncMember2026-03-310001418076ck0001418076:CreditFacilityMember2017-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Western Veterinary Partners LLC | Diversified Consumer Services | S+525 | 1.00% | 8.92% | 1/2024 | 10/20272025-01-012025-12-310001418076ck0001418076:FirstLienLifeScienceSeniorSecuredLoansMember2025-12-310001418076Common Equity/Equity Interests/Warrants | KBH Topco LLC (Kingsbridge) | Multi-Sector Holdings | 11/20202025-01-012025-12-310001418076ck0001418076:SlrHealthcareAblMembersrt:MinimumMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:UnitedDigestiveMSOParentLLCMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TAUC Management, LLC | Health Care Providers & Services | S+700 | 1.00% | 10.82% | 4/2022 | 2/20272025-01-012025-12-310001418076ck0001418076:SlrHealthcareAblMembersrt:MaximumMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:LyneerStaffingSolutionsLLCMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Meditrina, Inc. Warrants | Health Care Equipment & Supplies | 12/20222026-03-310001418076us-gaap:OverAllotmentOptionMember2010-02-090001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Copper River Seafoods, Inc. | Food Products | P+200 | 8.75% | 12/2023 | 4/20282025-12-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/20282026-03-3100014180762022-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:PreferredEquityMemberck0001418076:ValuationTechniqueRecoveryApproachMemberck0001418076:MeasurementInputRecoverableAmountMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2026-03-310001418076Foundation Consumer Brands, LLC | Personal Care Products | S+500 | 1.00% | 9.09% | 2/20292025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Clifford Loan Ventures, LLC & Clifford Preferred Ventures Holdings LLC | Capital Markets | S+700 | 1.00% | 10.67% | 9/2025 | 9/20282026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SouthernLiftingAndHoistingLLCMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Alkeme Intermediary Holdings, LLC | Insurance | S+500 | 1.00% | 8.67% | 9/2023 | 5/20272025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | All States Ag Parts, LLC | Trading Companies & Distributors | S+650 | 1.00% | 10.43% | 4/2022 | 9/20262025-12-310001418076ck0001418076:PharmaceuticalsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Western Veterinary Partners LLC | Diversified Consumer Services | S+525 | 1.00% | 8.92% | 1/2024 | 10/20272026-01-012026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2026-03-310001418076ck0001418076:TaucManagementLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Centinel Spine, LLC | Health Care Equipment & Supplies | S+530 | 4.35% | 9.65% | 2/2025 | 3/20302025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Blazing Star Parent, LLC | Consumer Staples Distribution & Retail | S+700 | 1.00% | 10.67% | 8/2025 | 8/20302026-01-012026-03-310001418076ck0001418076:SlrBusinessCreditMember2026-01-012026-03-310001418076ck0001418076:SummitFinancialResourcesMember2019-06-280001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Western Veterinary Partners LLC | Diversified Consumer Services | S+525 | 1.00% | 8.92% | 1/2024 | 10/20272025-12-3100014180762020-12-310001418076Common Equity/Equity Interests/Warrants | Assertio Holdings, Inc. | Pharmaceuticals | 7/20232025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Business Credit | Financial Services | 4/20222025-01-012025-12-310001418076ck0001418076:BdgMediaInc.Memberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Preferred Equity | SOINT LLC | Aerospace & Defense | 0.00% | 6/2012 | 6/20272025-12-310001418076ck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001418076ck0001418076:AerospaceAndDefenseMember2025-12-310001418076ck0001418076:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Member2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | OIS Management Services, LLC | Health Care Providers & Services | S+475 | 0.75% | 8.45% | 10/2025 | 11/20282026-01-012026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrBusinessCreditMember2026-03-310001418076ck0001418076:EquipmentFinancingMember2025-01-012025-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:IcimsInc.Member2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Parent, LLC | Health Care Providers & Services | S+1000 | 1.00% | 13.85% | 5/2023 | 5/20262026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SunmedGroupHoldingsLlcMember2026-03-310001418076Equipment Financing | The Smedley Company & Smedley Services, Inc. | Commercial Services & Supplies | 4.07% | 7/2017 | 1/20282026-01-012026-03-310001418076Equipment Financing | Boart Longyear Company | Metals & Mining | 8.31-9.06% | 5/2020 | 1/2026-10/20262025-01-012025-12-310001418076ck0001418076:SpreadTwoMember2025-12-310001418076ck0001418076:SouthernTransportLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:CopperRiverSeafoodsInc.Member2025-12-310001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/2028srt:MinimumMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2019-12-180001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | WMD Funding, LLC| Financial Services | 11.50% | 12/2024 | 7/20312026-01-012026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:SeniorSecuredRevolvingCreditFacilityMemberck0001418076:SlrSeniorLendingProgramSpvLlcMember2025-10-080001418076ck0001418076:TwoThousandAndTwentyFourUnsecuredNotesMember2022-12-310001418076ck0001418076:InfillionIncMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Quantcast Corporation | Commercial Services & Supplies | S+525 | 2.00% | 8.92% | 6/2024 | 6/20292026-03-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMemberck0001418076:VeronicaHoldingsLlcPreferredEquityMember2024-12-310001418076ck0001418076:SpreadFiveMember2025-01-012025-12-310001418076Medrina, LLC | Health Care Providers & Services | S+600 | 1.00% | 9.63% | 10/20292026-03-310001418076Common Equity/Equity Interests/Warrants | SLR-AMI Topco Blocker, LLC | Broadline Retail | 6/20232025-01-012025-12-3100014180762024-09-270001418076ck0001418076:SeniorSecuredNotesMember2016-12-310001418076ck0001418076:TermLoansMember2023-12-310001418076Equipment Financing | U.S. Crane & Rigging, LLC | Commercial Services & Supplies | 8.73%| 12/2022 | 9/20282025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:WMDFundingLLCMember2025-12-310001418076ck0001418076:CrystalFinancialMemberck0001418076:SlrBusinessCreditFacilityMember2012-11-302012-11-300001418076ck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:AutomobileComponentsMember2025-12-310001418076Common Equity/Equity Interests/Warrants | KBH Topco LLC (Kingsbridge) | Multi-Sector Holdings | 11/20202025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sightly Enterprises, Inc. | Media | P+475 | 6.00% | 11.50% | 1/2024 | 12/20262025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:OneTouchDirectLlcMember2025-12-310001418076us-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2026-03-310001418076ck0001418076:SoftwareMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SunMedReceivablesILLCMember2026-03-310001418076Preferred Equity | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9.00% | 9/20242026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMembersrt:MaximumMember2026-03-160001418076ck0001418076:TradingCompaniesAndDistributorsMember2026-03-310001418076ck0001418076:SlrEquipmentFinanceMember2024-01-312024-01-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceEquityMember2024-12-310001418076ck0001418076:NorthMillCapitalLlcMember2018-05-010001418076NS and Associates LLC | Consumer Staples Distribution & Retail | S+525 | 1.00% | 8.90% | 8/20302026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SPAR Marketing Force, Inc. | Media | P+125 | 8.00% | 12/2023 | 10/20272026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2025-12-310001418076srt:MinimumMemberus-gaap:SubsequentEventMember2026-05-042026-05-040001418076ck0001418076:RdHoldcoIncClassBMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Tilley Distribution, Inc | Trading Companies & Distributors | S+600 | 1.00% | 9.82% | 4/2022 | 12/20262026-03-310001418076ck0001418076:SlrBusinessCreditRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076Equipment Financing | Rotten Rock Hardscaping & Tree Service | Diversified Consumer Services | 8.21% | 12/2022 | 12/20272025-12-310001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2017-12-310001418076ck0001418076:SpreadNineMember2025-12-310001418076ck0001418076:DiversifiedConsumerServicesMember2026-03-310001418076ck0001418076:ArcutisBiotherapeticsIncMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Ardelyx, Inc | Pharmaceuticals | S+400 | 4.70% | 8.70% | 2/2022 | 7/20282025-12-310001418076ck0001418076:BiotechnologyMember2025-12-310001418076ONS MSO, LLC | Health Care Providers & Services | S+625 | 1.00% | 9.92% | 7/20282026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RDHoldcoIncClassCMember2024-12-310001418076ck0001418076:RdHoldcoIncClassBMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:LyneerStaffingSolutionsLLCMember2026-03-310001418076ck0001418076:SlrEquipmentFinanceMember2024-03-010001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:CcSagHoldingsCorp.SpectrumAutomotiveMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SointLlcMember2026-01-012026-03-310001418076ck0001418076:KbhtMemberus-gaap:OtherInvesteesMember2020-11-030001418076ck0001418076:FastPayPartnersLlcMember2021-06-032021-06-030001418076us-gaap:FairValueInputsLevel2Memberck0001418076:EquipmentFinancingMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:BaysideParentLlcLoanMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:VeronicaHoldingsLlcCommonEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Velocity One, LLC | Aerospace & Defense | S+425 | 2.00% | 7.92% | 6/2025 | 6/20302026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | SLR Credit Solutions | Financial Services | 12/20122026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Senseonics Holdings, Inc. | Health Care Equipment & Supplies | 7/20192026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Centrexion Therapeutics, Inc. Warrants | Pharmaceuticals | 6/20192025-12-310001418076ck0001418076:TwoThousandAndFortyTwoUnsecuredNotesMember2016-01-012016-12-310001418076Fertility (ITC) Investment Holdco, LLC | Health Care Providers & Services | S+500 | 0.75% | 9.12% | 1/20292025-12-310001418076ck0001418076:BaysideParentLlcEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076us-gaap:USTreasuryBillSecuritiesMember2025-01-012025-12-310001418076Equipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272026-03-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/2028srt:MinimumMember2026-03-310001418076ck0001418076:NefpassFacilityMember2021-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-01-012025-12-310001418076Equipment Financing | Zamborelli Enterprises Pacific Southern Foundation | Diversified Consumer Services| 8.91% | 12/2022 | 1/20272025-01-012025-12-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/2028srt:MaximumMember2026-03-310001418076Common Equity/Equity Interests/Warrants | Assertio Holdings, Inc. | Pharmaceuticals | 7/20232025-01-012025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Ardelyx, Inc | Pharmaceuticals | S+400 | 4.70% | 8.70% | 2/2022 | 7/20282025-01-012025-12-310001418076ck0001418076:SlrEquipmentFinanceMember2026-03-270001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:TreaceMedicalConceptsIncMember2025-12-310001418076ck0001418076:CompaniesMoreThanFivePercentageAndLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:EquipmentFinancingMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076Common Equity/Equity Interests/Warrants | CardioFocus, Inc. Warrants | Health Care Equipment & Supplies | 3/20172026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) | Diversified Consumer Services | 12/20132025-01-012025-12-310001418076Equipment Financing | Bowman Energy Solutions, LLC | Commercial Services & Supplies | 7.42% | 7/2022 | 7/20262026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | iCIMS, Inc. | Software | S+575 | 0.75% | 9.59% | 8/2022 | 8/20282025-12-310001418076ck0001418076:SpreadOneMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Quantcast Corporation | Commercial Services & Supplies | S+525 | 2.00% | 9.04% | 6/2024 | 6/20292025-12-310001418076ck0001418076:EquityDistributionAgreementMember2025-02-280001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMembersrt:MinimumMemberck0001418076:CitiBankNaMember2011-08-260001418076ck0001418076:SpreadThreeMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | All States Ag Parts, LLC | Trading Companies & Distributors | S+650 | 1.00% | 10.46% | 4/2022 | 9/20262026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RdHoldcoIncCommonEquityMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | DeepIntent, Inc. | Media | P+135 | 3.90% | 8.10% | 12/2023 | 9/20302026-01-012026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMember2026-03-310001418076Common Equity/Equity Interests/Warrants | Meditrina, Inc. Warrants | Health Care Equipment & Supplies | 12/20222025-01-012025-12-310001418076ck0001418076:HealthCareEquipmentAndSuppliesMember2025-12-310001418076Equipment Financing | Environmental Protection & Improvement Company, LLC | Ground Transportation | 8.25% | 9/2020 | 10/20272025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Townsend Company, LLC | Commercial Services & Supplies | S+500 | 1.00% | 8.72% | 8/2023 | 8/20302025-01-012025-12-310001418076Common Equity/Equity Interests/Warrants | Bayside Parent, LLC | Health Care Providers & Services | 5/20232025-12-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2026-03-310001418076us-gaap:USTreasuryBillSecuritiesMember2025-12-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2016-12-310001418076ck0001418076:RdHoldcoIncDebtMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:InvestmentInSeniorSecuredLoansMember2025-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputRecoveryAnalysisMember2026-03-310001418076us-gaap:CommonStockMemberck0001418076:EquityDistributionAgreementMember2026-03-310001418076ck0001418076:CreditFacilityOneMember2024-12-310001418076Common Equity/Equity Interests/Warrants | Assertio Holdings, Inc. | Pharmaceuticals | 7/20232026-03-3100014180762025-05-070001418076Exactcare Parent, Inc. | Health Care Providers & Services | S+550 | 1.00% | 9.17% | 11/20292026-03-310001418076Equipment Financing | U.S. Crane & Rigging, LLC | Commercial Services & Supplies | 8.73%| 12/2022 | 9/20282026-01-012026-03-310001418076Plastic Management, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.70% | 8/20272026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) | Diversified Consumer Services | 12/20132026-01-012026-03-310001418076Equipment Financing | A&A Crane and Rigging, LLC | Commercial Services & Supplies | 7.78% | 3/2023 | 3/20282026-01-012026-03-310001418076SunMed Group Holdings, LLC | Health Care Equipment & Supplies | S+550 | 0.75% | 9.44% | 6/20282025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:SeniorSecuredRevolvingCreditFacilityMemberck0001418076:SlrSeniorLendingProgramSpvLlcMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Orthodontic Partners Management, LLC | Health Care Providers & Services | S+625 | 1.00% | 8.92% | 6/2022 | 7/20262025-01-012025-12-310001418076ck0001418076:AdvisoryAgreementMember2025-01-012025-03-310001418076ck0001418076:SlrHealthcareAblCreditMember2025-01-012025-03-310001418076ck0001418076:CompaniesLessThanFivePercentageOwnedMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sightly Enterprises, Inc. | Media | P+475 | 6.00% | 11.50% | 1/2024 | 12/20262026-03-310001418076Equipment Financing | Bowman Energy Solutions, LLC | Commercial Services & Supplies | 7.42% | 7/2022 | 7/20262025-01-012025-12-310001418076Common Equity/Equity Interests/Warrants | Centrexion Therapeutics, Inc. Warrants | Pharmaceuticals | 6/20192026-01-012026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationTechniqueRecoveryApproachMemberck0001418076:PreferredEquityMemberck0001418076:MeasurementInputRecoverableAmountMember2026-03-310001418076All States Ag Parts, LLC | Trading Companies & Distributors | S+650 | 1.00% | 10.46% | 9/20262026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | EyeSouth Eye Care Holdco LLC | Health Care Providers & Services | S+550 | 1.00% | 9.32% | 10/2022 | 10/20292025-01-012025-12-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2026-03-310001418076ck0001418076:WesternVeterinaryPartnersLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Human Interest Inc. | Professional Services | S+625 | 1.00% | 9.92% | 6/2022 | 7/20272026-03-310001418076Equipment Financing | SLR Equipment Finance Equity Interests | Multi-Sector Holdings | 7/20172025-12-310001418076ck0001418076:SlrBusinessCreditMember2025-12-310001418076ck0001418076:SpreadEightMember2026-01-012026-03-310001418076ck0001418076:SecondLienAssetBasedSeniorSecuredLoansMember2026-03-310001418076ck0001418076:SlrBusinessCreditRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076Pinnacle Fertility, Inc. | Health Care Providers & Services | S+500 | 0.75% | 8.87% | 3/20282026-03-310001418076EyeSouth Eye Care Holdco LLC | Health Care Providers & Services | S+550 | 1.00% | 9.47% | 10/20292025-12-310001418076ck0001418076:ArcutisBiotherapeticsIncMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Lifting and Hoisting, LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272026-03-310001418076ck0001418076:PreferredEquityMember2024-12-310001418076Equipment Financing | Air Methods Corporation | Passenger Airlines | 7.08-7.13% | 11/2021 | 11/2026srt:MinimumMember2025-12-310001418076EyeSouth Eye Care Holdco LLC | Health Care Providers & Services | S+550 | 1.00% | 9.27% | 10/20292026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMember2025-01-012025-03-310001418076ck0001418076:BaysideParentLlcEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:BaysideOpcoLLCOneMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-3100014180762025-01-012025-12-310001418076Maxor Acquisition, Inc. | Health Care Providers & Services | S+600 | 1.00% | 9.77% | 3/20292026-03-310001418076ck0001418076:EquipmentFinancingMember2024-12-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class C | Diversified Consumer Services | 12/20252026-01-012026-03-310001418076CC SAG Holdings Corp. | Diversified Consumer Services | S+525 | 0.75% | 8.92% | 6/20282026-03-310001418076ck0001418076:PharmaceuticalsMember2025-12-310001418076Preferred Equity | SOINT LLC | Aerospace & Defense | 0.00% | 6/2012 | 6/20272026-03-310001418076ck0001418076:FoodProductsMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9/20242026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2025-12-310001418076Alkeme Intermediary Holdings, LLC | Insurance| S+500 | 1.00% | 8.70% | 5/20272026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | nFusion Capital Finance, LLC | Financial Services | S+725 | 1.00% | 10.92% | 7/2025 | 7/20282026-01-012026-03-310001418076ck0001418076:InvestmentInSeniorSecuredLoansMember2026-03-310001418076us-gaap:PrivatePlacementMember2010-02-090001418076srt:MaximumMemberEquipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272025-12-310001418076ck0001418076:TermLoansMember2024-12-310001418076Equipment Financing | The Smedley Company & Smedley Services, Inc. | Commercial Services & Supplies | 4.07% | 7/2017 | 1/20282025-12-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | WALCO Funding, LLC | Financial Services | S+785 | 1.00% | 11.57% | 6/2025 | 12/20282025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Kingsbridge Holdings, LLC | Multi-Sector Holdings | S+700 | 1.00% | 10.84% | 12/2018 | 12/20272025-01-012025-12-310001418076ck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SlrEquipmentFinanceMember2025-12-310001418076ck0001418076:GroundTransportationMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RdHoldcoIncCommonEquityMember2025-01-012025-12-310001418076ck0001418076:EquipmentFinancingMember2025-12-310001418076ck0001418076:SpreadOneMember2026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Treace Medical Concepts, Inc. | Life Sciences Tools & Services | S+505 | 3.00% | 8.71% | 12/2025 | 1/20312026-01-012026-03-310001418076ck0001418076:SpreadTwoMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | AMF Levered II, LLC | Financial Services | S+705 | 1.00% | 10.98% | 12/2021 | 8/20282025-01-012025-12-310001418076ck0001418076:SlramiTopcoBlockerLlcMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberck0001418076:EquipmentFinancingMember2025-12-310001418076Equipment Financing | Zamborelli Enterprises Pacific Southern Foundation | Diversified Consumer Services| 8.91% | 12/2022 | 1/20272026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:ArdelyxIncMember2025-12-310001418076Equipment Financing | SLR Equipment Finance | Multi-Sector Holdings | 8.50% | 12/2024 | 7/20262026-01-012026-03-310001418076ck0001418076:SunsMember2021-06-030001418076ck0001418076:CommonEquityEquityInterestsAndWarrantsMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:VelocityOneLLCMember2025-12-310001418076Equipment Financing | Air Methods Corporation | Passenger Airlines | 7.08-7.13% | 11/2021 | 11/2026srt:MaximumMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | United Digestive MSO Parent, LLC | Health Care Providers & Services | S+575 | 1.00% | 9.42% | 3/2023 | 3/20292025-01-012025-12-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | FGI Worldwide LLC | Financial Services | S+650 | 1.00% | 10.22% | 4/2023 | 4/20282025-12-310001418076ck0001418076:SecondLienAssetBasedSeniorSecuredLoansMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Receivables I, LLC | Health Care Equipment & Supplies | S+395 | 2.00% | 7.74% | 10/2025 | 6/20282025-12-310001418076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001418076ck0001418076:CreditFacilityMember2024-12-310001418076ck0001418076:InsuranceMember2026-03-310001418076Common Equity/Equity Interests/Warrants | SLR Healthcare ABL | Financial Services | 4/20222025-01-012025-12-310001418076srt:MinimumMemberEquipment Financing | Boart Longyear Company | Metals & Mining | 8.31-9.06% | 5/2020 | 1/2026-10/20262025-12-310001418076srt:MinimumMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076Equipment Financing | Boart Longyear Company | Metals & Mining | 8.31% | 5/2020 | 10/20262026-01-012026-03-310001418076ck0001418076:KbhtMember2026-03-310001418076BayMark Health Services, Inc. | Health Care Providers & Services | S+500 | 1.00% | 8.96% | 6/20272026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sherwood Management Co., Inc | Specialty Retail | S+500 | 2.00% | 9.05% | 3/2025 | 3/20302025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:WALCOFundingLLCMember2025-12-310001418076ck0001418076:KingsbridgeHoldingsLlcMember2020-11-032020-11-030001418076Equipment Financing | CKD Holdings, Inc | Ground Transportation | 8.10-8.60% | 9/2022 | 3/2026-9/20272025-12-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesJUnsecuredNotesMember2025-12-310001418076ck0001418076:NmcSeniorCreditFacilityMember2025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | AMF Levered II, LLC | Financial Services | S+705 | 1.00% | 10.84% | 12/2021 | 8/20282026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:TilleyDistributionIncMember2025-12-310001418076Equipment Financing | Boart Longyear Company | Metals & Mining | 8.31% | 5/2020 | 10/20262026-03-310001418076Common Equity/Equity Interests/Warrants | SLR Healthcare ABL | Financial Services | 4/20222026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesJUnsecuredNotesMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:StellaChewysLLCMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Human Interest Inc. | Professional Services | S+625 | 1.00% | 10.12% | 6/2022 | 7/20272025-12-310001418076ck0001418076:NmHoldcoMember2019-06-280001418076ck0001418076:EquipmentFinancingMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sightly Enterprises, Inc. | Media | P+475 | 6.00% | 11.50% | 1/2024 | 12/20262026-01-012026-03-310001418076ck0001418076:ValuationApproachMarketMultipleMembersrt:WeightedAverageMemberck0001418076:MeasurementInputComparableMultipleMemberck0001418076:EquipmentFinancingMember2025-12-310001418076ck0001418076:SlramiTopcoBlockerLlcMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Children's Place, Inc. | Specialty Retail | S+525 | 2.00% | 8.96% | 12/2025 | 12/20302025-01-012025-12-310001418076ck0001418076:SparMarketingForceInc.Memberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SherwoodManagementCoIncMember2026-03-310001418076ck0001418076:CreditFacilityOneMember2026-03-310001418076us-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/2028srt:MaximumMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TPC 2022, LLC | Capital Markets | S+650 | 1.00% | 10.17% | 12/2024 | 12/20272026-03-310001418076us-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMember2025-01-012025-12-310001418076srt:MaximumMemberEquipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272026-03-310001418076ck0001418076:SeniorSecuredCommitmentsMember2024-12-310001418076srt:MinimumMemberEquipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272026-03-310001418076ck0001418076:SpreadOneMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputImpliedMultipleMember2026-03-310001418076All States Ag Parts, LLC | Trading Companies & Distributors | S+650 | 1.00% | 10.43% | 9/20262025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2025-12-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2017-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Copper River Seafoods, Inc. | Food Products | P+200 | 8.75% | 12/2023 | 4/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | 33Across Inc. | Media | P+200 | 8.50% | 10.50% | 1/2024 | 10/20272026-01-012026-03-310001418076ck0001418076:LifeSciencesToolsAndServicesMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:ThirtyThreeAcrossInc.Member2025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:FertilizersAgriculturalChemicalsMember2025-12-310001418076srt:MinimumMemberEquipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272025-12-310001418076ck0001418076:WebsterBankNASCommercialServicesDivisionMember2024-09-272024-09-270001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:OmniguideHoldingsIncMember2026-03-310001418076srt:MaximumMemberEquipment Financing | Boart Longyear Company | Metals & Mining | 8.31-9.06% | 5/2020 | 1/2026-10/20262025-12-310001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/20282026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:FiveInvestmentPortfolioCompanyMember2026-01-012026-03-310001418076ck0001418076:CreditFacilityMember2018-12-310001418076ck0001418076:SlrHealthcareAblMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SlrBusinessCreditMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Business Credit | Financial Services | 4/20222026-01-012026-03-310001418076Equipment Financing | CKD Holdings, Inc | Ground Transportation | 8.10% | 9/2022 | 9/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | One Touch Direct, LLC | Commercial Services & Supplies | P+75 | 4.00% | 7.50% | 12/2023 | 3/20272025-12-310001418076Equipment Financing | SLR Equipment Finance Equity Interests | Multi-Sector Holdings | 7/20172026-03-310001418076ck0001418076:PreferredEquityMember2026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | OmniGuide Holdings, Inc. | Health Care Equipment & Supplies | S+580 | 5.31% | 11.21% | 7/2018 | 5/20262025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Stella & Chewy's, LLC | Consumer Staples Distribution & Retail | S+525 | 2.00% | 8.92% | 3/2025 | 3/20282026-01-012026-03-310001418076Tilley Distribution, Inc. | Trading Companies & Distributors | S+600 | 1.00% | 9.85% | 12/20262026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Clifford Loan Ventures, LLC & Clifford Preferred Ventures Holdings LLC | Capital Markets | S+700 | 1.00% | 10.88% | 9/2025 | 9/20282025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Transport LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272026-01-012026-03-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/2030srt:MinimumMember2025-12-310001418076us-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:WMDFundingLLCMember2026-03-310001418076Preferred Equity | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9.00% | 9/20242026-01-012026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076Common Equity/Equity Interests/Warrants | Venus Concept Ltd. Warrants (f/k/a Restoration Robotics) | Health Care Equipment & Supplies | 5/20182026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2021-12-310001418076us-gaap:SubsequentEventMemberck0001418076:O2026Q2DividendsMember2026-05-050001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2025-02-180001418076ck0001418076:BaysideParentLlcLoanMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:CreditFacilityMember2019-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SunMedReceivablesILLCMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Opco, LLC | Health Care Providers & Services | S+725 | 1.00% | 11.07% | 5/2023 | 5/20262025-01-012025-12-310001418076ck0001418076:CompaniesLessThanFivePercentageOwnedMember2025-12-310001418076us-gaap:EquitySecuritiesMember2024-12-310001418076ck0001418076:CrystalFinancialMemberck0001418076:SlrBusinessCreditFacilityMember2012-12-282012-12-280001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Maxor Acquisition, Inc. | Health Care Providers & Services | S+600 | 1.00% | 9.77% | 3/2023 | 3/20292026-01-012026-03-310001418076ck0001418076:PreferredEquityMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Plastic Management, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.66% | 4/2022 | 8/20272026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:EyesouthEyeCareHoldcoLlcMember2026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:ValuationApproachMarketMultipleMembersrt:WeightedAverageMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BDG Media, Inc. | Media | P+525 | 5.50% | 12.00% | 7/2022 | 7/20262026-03-310001418076ck0001418076:FastPayPartnersLlcMember2021-06-030001418076Common Equity/Equity Interests/Warrants | SLR Senior Lending Program LLC | Asset Management & Custody Banks | 12/20222025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Lyneer Staffing Solutions, LLC | Professional Services | P+100 | 7.75% | 4/2025 | 4/20282026-01-012026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:VelocityOneLLCMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | All States Ag Parts, LLC | Trading Companies & Distributors | S+650 | 1.00% | 10.43% | 4/2022 | 9/20262025-01-012025-12-310001418076us-gaap:CashEquivalentsMember2025-12-310001418076ck0001418076:QuantcastCorporationMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Arcutis Biotherapeutics, Inc. | Pharmaceuticals | S+595 | 2.50% | 9.79% | 12/2021 | 8/20292025-01-012025-12-310001418076us-gaap:SubsequentEventMemberck0001418076:O2026Q2DividendsMember2026-05-052026-05-050001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BayMark Health Services, Inc. | Health Care Providers & Services | S+500 | 1.00% | 8.93% | 4/2022 | 6/20272025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Velocity One, LLC | Aerospace & Defense | S+425 | 2.00% | 8.04% | 6/2025 | 6/20302025-12-310001418076ck0001418076:AdvisoryAgreementMembersrt:MinimumMember2026-01-012026-03-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMemberck0001418076:TermLoanMember2026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2024-12-160001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Arcutis Biotherapeutics, Inc. | Pharmaceuticals | S+595 | 2.50% | 9.79% | 12/2021 | 8/20292025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TPC 2022, LLC | Capital Markets | S+650 | 1.00% | 10.38% | 12/2024 | 12/20272025-01-012025-12-310001418076ck0001418076:VapothermInc.Memberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:TheTownsendCompanyLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076Equipment Financing | U.S. Crane & Rigging, LLC | Commercial Services & Supplies | 8.73%| 12/2022 | 9/20282026-03-310001418076Common Equity/Equity Interests/Warrants | Venus Concept Ltd. Warrants (f/k/a Restoration Robotics) | Health Care Equipment & Supplies | 5/20182025-01-012025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Ardelyx, Inc | Pharmaceuticals | S+400 | 4.70% | 8.70% | 2/2022 | 7/20282026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | WALCO Funding, LLC | Financial Services | S+785 | 1.00% | 11.52% | 6/2025 | 12/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Pinnacle Fertility, Inc. | Health Care Providers & Services | S+500 | 0.75% | 8.87% | 3/2025 | 3/20282026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Velocity One, LLC | Aerospace & Defense | S+425 | 2.00% | 7.92% | 6/2025 | 6/20302026-03-310001418076ck0001418076:AscHoldcoLlcMember2026-03-310001418076us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001418076ck0001418076:RdHoldcoIncClassBMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:SunsSpvLlcMembersrt:MinimumMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMember2025-01-012025-09-300001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Parent, LLC | Health Care Providers & Services | S+1000 | 1.00% | 13.82% | 5/2023 | 5/20262025-12-310001418076The Townsend Company, LLC | Commercial Services & Supplies | S+500 | 1.00% | 8.67% | 8/20302026-03-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2025-12-310001418076ck0001418076:ConstructionAndEngineeringMember2025-12-310001418076us-gaap:LineOfCreditMemberck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMember2024-08-160001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2025-07-300001418076ck0001418076:FinancialServicesMember2026-03-3100014180762025-01-012025-09-300001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Western Veterinary Partners LLC | Diversified Consumer Services | S+525 | 1.00% | 8.92% | 1/2024 | 10/20272026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2025-12-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMemberck0001418076:TermLoanMember2024-08-160001418076ck0001418076:TwoThousandAndTwentyEightSeriesJUnsecuredNotesMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:SlrEquipmentFinanceMember2026-03-310001418076Western Veterinary Partners LLC | Diversified Consumer Services | S+525 | 1.00% | 8.92% | 10/20272026-03-310001418076ck0001418076:PreferredEquityMember2025-03-310001418076The Townsend Company, LLC | Commercial Services & Supplies | S+500 | 1.00% | 8.72% | 8/20302025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Copper River Seafoods, Inc. | Food Products | P+200 | 8.75% | 12/2023 | 4/20282025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BDG Media, Inc. | Media | P+525 | 5.50% | 12.00% | 7/2022 | 7/20262025-01-012025-12-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2021-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TAUC Management, LLC | Health Care Providers & Services | S+700 | 1.00% | 10.82% | 4/2022 | 2/20272025-12-310001418076ck0001418076:InfillionIncMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:SpreadSixMember2026-01-012026-03-310001418076ck0001418076:VeronicaHoldingsLlcCommonEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMembersrt:MaximumMember2024-08-162024-08-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Maxor Acquisition, Inc. | Health Care Providers & Services | S+600 | 1.00% | 9.82% | 3/2023 | 3/20292025-12-310001418076Equipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | FE Advance, LLC & Sonic ACA Advance LLC | Financial Services | S+650 | 1.00% | 10.38% | 7/2024 | 7/20272025-12-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesJUnsecuredNotesMember2025-12-310001418076ck0001418076:SLRHealthcareABLRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:TwoThousandAndTwentyFourUnsecuredNotesMember2019-12-310001418076ck0001418076:SouthernTransportLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Fertility (ITC) Investment Holdco, LLC | Health Care Providers & Services | S+500 | 0.75% | 9.12% | 1/2023 | 1/20292025-12-310001418076srt:WeightedAverageMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Fertility (ITC) Investment Holdco, LLC | Health Care Providers & Services | S+500 | 0.75% | 8.57% | 1/2023 | 1/20292026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | OIS Management Services, LLC | Health Care Providers & Services | S+475 | 0.75% | 8.42% | 10/2025 | 11/20282025-01-012025-12-310001418076ck0001418076:CommercialServicesAndSuppliesMember2025-12-310001418076ck0001418076:SLRHealthcareABLRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Meditrina, Inc. Warrants | Health Care Equipment & Supplies | 12/20222025-12-310001418076ck0001418076:ProfessionalServicesMember2026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMember2025-12-3100014180762026-01-012026-03-310001418076ck0001418076:MultiSectorHoldingsMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Streamland Media Holdings LLC | Professional Services | S+400 | 2.00% | 7.67% | 5/2025 | 5/20302026-03-310001418076ck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001418076iCIMS, Inc. | Software | S+575 | 0.75% | 9.42% | 8/20282026-03-310001418076Equipment Financing | CKD Holdings, Inc | Ground Transportation | 8.10-8.60% | 9/2022 | 3/2026-9/20272025-01-012025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMembersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001418076:InvestmentInSeniorSecuredLoansMember2026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2022-01-060001418076ck0001418076:KingsbridgeHoldingsLlcMember2020-11-030001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:KbhTopcoLlcKingsbridgeMember2026-03-310001418076us-gaap:CommonStockMemberck0001418076:SunsCompanyMergerMember2022-04-012022-04-010001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SunmedGroupHoldingsLlcMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2022-12-310001418076Common Equity/Equity Interests/Warrants | Shoes for Crews Holdings, LLC | Diversified Consumer Services | 6/20242025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BDG Media, Inc. | Media | P+525 | 5.50% | 12.00% | 7/2022 | 7/20262026-01-012026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Receivables I, LLC | Health Care Equipment & Supplies | S+395 | 2.00% | 7.62% | 10/2025 | 6/20282026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrBusinessCreditMember2024-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BayMark Health Services, Inc. | Health Care Providers & Services | S+500 | 1.00% | 8.93% | 4/2022 | 6/20272025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Enhanced Permanent Capital, LLC | Capital Markets | S+625 | 1.00% | 9.94% | 12/2020 | 6/20292026-03-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/20282025-01-012025-12-310001418076ck0001418076:FoodProductsMember2026-03-3100014180762016-12-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:CrystalFinancialMember2012-11-300001418076Equipment Financing | A&A Crane and Rigging, LLC | Commercial Services & Supplies | 7.78% | 3/2023 | 3/20282026-03-310001418076ck0001418076:SlrHealthcareAblCreditMember2026-03-310001418076Exactcare Parent, Inc. | Health Care Providers & Services | S+550 | 1.00% | 9.39%| 11/20292025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2020-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2021-12-310001418076ck0001418076:BaysideOpcoLLCOneMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:ProfessionalServicesMember2025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMembersrt:WeightedAverageMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001418076ck0001418076:AdvisoryAgreementMember2026-01-012026-03-310001418076us-gaap:LineOfCreditMemberck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMember2026-03-310001418076Equipment Financing | No Limit Construction Services, LLC | Commercial Services & Supplies | 7.73% | 5/2023 | 6/20282026-03-310001418076us-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:HealthCareProvidersAndServicesMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Group Holdings, LLC | Health Care Equipment & Supplies | S+550 | 0.75% | 9.27% | 6/2021 | 6/20282026-03-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMemberck0001418076:VeronicaHoldingsLlcPreferredEquityMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoTrancheCNotesMember2018-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Receivables I, LLC | Health Care Equipment & Supplies | S+395 | 2.00% | 7.74% | 10/2025 | 6/20282025-01-012025-12-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/20302025-12-310001418076ck0001418076:InvestmentInSeniorSecuredLoansMember2025-01-012025-03-310001418076Fertility (ITC) Investment Holdco, LLC | Health Care Providers & Services | S+500 | 0.75% | 8.57% | 1/20292026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001418076:InvestmentInSeniorSecuredLoansMember2026-01-012026-03-310001418076ck0001418076:SlrHealthcareAblMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076RxSense Holdings LLC | Diversified Consumer Services | S+500 | 1.00% | 8.67% | 3/20272026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sightly Enterprises, Inc. | Media | P+475 | 6.00% | 11.50% | 1/2024 | 12/20262025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Maxor Acquisition, Inc. | Health Care Providers & Services | S+600 | 1.00% | 9.77% | 3/2023 | 3/20292026-03-310001418076ck0001418076:CrystalFinancialMemberck0001418076:SlrBusinessCreditFacilityMember2012-12-280001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:WilburEllisHoldingsIILLCMember2025-12-310001418076Equipment Financing | SLR Equipment Finance | Multi-Sector Holdings | 8.50% | 12/2024 | 7/20262026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Vapotherm, Inc | Health Care Equipment & Supplies | S+600 | 4.50% | 10.50% | 2/2022 | 9/20272026-01-012026-03-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Opco, LLC | Health Care Providers & Services | S+725 | 1.00% | 11.07% | 5/2023 | 5/20262025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SouthernOrthodonticPartnersManagementLlcMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Fertility (ITC) Investment Holdco, LLC | Health Care Providers & Services | S+500 | 0.75% | 8.57% | 1/2023 | 1/20292026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SointLlcMember2025-01-012025-12-310001418076Common Equity/Equity Interests/Warrants | SLR-AMI Topco Blocker, LLC | Broadline Retail | 6/20232026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SouthernLiftingAndHoistingLLCMember2026-03-310001418076Common Equity/Equity Interests/Warrants | KBH Topco LLC (Kingsbridge) | Multi-Sector Holdings | 11/20202026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Luxury Asset Capital, LLC | Consumer Finance | S+575 | 1.00% | 10.74% | 7/2022 | 7/20272025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Opco, LLC | Health Care Providers & Services | S+725 | 1.00% | 11.10% | 5/2023 | 5/20262026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2018-12-310001418076Equipment Financing | Double S Industrial Contractors, Inc | Commercial Services & Supplies | 8.60% | 7/2023 | 8/20272025-01-012025-12-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/20302026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoTrancheCNotesMember2020-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Insight Investments Holdings, LLC | Financial Services | S+525 | 1.00% | 9.99% | 6/2025 | 7/20262025-12-310001418076ck0001418076:SpreadFourMember2025-01-012025-12-310001418076ck0001418076:TwoThousandAndTwentyFiveUnsecuredNotesMember2024-12-310001418076ck0001418076:SlrEquipmentFinanceMember2025-01-012025-03-310001418076ck0001418076:CapitalMarketsMember2025-12-310001418076Equipment Financing | RH Land Construction, LLC & Harbor Dredging LA, Inc. | Construction & Engineering | 8.08% | 5/2023 | 5/20262026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoTrancheCNotesMember2022-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Transport LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272026-03-310001418076Equipment Financing | CKD Holdings, Inc | Ground Transportation | 8.10-8.60% | 9/2022 | 3/2026-9/2027srt:MaximumMember2025-12-310001418076ck0001418076:HealthCareProvidersAndServicesMember2025-12-310001418076ck0001418076:EquipmentFinancingMember2026-03-310001418076ck0001418076:SoftwareMember2025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Vapotherm, Inc | Health Care Equipment & Supplies | S+600 | 4.50% | 10.50% | 2/2022 | 9/20272025-01-012025-12-310001418076Equipment Financing | SLR Equipment Finance Equity Interests | Multi-Sector Holdings | 7/20172026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sherwood Management Co., Inc | Specialty Retail | S+500 | 2.00% | 8.93% | 3/2025 | 3/20302026-01-012026-03-310001418076ck0001418076:SparMarketingForceInc.Memberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:EquipmentOperatingLeasesLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-01-012026-03-310001418076srt:MinimumMember2026-01-012026-03-310001418076Equipment Financing | A&A Crane and Rigging, LLC | Commercial Services & Supplies | 7.78% | 3/2023 | 3/20282025-12-310001418076ck0001418076:MediaMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TAUC Management, LLC | Health Care Providers & Services | S+700 | 1.00% | 10.82% | 4/2022 | 2/20272026-01-012026-03-310001418076ck0001418076:EquipmentFinancingMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Fertility (ITC) Investment Holdco, LLC | Health Care Providers & Services | S+500 | 0.75% | 9.12% | 1/2023 | 1/20292025-01-012025-12-310001418076us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001418076us-gaap:EquitySecuritiesMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:KbhtMember2025-12-3100014180762026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Children's Place, Inc. | Specialty Retail | S+525 | 2.00% | 8.92% | 12/2025 | 12/20302026-03-310001418076ck0001418076:DiversifiedConsumerServicesMember2025-12-310001418076NS and Associates LLC | Consumer Staples Distribution & Retail | S+525 | 1.00% | 9.01% | 8/20302025-12-310001418076ck0001418076:EquipmentFinancingMemberck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Kingsbridge Holdings, LLC | Multi-Sector Holdings | S+700 | 1.00% | 10.82% | 12/2018 | 12/20272026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:SeniorSecuredRevolvingCreditFacilityMemberck0001418076:SlrSeniorLendingProgramSpvLlcMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Townsend Company, LLC | Commercial Services & Supplies | S+500 | 1.00% | 8.72% | 8/2023 | 8/20302025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SLRHealthcareABLRevolverMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | FE Advance, LLC & Sonic ACA Advance LLC | Financial Services | S+650 | 1.00% | 10.38% | 7/2024 | 7/20272025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Blazing Star Parent, LLC | Consumer Staples Distribution & Retail | S+700 | 1.00% | 10.82% | 8/2025 | 8/20302025-01-012025-12-310001418076Common Equity/Equity Interests/Warrants | Venus Concept Ltd. Warrants (f/k/a Restoration Robotics) | Health Care Equipment & Supplies | 5/20182025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Healthcare ABL | Financial Services | 4/20222025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:InsuranceMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2025-09-300001418076ck0001418076:FirstLienBankDebtAndSeniorSecuredLoansMember2026-03-310001418076Equipment Financing | Boart Longyear Company | Metals & Mining | 8.31-9.06% | 5/2020 | 1/2026-10/20262025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceDebtMember2026-01-012026-03-310001418076ck0001418076:RdHoldcoIncDebtMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:BlackScholesPricingModelMember2026-03-310001418076ck0001418076:LifeSciencesToolsAndServicesMember2026-03-310001418076ck0001418076:TradingCompaniesAndDistributorsMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Transport LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272025-01-012025-12-310001418076us-gaap:IPOMember2010-02-092010-02-090001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Velocity One, LLC | Aerospace & Defense | S+425 | 2.00% | 8.04% | 6/2025 | 6/20302025-01-012025-12-310001418076ck0001418076:BaysideOpcoLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2022-12-310001418076Common Equity/Equity Interests/Warrants | Conventus Orthopaedics, Inc. Warrants | Health Care Equipment & Supplies | 6/20162026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputImpliedMultipleMember2025-12-310001418076ck0001418076:SslpFacilityMember2018-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BayMark Health Services, Inc. | Health Care Providers & Services | S+500 | 1.00% | 8.96% | 4/2022 | 6/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Tilley Distribution, Inc | Trading Companies & Distributors | S+600 | 1.00% | 9.82% | 4/2022 | 12/20262026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Blazing Star Parent, LLC | Consumer Staples Distribution & Retail | S+700 | 1.00% | 10.82% | 8/2025 | 8/20302025-12-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | AMF Levered II, LLC | Financial Services | S+705 | 1.00% | 10.84% | 12/2021 | 8/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | CVAUSA Management, LLC | Health Care Providers & Services | S+525 | 1.00% | 8.92% | 5/2023 | 5/20292026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | SPR Therapeutics, Inc | Health Care Technology | S+515 | 4.00% | 9.15% | 1/2024 | 2/20292025-01-012025-12-310001418076us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076us-gaap:EquitySecuritiesMember2025-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:OisManagementServicesLlcMember2026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2025-12-310001418076Common Equity/Equity Interests/Warrants | OmniGuide Holdings, Inc. Warrants | Health Care Equipment & Supplies | 9/20252026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Alkeme Intermediary Holdings, LLC | Insurance | S+500 | 1.00% | 8.67% | 9/2023 | 5/20272025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RDHoldcoIncClassCMember2025-12-310001418076ck0001418076:SlrEquipmentFinanceMember2026-01-012026-03-310001418076BayMark Health Services, Inc. | Health Care Providers & Services | S+500 | 1.00% | 8.93% | 6/20272025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RdHoldcoIncCommonEquityMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Logix Holding Company, LLC | Communications Equipment | P+750 | 1.00% | 11.41% | 9/2018 | 12/20282025-01-012025-12-310001418076us-gaap:CommonStockMemberck0001418076:EquityDistributionAgreementMember2025-01-012025-03-310001418076ck0001418076:SeniorSecuredNotesMember2017-12-310001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/20282025-01-012025-12-310001418076ck0001418076:InvestmentInSeniorSecuredLoansMember2024-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Centinel Spine, LLC | Health Care Equipment & Supplies | S+530 | 4.35% | 9.65% | 2/2025 | 3/20302026-03-310001418076Common Equity/Equity Interests/Warrants | CardioFocus, Inc. Warrants | Health Care Equipment & Supplies | 3/20172025-01-012025-12-3100014180762017-12-310001418076Common Equity/Equity Interests/Warrants | KBH Topco LLC (Kingsbridge) | Multi-Sector Holdings | 11/20202026-01-012026-03-310001418076ck0001418076:HealthCareTechnologyMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2023-12-310001418076ck0001418076:SpreadSixMember2025-01-012025-12-310001418076ck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:KbhTopcoLlcKingsbridgeMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SlrEquipmentFinanceMember2026-03-310001418076Equipment Financing | No Limit Construction Services, LLC | Commercial Services & Supplies | 7.73% | 5/2023 | 6/20282025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RDHoldcoIncClassCMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Clifford Loan Ventures, LLC & Clifford Preferred Ventures Holdings LLC | Capital Markets | S+700 | 1.00% | 10.67% | 9/2025 | 9/20282026-01-012026-03-310001418076ck0001418076:EquipmentFinancingMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Plastic Management, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.66% | 4/2022 | 8/20272026-01-012026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberck0001418076:EquipmentFinancingMember2026-03-310001418076ck0001418076:EquipmentFinancingMember2025-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class B | Diversified Consumer Services | 12/20132026-03-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | One Touch Direct, LLC | Commercial Services & Supplies | P+75 | 4.00% | 7.50% | 12/2023 | 3/20272026-01-012026-03-310001418076ck0001418076:CapitalMarketsMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RdHoldcoIncCommonEquityMember2024-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RDHoldcoIncClassCMember2025-01-012025-12-310001418076ck0001418076:CrystalFinancialMemberck0001418076:SlrBusinessCreditFacilityMember2016-07-280001418076ck0001418076:TheTownsendCompanyLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076ck0001418076:VapothermInc.Memberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:ShoesForCrewsGlobalLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sherwood Management Co., Inc | Specialty Retail | S+500 | 2.00% | 9.05% | 3/2025 | 3/20302025-01-012025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Senior Lending Program LLC | Asset Management & Custody Banks | 12/20222026-03-310001418076ck0001418076:TwoThousandAndTwentyFourUnsecuredNotesMember2023-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | United Digestive MSO Parent, LLC | Health Care Providers & Services | S+575 | 1.00% | 9.40% | 3/2023 | 3/20292026-03-310001418076ck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001418076ck0001418076:CommercialServicesAndSuppliesMember2026-03-310001418076ck0001418076:SlrBusinessCreditFacilityMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | WALCO Funding, LLC | Financial Services | S+785 | 1.00% | 11.57% | 6/2025 | 12/20282025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Orthodontic Partners Management, LLC | Health Care Providers & Services | S+625 | 1.00% | 8.92% | 6/2022 | 7/20262025-12-310001418076ck0001418076:TwoThousandAndTwentyFourUnsecuredNotesMember2021-12-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076Equipment Financing | Air Methods Corporation | Passenger Airlines | 7.08-7.13% | 11/2021 | 11/20262025-12-310001418076ck0001418076:EspSscCorporationMember2017-10-200001418076Preferred Equity | SOINT LLC | Aerospace & Defense | 0.00% | 6/2012 | 6/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Parent, LLC | Health Care Providers & Services | S+1000 | 1.00% | 13.82% | 5/2023 | 5/20262025-01-012025-12-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/20282026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Conventus Orthopaedics, Inc. Warrants | Health Care Equipment & Supplies | 6/20162025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SightlyEnterprisesInc.Member2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | 33Across Inc. | Media | P+200 | 8.50% | 10.50% | 1/2024 | 10/20272026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceDebtMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2026-01-012026-03-310001418076ck0001418076:TransportationInfrastructureMember2025-12-310001418076ck0001418076:NmcsCreditFacilityMember2021-06-030001418076us-gaap:EquitySecuritiesMember2026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | SLR Credit Solutions | Financial Services | 12/20122025-12-310001418076srt:WeightedAverageMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076us-gaap:FairValueInputsLevel3Member2026-03-310001418076UVP Management, LLC | Health Care Providers & Services | S+550 | 1.00% | 9.35% | 9/20272026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2025-12-310001418076srt:MinimumMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMemberus-gaap:SecuredOvernightFinancingRateSofrMember2011-09-012011-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SlrBusinessCreditMember2026-03-310001418076Equipment Financing | Air Methods Corporation | Passenger Airlines | 7.08-7.13% | 11/2021 | 11/20262025-01-012025-12-310001418076Pinnacle Fertility, Inc. | Health Care Providers & Services | S+500 | 0.75% | 9.27% | 3/20282025-12-3100014180762023-12-310001418076ck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMemberck0001418076:InvestmentInSeniorSecuredLoansMember2025-12-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | FGI Worldwide LLC | Financial Services | S+650 | 1.00% | 10.17% | 4/2023 | 4/20282026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Townsend Company, LLC | Commercial Services & Supplies | S+500 | 1.00% | 8.67% | 8/2023 | 8/20302026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | DeepIntent, Inc. | Media | P+135 | 3.90% | 8.10% | 12/2023 | 9/20302026-03-310001418076us-gaap:FairValueInputsLevel1Memberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SointLlcMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:KbhTopcoLlcKingsbridgeMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:AllStatesAgPartsLLCMember2026-03-310001418076ck0001418076:VeronicaHoldingsLlcCommonEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:AdvisoryAgreementMembersrt:MaximumMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Luxury Asset Capital, LLC | Consumer Finance | S+675 | 1.00% | 10.53% | 7/2022 | 7/20272026-03-310001418076ck0001418076:PinnacleFertilityIncMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001418076:SeniorSecuredRevolvingCreditFacilityMemberck0001418076:SlrSeniorLendingProgramSpvLlcMember2025-10-082025-10-080001418076ck0001418076:MultiSectorHoldingsMember2026-03-310001418076Tilley Distribution, Inc. | Trading Companies & Distributors | S+600 | 1.00% | 9.82% | 12/20262025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | EyeSouth Eye Care Holdco LLC | Health Care Providers & Services | S+550 | 1.00% | 9.27% | 10/2022 | 10/20292026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SLR Healthcare ABL | Financial Services | S+650 | 10.46% | 6/2025 | 3/20262025-12-310001418076ck0001418076:EquipmentFinancingMembersrt:MinimumMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076Common Equity/Equity Interests/Warrants | Essence Group Holdings Corporation (Lumeris) Warrants | Health Care Technology | 3/20172025-01-012025-12-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | WALCO Funding, LLC | Financial Services | S+785 | 1.00% | 11.52% | 6/2025 | 12/20282026-03-310001418076us-gaap:CommonStockMemberck0001418076:EquityDistributionAgreementMember2026-01-012026-03-310001418076ck0001418076:SpreadSevenMember2025-01-012025-12-310001418076ck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMemberck0001418076:VeronicaHoldingsLlcPreferredEquityMember2025-01-012025-12-310001418076Equipment Financing | Environmental Protection & Improvement Company, LLC | Ground Transportation | 8.25% | 9/2020 | 10/20272025-12-310001418076us-gaap:SubsequentEventMember2026-05-050001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Kingsbridge Holdings, LLC | Multi-Sector Holdings | S+700 | 1.00% | 10.82% | 12/2018 | 12/20272026-01-012026-03-310001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/20282025-12-310001418076ck0001418076:SlrBusinessCreditFacilityMember2016-07-282016-07-280001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2020-12-310001418076Senior Secured Loans | First Lien Bank Debt/ Senior Secured Loans | CC SAG Holdings Corp. (Spectrum Automotive) | Diversified Consumer Services | S+525 | 0.75% | 8.97% | 6/2021 | 6/20282025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrBusinessCreditMember2025-01-012025-12-310001418076ck0001418076:CreditFacilityOneMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9/20242025-12-310001418076ck0001418076:SpreadTwoMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Stella & Chewy's, LLC | Consumer Staples Distribution & Retail | S+525 | 2.00% | 9.04% | 3/2025 | 3/20282025-12-310001418076Common Equity/Equity Interests/Warrants | Bayside Parent, LLC | Health Care Providers & Services | 5/20232026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Treace Medical Concepts, Inc. | Life Sciences Tools & Services | S+505 | 3.00% | 8.78% | 12/2025 | 1/20312025-01-012025-12-310001418076ck0001418076:BdgMediaInc.Memberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076RxSense Holdings LLC | Diversified Consumer Services | S+500 | 1.00% | 8.84% | 3/20262025-12-310001418076ck0001418076:PreferredEquityMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Business Credit | Financial Services | 4/20222025-12-310001418076Common Equity/Equity Interests/Warrants | OmniGuide Holdings, Inc. Warrants | Health Care Equipment & Supplies | 9/20252025-01-012025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2026-03-310001418076ck0001418076:PinnacleFertilityIncMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:RdHoldcoIncDebtMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076Medrina, LLC | Health Care Providers & Services | S+600 | 1.00% | 9.69% | 10/20292025-12-310001418076ck0001418076:EquipmentFinancingMembersrt:MinimumMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076Equipment Financing | No Limit Construction Services, LLC | Commercial Services & Supplies | 7.73% | 5/2023 | 6/20282025-12-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/20302026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | RQM+ Corp. | Life Sciences Tools & Services | S+725 | 1.00% | 11.21% | 8/2021 | 8/20292026-03-310001418076ck0001418076:InvestmentInSeniorSecuredLoansMember2025-12-310001418076ck0001418076:BaysideParentLlcEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-3100014180762025-05-072025-05-070001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | WMD Funding, LLC| Financial Services | 11.50% | 12/2024 | 7/20312025-01-012025-12-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2024-12-310001418076Maxor Acquisition, Inc. | Health Care Providers & Services | S+600 | 1.00% | 9.82% | 3/20292025-12-310001418076Equipment Financing | Double S Industrial Contractors, Inc | Commercial Services & Supplies | 8.60% | 7/2023 | 8/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Transport LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272025-12-310001418076ck0001418076:CreditFacilityOneMember2026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) | Diversified Consumer Services | 12/20132026-03-310001418076Common Equity/Equity Interests/Warrants | OmniGuide Holdings, Inc. Warrants | Health Care Equipment & Supplies | 9/20252026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Orthodontic Partners Management, LLC | Health Care Providers & Services | S+475 | 1.00% | 8.41% | 6/2022 | 7/20292026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Parent, LLC | Health Care Providers & Services | S+1000 | 1.00% | 13.85% | 5/2023 | 5/20262026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Streamland Media Holdings LLC | Professional Services | S+400 | 2.00% | 7.67% | 5/2025 | 5/20302026-01-012026-03-310001418076ck0001418076:TermLoansMember2022-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Treace Medical Concepts, Inc. | Life Sciences Tools & Services | S+505 | 3.00% | 8.71% | 12/2025 | 1/20312026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Shoes for Crews Global, LLC | Diversified Consumer Services | S+650 | 1.00% | 10.46% | 6/2024 | 6/20292026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:DeepintentInc.Member2026-03-310001418076ck0001418076:HealthCareTechnologyMember2026-03-310001418076Equipment Financing | Bowman Energy Solutions, LLC | Commercial Services & Supplies | 7.42% | 7/2022 | 7/20262026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2021-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputComparableMultipleMember2026-01-012026-03-310001418076ck0001418076:SlrBusinessCreditMember2026-03-310001418076srt:WeightedAverageMemberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076ck0001418076:FinancialServicesMember2025-12-310001418076us-gaap:FairValueInputsLevel1Memberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Logix Holding Company, LLC | Communications Equipment | P+750 | 1.00% | 11.41% | 9/2018 | 12/20282025-12-310001418076Equipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272025-01-012025-12-310001418076RQM+ Corp | Life Sciences Tools & Services | S+725 | 1.00% | 11.21% | 8/20292026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputRecoveryAnalysisMember2025-12-310001418076Equipment Financing | SLR Equipment Finance | Multi-Sector Holdings | 8.50% | 12/2024 | 7/20262025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Luxury Asset Capital, LLC | Consumer Finance | S+575 | 1.00% | 10.74% | 7/2022 | 7/20272025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TAUC Management, LLC | Health Care Providers & Services | S+700 | 1.00% | 10.82% | 4/2022 | 2/20272026-03-310001418076Equipment Financing | RH Land Construction, LLC & Harbor Dredging LA, Inc. | Construction & Engineering | 8.08% | 5/2023 | 5/20262025-01-012025-12-310001418076ck0001418076:NefpassFacilityMember2019-12-310001418076ck0001418076:TwoThousandAndTwentyFiveUnsecuredNotesMember2022-12-310001418076ck0001418076:PreferredEquityMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Enhanced Permanent Capital, LLC | Capital Markets | S+625 | 1.00% | 10.72% | 12/2020 | 6/20292025-12-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2021-09-140001418076ck0001418076:SpreadTwoMember2026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | FGI Worldwide LLC | Financial Services | S+650 | 1.00% | 10.22% | 4/2023 | 4/20282025-01-012025-12-310001418076ck0001418076:SlrHealthcareAblCreditMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Insight Capital Solutions, LLC | Financial Services | S+625 | 1.00% | 9.92% | 6/2025 | 10/20302026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | 33Across Inc. | Media | P+200 | 8.50% | 10.50% | 1/2024 | 10/20272025-12-310001418076us-gaap:SecuritiesInvestmentMember2025-12-310001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/20282025-12-310001418076ck0001418076:TwoThousandAndTwentyTwoUnsecuredNotesMember2019-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceEquityMember2026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Venus Concept Ltd. Warrants (f/k/a Restoration Robotics) | Health Care Equipment & Supplies | 5/20182026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Group Holdings, LLC | Health Care Equipment & Supplies | S+550 | 0.75% | 9.44% | 6/2021 | 6/20282025-01-012025-12-310001418076ck0001418076:CreditFacilityMember2026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | OmniGuide Holdings, Inc. | Health Care Equipment & Supplies | S+580 | 5.31% | 11.21% | 7/2018 | 5/20262025-01-012025-12-310001418076ck0001418076:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Member2025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:EquipmentFinancingMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:TwoThousandAndTwentyFiveUnsecuredNotesMember2023-12-310001418076Alkeme Intermediary Holdings, LLC | Insurance | S+500 | 1.00% | 8.67% | 5/20272025-12-310001418076ck0001418076:EquipmentFinancingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:PlasticManagementLlcMember2026-03-310001418076ck0001418076:SlramiTopcoBlockerLlcMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | DeepIntent, Inc. | Media | P+135 | 3.90% | 8.10% | 12/2023 | 9/20302025-01-012025-12-310001418076ck0001418076:BaysideParentLlcLoanMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-3100014180762026-05-010001418076Common Equity/Equity Interests/Warrants | Shoes for Crews Holdings, LLC | Diversified Consumer Services | 6/20242025-12-310001418076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001418076ck0001418076:RdHoldcoIncClassBMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076Common Equity/Equity Interests/Warrants | Essence Group Holdings Corporation (Lumeris) Warrants | Health Care Technology | 3/20172025-12-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/2030srt:MinimumMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BDG Media, Inc. | Media | P+525 | 5.50% | 12.00% | 7/2022 | 7/20262025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076ck0001418076:SlrBusinessCreditRevolverMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:BaysideOpcoLLCOneMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Human Interest Inc. | Professional Services | S+625 | 1.00% | 10.12% | 6/2022 | 7/20272025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SPAR Marketing Force, Inc. | Media | P+125 | 8.00% | 12/2023 | 10/20272026-03-310001418076us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001418076ck0001418076:AerospaceAndDefenseMember2026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Vapotherm, Inc | Health Care Equipment & Supplies | S+600 | 4.50% | 10.50% | 2/2022 | 9/20272025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | One Touch Direct, LLC | Commercial Services & Supplies | P+75 | 4.00% | 7.50% | 12/2023 | 3/20272026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | DeepIntent, Inc. | Media | P+135 | 3.90% | 8.10% | 12/2023 | 9/20302025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:CcSagHoldingsCorp.SpectrumAutomotiveMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Lifting and Hoisting, LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272025-01-012025-12-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2026-03-310001418076us-gaap:FairValueInputsLevel1Memberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | WMD Funding, LLC| Financial Services | 11.50% | 12/2024 | 7/20312025-12-310001418076ck0001418076:SlrEquipmentFinanceMember2017-07-3100014180762024-01-012024-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Stella & Chewy's, LLC | Consumer Staples Distribution & Retail | S+525 | 2.00% | 8.92% | 3/2025 | 3/20282026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceEquityMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SunMed Group Holdings, LLC | Health Care Equipment & Supplies | S+550 | 0.75% | 9.44% | 6/2021 | 6/20282025-12-310001418076ck0001418076:TermLoanAndCreditFacilityMember2026-03-310001418076Common Equity/Equity Interests/Warrants | Centrexion Therapeutics, Inc. Warrants | Pharmaceuticals | 6/20192025-01-012025-12-310001418076ck0001418076:FirstLienBankDebtAndSeniorSecuredLoansMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | FE Advance, LLC & Sonic ACA Advance LLC | Financial Services | S+650 | 1.00% | 10.17% | 7/2024 | 7/20272026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TPC 2022, LLC | Capital Markets | S+650 | 1.00% | 10.38% | 12/2024 | 12/20272025-12-310001418076Equipment Financing | Environmental Protection & Improvement Company, LLC | Ground Transportation | 8.25% | 9/2020 | 10/20272026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2026-03-310001418076Common Equity/Equity Interests/Warrants | Bayside Parent, LLC | Health Care Providers & Services | 5/20232026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:LoyerCapitalLlcMember2024-12-310001418076ck0001418076:TwoThousandAndTwentyTwoTrancheCNotesMember2019-12-310001418076us-gaap:SubsequentEventMembersrt:MaximumMember2026-05-042026-05-040001418076us-gaap:FairValueInputsLevel3Memberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationTechniqueRecoveryApproachMemberck0001418076:PreferredEquityMemberck0001418076:MeasurementInputRecoverableAmountMember2025-12-310001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2022-12-310001418076ck0001418076:SlrEquipmentFinanceMember2025-12-3100014180762025-03-310001418076Equipment Financing | Environmental Protection & Improvement Company, LLC | Ground Transportation | 8.25% | 9/2020 | 10/20272026-01-012026-03-310001418076ck0001418076:FirstLienLifeScienceSeniorSecuredLoansMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | iCIMS, Inc. | Software | S+575 | 0.75% | 9.42% | 8/2022 | 8/20282026-01-012026-03-310001418076Equipment Financing | The Smedley Company & Smedley Services, Inc. | Commercial Services & Supplies | 4.07% | 7/2017 | 1/20282025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | OIS Management Services, LLC | Health Care Providers & Services | S+475 | 0.75% | 8.45% | 10/2025 | 11/20282026-03-310001418076ck0001418076:VapothermInc.Memberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Senior Lending Program LLC | Asset Management & Custody Banks | 12/20222025-12-310001418076ck0001418076:MetalsAndMiningMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:CopperRiverSeafoodsInc.Member2026-03-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2024-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | ReFocus Management Services, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.66% | 2/2026 | 2/20292026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberck0001418076:EquipmentFinancingMember2025-01-012025-12-310001418076ck0001418076:TermLoansMember2021-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001418076ck0001418076:EquipmentOperatingLeasesLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/20302025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Bayside Opco, LLC | Health Care Providers & Services | S+725 | 1.00% | 11.10% | 5/2023 | 5/20262026-03-310001418076Equipment Financing | Double S Industrial Contractors, Inc | Commercial Services & Supplies | 8.60% | 7/2023 | 8/20272025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:DeepintentInc.Member2025-12-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMemberck0001418076:VeronicaHoldingsLlcPreferredEquityMember2026-03-310001418076ck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | EyeSouth Eye Care Holdco LLC | Health Care Providers & Services | S+550 | 1.00% | 9.27% | 10/2022 | 10/20292026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Senseonics Holdings, Inc. | Health Care Equipment & Supplies | 7/20192026-01-012026-03-310001418076ck0001418076:CreditFacilityMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Infillion Inc. | Professional Services | P+175 | 8.50% | 5/2025 | 4/20282025-12-310001418076ck0001418076:GroundTransportationMember2025-12-310001418076ck0001418076:SpreadFiveMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Infillion Inc. | Professional Services | P+175 | 8.50% | 5/2025 | 4/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | TPC 2022, LLC | Capital Markets | S+650 | 1.00% | 10.17% | 12/2024 | 12/20272026-01-012026-03-310001418076ck0001418076:SlrBusinessCreditMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:TermLoanAndCreditFacilityMember2025-12-310001418076ck0001418076:SlrBusinessCreditMemberck0001418076:SeniorSecuredCommitmentsMember2025-12-310001418076srt:WeightedAverageMemberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SlrHealthcareAblMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Essence Group Holdings Corporation (Lumeris) Warrants | Health Care Technology | 3/20172026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | iCIMS, Inc. | Software | S+575 | 0.75% | 9.59% | 8/2022 | 8/20282025-01-012025-12-310001418076CVAUSA Management, LLC | Health Care Providers & Services | S+525 | 1.00% | 8.97% | 5/20292025-12-310001418076Common Equity/Equity Interests/Warrants | Conventus Orthopaedics, Inc. Warrants | Health Care Equipment & Supplies | 6/20162026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Senseonics Holdings, Inc. | Health Care Equipment & Supplies | 7/20192025-12-310001418076srt:MaximumMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | WMD Funding, LLC| Financial Services | 11.50% | 12/2024 | 7/20312026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | iCIMS, Inc. | Software | S+575 | 0.75% | 9.42% | 8/2022 | 8/20282026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class B | Diversified Consumer Services | 12/20132025-12-310001418076us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001418076:InvestmentInSeniorSecuredLoansMember2026-03-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMemberck0001418076:VeronicaHoldingsLlcPreferredEquityMember2025-12-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2025-09-300001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/2028srt:MaximumMember2026-03-310001418076srt:MinimumMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Lifting and Hoisting, LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationTechniqueRecoveryApproachMemberck0001418076:PreferredEquityMemberck0001418076:MeasurementInputRecoverableAmountMember2025-01-012025-12-310001418076us-gaap:FairValueInputsLevel3Member2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | One Touch Direct, LLC | Commercial Services & Supplies | P+75 | 4.00% | 7.50% | 12/2023 | 3/20272025-01-012025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:AlkemeIntermediaryHoldingsLlcMember2026-03-310001418076srt:MinimumMemberEquipment Financing | CKD Holdings, Inc | Ground Transportation | 8.10-8.60% | 9/2022 | 3/2026-9/20272025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | RQM+ Corp. | Life Sciences Tools & Services | S+725 | 1.00% | 11.21% | 8/2021 | 8/20292026-01-012026-03-310001418076UVP Management, LLC | Health Care Providers & Services | S+550 | 1.00% | 9.32% | 9/20272025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SightlyEnterprisesInc.Member2026-03-310001418076Equipment Financing | A&A Crane and Rigging, LLC | Commercial Services & Supplies | 7.78% | 3/2023 | 3/20282025-01-012025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:BlackScholesPricingModelMember2025-12-310001418076ck0001418076:EquipmentOperatingLeasesLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2024-12-310001418076us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001418076:InvestmentInSeniorSecuredLoansMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceEquityMember2025-01-012025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMember2026-03-310001418076Equipment Financing | RH Land Construction, LLC & Harbor Dredging LA, Inc. | Construction & Engineering | 8.08% | 5/2023 | 5/20262026-03-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMember2024-08-160001418076ck0001418076:MeasuredAtNetAssetValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001418076ck0001418076:BaysideParentLlcLoanMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Bayside Parent, LLC | Health Care Providers & Services | 5/20232025-01-012025-12-310001418076Equipment Financing | SLR Equipment Finance Equity Interests | Multi-Sector Holdings | 7/20172025-01-012025-12-310001418076ck0001418076:TermLoansMember2026-03-310001418076Common Equity/Equity Interests/Warrants | CardioFocus, Inc. Warrants | Health Care Equipment & Supplies | 3/20172026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyFiveUnsecuredNotesMember2025-12-310001418076ck0001418076:SlrBusinessCreditFacilityMember2025-01-012025-12-310001418076ck0001418076:ConsumerStaplesDistributionAndRetailMember2025-12-3100014180762024-12-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class C | Diversified Consumer Services | 12/20252025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | RQM+ Corp. | Life Sciences Tools & Services | S+675 | 1.00% | 10.68% | 8/2021 | 8/20292025-12-310001418076ck0001418076:ConsumerFinanceMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RDHoldcoIncClassCMember2026-01-012026-03-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2026-03-310001418076Crewline Buyer, Inc. | IT Services | S+675 | 1.00% | 10.59% | 11/20302025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Clifford Loan Ventures, LLC & Clifford Preferred Ventures Holdings LLC | Capital Markets | S+700 | 1.00% | 10.88% | 9/2025 | 9/20282025-12-310001418076Common Equity/Equity Interests/Warrants | OmniGuide Holdings, Inc. Warrants | Health Care Equipment & Supplies | 9/20252025-12-310001418076us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001418076ck0001418076:InvestmentInSeniorSecuredLoansMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | CC SAG Holdings Corp. (Spectrum Automotive) | Diversified Consumer Services | S+525 | 0.75% | 8.92% | 6/2021 | 6/20282026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | SLR-AMI Topco Blocker, LLC | Broadline Retail | 6/20232025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Wilbur-Ellis Holdings II, LLC | Fertilizer & Agricultural Chemicals | S+400 | 1.00% | 7.67% | 6/2025 | 6/20302026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | SPR Therapeutics, Inc | Health Care Technology | S+515 | 4.00% | 9.15% | 1/2024 | 2/20292025-12-310001418076ck0001418076:SunsSpvLlcMemberck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMembersrt:MaximumMember2025-01-012025-09-300001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Pinnacle Fertility, Inc. | Health Care Providers & Services | S+500 | 0.75% | 9.27% | 3/2025 | 3/20282025-12-310001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2018-12-3100014180762019-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Lyneer Staffing Solutions, LLC | Professional Services | P+100 | 7.75% | 4/2025 | 4/20282025-01-012025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Ardelyx, Inc | Pharmaceuticals | S+400 | 4.70% | 8.70% | 2/2022 | 7/20282026-01-012026-03-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputComparableMultipleMembersrt:MinimumMember2026-03-310001418076ck0001418076:CompaniesMoreThanFivePercentageAndLessThanTwentyFivePercentageOwnedMember2025-01-012025-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2026-03-310001418076Foundation Consumer Brands, LLC | Personal Care Products | S+500 | 1.00% | 8.80% | 2/20292026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrBusinessCreditMember2026-01-012026-03-310001418076Equipment Financing | Bowman Energy Solutions, LLC | Commercial Services & Supplies | 7.42% | 7/2022 | 7/20262025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMemberus-gaap:InvestorMember2022-10-120001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SLRHealthcareABLRevolverMember2025-01-012025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:SeniorSecuredRevolvingCreditFacilityMemberck0001418076:SlrSeniorLendingProgramSpvLlcMember2025-10-082025-10-080001418076us-gaap:EquitySecuritiesMember2025-01-012025-03-310001418076ck0001418076:SlrBusinessCreditFacilityMember2025-01-012025-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | SPR Therapeutics, Inc | Health Care Technology | S+515 | 4.00% | 9.15% | 1/2024 | 2/20292026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Streamland Media Holdings LLC | Professional Services | S+400 | 2.00% | 7.79% | 5/2025 | 5/20302025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceDebtMember2025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Maxor Acquisition, Inc. | Health Care Providers & Services | S+600 | 1.00% | 9.82% | 3/2023 | 3/20292025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Insight Investments Holdings, LLC | Financial Services | S+525 | 1.00% | 9.99% | 6/2025 | 7/20262025-01-012025-12-310001418076Equipment Financing | Worldwide Flight Services, Inc. | Transportation Infrastructure| 8.32-9.93% | 9/2022 | 9/2027-8/2028srt:MinimumMember2026-03-310001418076ck0001418076:CompaniesFivePercentageToTwentyFivePercentageOwnedMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Logix Holding Company, LLC | Communications Equipment | S+750 | 2.00% | 11.17% | 9/2018 | 12/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | OmniGuide Holdings, Inc. | Health Care Equipment & Supplies | S+580 | 5.31% | 11.21% | 7/2018 | 5/20262026-01-012026-03-310001418076us-gaap:FairValueInputsLevel2Memberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2022-10-120001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2023-12-310001418076Equipment Financing | Rotten Rock Hardscaping & Tree Service | Diversified Consumer Services | 8.21% | 12/2022 | 12/20272025-01-012025-12-310001418076ck0001418076:SslpFacilityMember2019-12-310001418076Common Equity/Equity Interests/Warrants | SLR Credit Solutions | Financial Services | 12/20122025-01-012025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Centinel Spine, LLC | Health Care Equipment & Supplies | S+530 | 4.35% | 9.65% | 2/2025 | 3/20302026-01-012026-03-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | SPR Therapeutics, Inc | Health Care Technology | S+515 | 4.00% | 9.15% | 1/2024 | 2/20292026-03-310001418076us-gaap:FairValueMeasurementsRecurringMemberck0001418076:InvestmentInSeniorSecuredLoansMember2026-03-310001418076ck0001418076:BaysideParentLlcEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Plastic Management, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.67% | 4/2022 | 8/20272025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceDebtMember2024-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:StellaChewysLLCMember2026-03-310001418076ck0001418076:CrystalCapitalFinancialHoldingsLlcMemberck0001418076:SlrBusinessCreditFacilityMember2016-07-280001418076ck0001418076:SpreadThreeMember2025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:MeasurementInputComparableMultipleMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2023-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrHealthcareAblMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Lyneer Staffing Solutions, LLC | Professional Services | P+100 | 7.75% | 4/2025 | 4/20282026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Streamland Media Holdings LLC | Professional Services | S+400 | 2.00% | 7.79% | 5/2025 | 5/20302025-01-012025-12-310001418076Western Veterinary Partners LLC | Diversified Consumer Services | S+525 | 1.00% | 8.92% | 10/20272025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Pinnacle Fertility, Inc. | Health Care Providers & Services | S+500 | 0.75% | 8.87% | 3/2025 | 3/20282026-01-012026-03-310001418076ck0001418076:FertilizersAgriculturalChemicalsMember2026-03-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class B | Diversified Consumer Services | 12/20132026-01-012026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:OmniguideHoldingsIncMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Conventus Orthopaedics, Inc. Warrants | Health Care Equipment & Supplies | 6/20162025-01-012025-12-310001418076us-gaap:SubsequentEventMember2026-04-150001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputComparableMultipleMembersrt:MinimumMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:WilburEllisHoldingsIILLCMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Insight Capital Solutions, LLC | Financial Services | S+625 | 1.00% | 9.92% | 6/2025 | 10/20302026-01-012026-03-310001418076ck0001418076:RdHoldcoIncClassBMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | nFusion Capital Finance, LLC | Financial Services | S+725 | 1.00% | 11.13% | 7/2025 | 7/20282025-01-012025-12-310001418076ck0001418076:EquipmentFinancingMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:KbhTopcoLlcKingsbridgeMember2025-01-012025-12-310001418076Equipment Financing | Zamborelli Enterprises Pacific Southern Foundation | Diversified Consumer Services| 8.91% | 12/2022 | 1/20272025-12-310001418076srt:WeightedAverageMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Pinnacle Fertility, Inc. | Health Care Providers & Services | S+500 | 0.75% | 9.27% | 3/2025 | 3/20282025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Quantcast Corporation | Commercial Services & Supplies | S+525 | 2.00% | 8.92% | 6/2024 | 6/20292026-01-012026-03-310001418076us-gaap:CashEquivalentsMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:EyesouthEyeCareHoldcoLlcMember2025-12-310001418076Common Equity/Equity Interests/Warrants | RD Holdco, Inc. (Rug Doctor) Class B | Diversified Consumer Services | 12/20132025-01-012025-12-310001418076us-gaap:SecuritiesInvestmentMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Children's Place, Inc. | Specialty Retail | S+525 | 2.00% | 8.92% | 12/2025 | 12/20302026-01-012026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrHealthcareAblMember2025-01-012025-12-310001418076Equipment Financing | U.S. Crane & Rigging, LLC | Commercial Services & Supplies | 8.73%| 12/2022 | 9/20282025-01-012025-12-310001418076us-gaap:PrivatePlacementMember2010-02-092010-02-090001418076ck0001418076:VapothermInc.Memberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-01-012025-12-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:SlrCreditSolutionsMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceDebtMember2026-03-310001418076ck0001418076:NmcSeniorCreditFacilityMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyFourUnsecuredNotesMember2024-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMember2025-01-012025-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SouthernOrthodonticPartnersManagementLlcMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:OisManagementServicesLlcMember2025-12-310001418076ck0001418076:TransportationInfrastructureMember2026-03-310001418076Equipment Financing | Smiley Lifting Solutions, LLC | Commercial Services & Supplies | 7.82-8.61% | 6/2022 | 9/2026-6/2030srt:MaximumMember2025-12-310001418076Equipment Financing | RH Land Construction, LLC & Harbor Dredging LA, Inc. | Construction & Engineering | 8.08% | 5/2023 | 5/20262025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | OIS Management Services, LLC | Health Care Providers & Services | S+475 | 0.75% | 8.42% | 10/2025 | 11/20282025-12-310001418076srt:MinimumMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076ck0001418076:BaysideParentLlcEquityMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2026-01-012026-03-310001418076ck0001418076:KbhtMember2024-03-130001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Blazing Star Parent, LLC | Consumer Staples Distribution & Retail | S+700 | 1.00% | 10.67% | 8/2025 | 8/20302026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Lyneer Staffing Solutions, LLC | Professional Services | P+100 | 7.75% | 4/2025 | 4/20282025-12-310001418076ck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMemberck0001418076:CreditFacilityMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SLR Healthcare ABL | Financial Services | S+650 | 10.46% | 6/2025 | 3/20262025-01-012025-12-310001418076ck0001418076:KingsbridgeHoldingsLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | nFusion Capital Finance, LLC | Financial Services | S+725 | 1.00% | 10.92% | 7/2025 | 7/20282026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesGUnsecuredNotesMember2026-01-012026-03-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | AMF Levered II, LLC | Financial Services | S+705 | 1.00% | 10.98% | 12/2021 | 8/20282025-12-310001418076ck0001418076:ConsumerStaplesDistributionAndRetailMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyFourUnsecuredNotesMember2020-12-310001418076ck0001418076:TermLoansMember2018-12-310001418076ck0001418076:SlrHealthcareAblCreditMember2025-01-012025-12-310001418076ck0001418076:KingsbridgeHoldingsLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:WALCOFundingLLCMember2026-03-310001418076ck0001418076:PreferredEquityMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2022-12-310001418076ck0001418076:NefpassFacilityMember2020-12-310001418076us-gaap:RevolvingCreditFacilityMember2012-12-280001418076ck0001418076:TwoThousandAndTwentyEightSeriesIUnsecuredNotesMember2025-01-012025-09-300001418076us-gaap:FairValueInputsLevel2Memberck0001418076:EquipmentFinancingMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Orthodontic Partners Management, LLC | Health Care Providers & Services | S+475 | 1.00% | 8.41% | 6/2022 | 7/20292026-01-012026-03-310001418076ck0001418076:VapothermInc.Memberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2026-03-310001418076ck0001418076:QuantcastCorporationMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2026-03-310001418076ck0001418076:TwoThousandAndTwentyTwoTrancheCNotesMember2017-12-310001418076ck0001418076:SpecialtyRetailMember2026-03-310001418076ck0001418076:TaucManagementLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:StreamlandMediaHoldingsLLCMember2026-03-310001418076ck0001418076:BaysideOpcoLLCOneMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:TermLoansMember2020-12-310001418076ck0001418076:MediaMember2025-12-310001418076ck0001418076:SpreadEightMember2025-01-012025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:RdHoldcoIncCommonEquityMember2026-03-310001418076Preferred Equity | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9.00% | 9/20242025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:UnitedDigestiveMSOParentLLCMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Logix Holding Company, LLC | Communications Equipment | S+750 | 2.00% | 11.17% | 9/2018 | 12/20282026-03-3100014180762025-12-310001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2019-12-310001418076ck0001418076:HealthCareEquipmentAndSuppliesMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Wilbur-Ellis Holdings II, LLC | Fertilizer & Agricultural Chemicals | S+400 | 1.00% | 7.86% | 6/2025 | 6/20302025-01-012025-12-310001418076Senior Secured Loans | First Lien Life Science Senior Secured Loans | Arcutis Biotherapeutics, Inc. | Pharmaceuticals | S+595 | 2.50% | 9.61% | 12/2021 | 8/20292026-03-3100014180762021-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Infillion Inc. | Professional Services | P+175 | 8.50% | 5/2025 | 4/20282026-03-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:SixInvestmentPortfolioCompanyMember2025-03-310001418076ck0001418076:SeniorSecuredCommitmentsMember2025-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-01-012025-12-310001418076ck0001418076:SlrSeniorLendingProgramLlcMemberck0001418076:UnfundedDebtAndEquityCommitmentsMemberus-gaap:InvestorMember2026-03-310001418076United Digestive MSO Parent, LLC | Health Care Providers & Services | S+575 | 1.00% | 9.42% | 3/20292025-12-310001418076ck0001418076:SpreadFourMember2026-01-012026-03-310001418076Common Equity/Equity Interests/Warrants | Centrexion Therapeutics, Inc. Warrants | Pharmaceuticals | 6/20192026-03-310001418076ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember2023-12-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR Credit Solutions | Financial Services | 12/20122026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | The Children's Place, Inc. | Specialty Retail | S+525 | 2.00% | 8.96% | 12/2025 | 12/20302025-12-310001418076ck0001418076:WesternVeterinaryPartnersLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076ck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Streamland Media Holdings LLC | Professional Services | S+400 | 2.00% | 7.79% | 5/2025 | 5/20302025-01-012025-09-300001418076iCIMS, Inc. | Software | S+575 | 0.75% | 9.61% | 8/20282025-12-310001418076ck0001418076:PreferredEquityMember2025-01-012025-03-310001418076us-gaap:SubsequentEventMember2026-04-152026-04-150001418076Equipment Financing | Trinity Equipment, Inc | Commercial Services & Supplies | 8.78-8.93% | 5/2023 | 5/2028srt:MaximumMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Enhanced Permanent Capital, LLC | Capital Markets | S+625 | 1.00% | 9.94% | 12/2020 | 6/20292026-01-012026-03-310001418076ck0001418076:CommunicationsEquipmentMember2025-12-310001418076us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Wilbur-Ellis Holdings II, LLC | Fertilizer & Agricultural Chemicals | S+400 | 1.00% | 7.67% | 6/2025 | 6/20302026-01-012026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SlrHealthcareAblMember2026-03-310001418076us-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Shoes for Crews Holdings, LLC | Diversified Consumer Services | 6/20242026-01-012026-03-310001418076ck0001418076:ValuationApproachMarketMultipleMembersrt:WeightedAverageMemberck0001418076:MeasurementInputComparableMultipleMemberck0001418076:EquipmentFinancingMember2026-03-310001418076Common Equity/Equity Interests/Warrants | Veronica Holdings, LLC (Vapotherm) | Health Care Equipment & Supplies | 9/20242025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Alkeme Intermediary Holdings, LLC | Insurance | S+500 | 1.00% | 8.70% | 9/2023 | 5/20272026-01-012026-03-310001418076ck0001418076:CreditFacilityMember2016-12-310001418076United Digestive MSO Parent, LLC | Health Care Providers & Services | S+575 | 1.00% | 9.40% | 3/20292026-03-310001418076ck0001418076:EquipmentFinancingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:SlramiTopcoBlockerLlcMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:KingsbridgeHoldingsLlcMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:AllStatesAgPartsLLCMember2025-12-310001418076Common Equity/Equity Interests/Warrants | Assertio Holdings, Inc. | Pharmaceuticals | 7/20232026-01-012026-03-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SlrEquipmentFinanceEquityMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SLR Healthcare ABL | Financial Services | S+650 | 10.16% | 6/2025 | 4/20262026-01-012026-03-310001418076srt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2026-03-310001418076Common Equity/Equity Interests/Warrants | SLR Healthcare ABL | Financial Services | 4/20222026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenUnsecuredNotesMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:ValuationApproachMarketMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001418076:InvestmentInSeniorSecuredLoansMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001418076us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:SlrHealthcareAblMemberck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Wilbur-Ellis Holdings II, LLC | Fertilizer & Agricultural Chemicals | S+400 | 1.00% | 7.86% | 6/2025 | 6/20302025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | 33Across Inc. | Media | P+200 | 8.50% | 10.50% | 1/2024 | 10/20272025-01-012025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | ReFocus Management Services, LLC | Health Care Providers & Services | S+500 | 1.00% | 8.66% | 2/2026 | 2/20292026-01-012026-03-310001418076ck0001418076:TermLoanAndCreditFacilityMemberck0001418076:CitiBankNaMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2011-09-012011-12-310001418076ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2024-12-310001418076ck0001418076:BroadlineRetailMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Southern Lifting and Hoisting, LLC | Transportation Infrastructure | P+25 | 6.00% | 7.00% | 1/2025 | 1/20272026-01-012026-03-310001418076srt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2025-12-310001418076Common Equity/Equity Interests/Warrants | SLR-AMI Topco Blocker, LLC | Broadline Retail | 6/20232026-01-012026-03-310001418076ck0001418076:BaysideParentLlcLoanMemberck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember2025-12-310001418076Equipment Financing | SLR Equipment Finance | Multi-Sector Holdings | 8.50% | 12/2024 | 7/20262025-12-310001418076RQM+ Corp. | Life Sciences Tools & Services | S+675 | 1.00% | 10.68% | 8/20292025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | SPAR Marketing Force, Inc. | Media | P+125 | 8.00% | 12/2023 | 10/20252025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Luxury Asset Capital, LLC | Consumer Finance | S+675 | 1.00% | 10.53% | 7/2022 | 7/20272026-01-012026-03-310001418076ck0001418076:MeasuredAtNetAssetValueMemberck0001418076:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076srt:WeightedAverageMemberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076ck0001418076:BroadlineRetailMember2025-12-310001418076ck0001418076:CreditFacilityOneMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Sherwood Management Co., Inc | Specialty Retail | S+500 | 2.00% | 8.93% | 3/2025 | 3/20302026-03-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:ThirtyThreeAcrossInc.Member2026-03-3100014180762018-12-310001418076Equipment Financing | The Smedley Company & Smedley Services, Inc. | Commercial Services & Supplies | 4.07% | 7/2017 | 1/20282026-03-310001418076us-gaap:USTreasuryBillSecuritiesMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | United Digestive MSO Parent, LLC | Health Care Providers & Services | S+575 | 1.00% | 9.42% | 3/2023 | 3/20292025-12-310001418076Common Equity/Equity Interests/Warrants | Senseonics Holdings, Inc. | Health Care Equipment & Supplies | 7/20192025-01-012025-12-310001418076ck0001418076:SpreadNineMember2025-01-012025-12-310001418076ck0001418076:UnfundedDebtAndEquityCommitmentsMemberck0001418076:SherwoodManagementCoIncMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SLRHealthcareABLRevolverMember2026-03-310001418076ck0001418076:MeasurementInputMarketYieldMemberck0001418076:InvestmentInSeniorSecuredLoansMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMembersrt:MaximumMember2020-11-030001418076ck0001418076:NmcsCreditFacilityMember2024-09-270001418076ck0001418076:SlrBusinessCreditFacilityMember2026-03-310001418076ck0001418076:KingsbridgeHoldingsLlcMember2025-12-310001418076us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001418076ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMemberck0001418076:SointLlcMember2024-12-310001418076ck0001418076:SeniorSecuredCommitmentsMember2026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Human Interest Inc. | Professional Services | S+625 | 1.00% | 9.92% | 6/2022 | 7/20272026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | CVAUSA Management, LLC | Health Care Providers & Services | S+525 | 1.00% | 8.97% | 5/2023 | 5/20292025-12-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001418076:MeasurementInputReturnOnEquityMemberus-gaap:EquitySecuritiesMember2025-12-310001418076Equipment Financing | Zamborelli Enterprises Pacific Southern Foundation | Diversified Consumer Services| 8.91% | 12/2022 | 1/20272026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentySevenSeriesFUnsecuredNotesMember2024-12-310001418076Senior Secured Loans | First Lien Bank Debt/ Senior Secured Loans | CC SAG Holdings Corp. (Spectrum Automotive) | Diversified Consumer Services | S+525 | 0.75% | 8.97% | 6/2021 | 6/20282025-12-310001418076ck0001418076:CreditFacilityMember2022-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Stella & Chewy's, LLC | Consumer Staples Distribution & Retail | S+525 | 2.00% | 9.04% | 3/2025 | 3/20282025-01-012025-12-310001418076ck0001418076:TwoThousandAndTwentySixUnsecuredNotesMember2019-12-3100014180762026-03-160001418076ck0001418076:SpreadOneMember2026-01-012026-03-310001418076ck0001418076:BaysideOpcoLLCMemberck0001418076:UnfundedDebtAndEquityCommitmentsMember2026-03-310001418076us-gaap:FairValueMeasurementsRecurringMemberck0001418076:InvestmentInSeniorSecuredLoansMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | BayMark Health Services, Inc. | Health Care Providers & Services | S+500 | 1.00% | 8.96% | 4/2022 | 6/20272026-03-310001418076Equipment Financing | CKD Holdings, Inc | Ground Transportation | 8.10% | 9/2022 | 9/20272026-03-310001418076us-gaap:FairValueInputsLevel3Memberck0001418076:MeasurementInputMarketYieldMemberck0001418076:PreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | CVAUSA Management, LLC | Health Care Providers & Services | S+525 | 1.00% | 8.92% | 5/2023 | 5/20292026-03-310001418076Equipment Financing | First American Commercial Bancorp, Inc | Financial Services | 7.50-9.00% | 10/2021 | 10/2026-3/20272025-12-310001418076Senior Secured Loans | Second Lien Asset-Based Senior Secured Loans | FGI Worldwide LLC | Financial Services | S+650 | 1.00% | 10.17% | 4/2023 | 4/20282026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Tilley Distribution, Inc | Trading Companies & Distributors | S+600 | 1.00% | 9.82% | 4/2022 | 12/20262025-12-310001418076ck0001418076:ValuationApproachMarketMultipleMemberck0001418076:EquipmentFinancingMemberck0001418076:MeasurementInputComparableMultipleMembersrt:MaximumMember2026-03-310001418076us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001418076ck0001418076:SlrHealthcareAblMember2013-09-300001418076ck0001418076:CommonEquityEquityInterestsAndWarrantsMember2025-12-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesJUnsecuredNotesMember2026-01-012026-03-310001418076ck0001418076:TwoThousandAndTwentyEightSeriesHUnsecuredNotesMember2026-01-012026-03-310001418076Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Shoes for Crews Global, LLC | Diversified Consumer Services | S+650 | 1.00% | 10.33% | 6/2024 | 6/20292025-01-012025-12-310001418076ck0001418076:PassengerAirlinesMember2025-12-310001418076ck0001418076:TermLoansMember2019-12-31xbrli:pureck0001418076:Loansck0001418076:Issuersiso4217:USDxbrli:sharesxbrli:sharesck0001418076:Segmentsck0001418076:Customersck0001418076:CreditFundiso4217:USDck0001418076:Fund

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarter Ended March 31, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 814-00754

SLR INVESTMENT CORP.

(Exact name of registrant as specified in its charter)

 

Maryland		26-1381340
(State of Incorporation)		(I.R.S. Employer Identification No.)
500 Park Avenue New York, N.Y.		10022
(Address of principal executive offices)		(Zip Code)

(212) 993-1670

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share		SLRC		The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☒		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

The number of shares of the registrant’s Common Stock, $0.01 par value, outstanding as of May 1, 2026 was 54,554,634.

 

 

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SLR INVESTMENT CORP.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

 

				PAGE
PART I. FINANCIAL INFORMATION
Item 1.		Financial Statements
		Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025		3
		Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and the three months ended March 31, 2025 (unaudited)		4
		Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 (unaudited) and the three months ended March 31, 2025 (unaudited)		5
		Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and the three months ended March 31, 2025 (unaudited)		6
		Consolidated Schedule of Investments as of March 31, 2026 (unaudited)		7
		Consolidated Schedule of Investments as of December 31, 2025		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		69
Item 4.		Controls and Procedures		70
PART II. OTHER INFORMATION
Item 1.		Legal Proceedings		71
Item 1A.		Risk Factors		71
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		71
Item 3.		Defaults Upon Senior Securities		71
Item 4.		Mine Safety Disclosures		71
Item 5.		Other Information		71
Item 6.		Exhibits		72
		Signatures		73

 

 

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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)

 

		March 31, 2026 (unaudited)				December 31, 2025
Assets
Investments at fair value:
Companies less than 5% owned (cost: $1,073,426 and $1,092,009, respectively)		$	1,067,780			$	1,092,822
Companies 5% to 25% owned (cost: $110,951 and $109,346, respectively)			99,351				98,067
Companies more than 25% owned (cost: $959,453 and $953,384, respectively)			946,073				933,923
Cash			11,188				15,716
Cash equivalents (cost: $388,944 and $348,585, respectively)			388,944				348,585
Dividends receivable			13,655				15,178
Interest receivable			11,995				11,865
Receivable for investments sold			—				55,271
Prepaid expenses and other assets			1,425				1,137
Total assets		$	2,540,411			$	2,572,564
Liabilities
Debt ($1,145,443 and $1,154,436 face amounts, respectively, reported net of    unamortized debt issuance costs of $7,236 and $8,082, respectively. See note 7)		$	1,138,207			$	1,146,354
Payable for investments and cash equivalents purchased			388,944				402,727
Management fee payable (see note 3)			7,784				7,956
Performance-based incentive fee payable (see note 3)			4,445				5,384
Interest payable (see note 7)			6,813				9,269
Administrative services payable (see note 3)			1,446				3,127
Other liabilities and accrued expenses			2,022				1,754
Total liabilities		$	1,549,661			$	1,576,571
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			1,115,023				1,115,023
Accumulated distributable net loss			(124,819	)			(119,576	)
Total net assets		$	990,750			$	995,993
Net Asset Value Per Share		$	18.16			$	18.26

 

See notes to consolidated financial statements.

3

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SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share amounts)

 

	Three months ended
	March 31, 2026				March 31, 2025
INVESTMENT INCOME:
Interest:
Companies less than 5% owned	$	27,940			$	29,174
Companies 5% to 25% owned		1,211				1,224
Companies more than 25% owned		3,966				3,235
Dividends:
Companies 5% to 25% owned		844				770
Companies more than 25% owned		14,022				17,796
Other income:
Companies less than 5% owned		1,190				874
Companies more than 25% owned		114				105
Total investment income		49,287				53,178
EXPENSES:
Management fees (see note 3)		7,784				7,513
Performance-based incentive fees (see note 3)		4,459				5,526
Interest and other credit facility expenses (see note 7)		16,382				15,840
Administrative services expense (see note 3)		1,446				1,361
Other general and administrative expenses		1,380				835
Total expenses		31,451				31,075
Performance-based incentive fees waived (see note 3)		(14	)			(2	)
Net expenses		31,437				31,073
Net investment income	$	17,850			$	22,105
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND    CASH EQUIVALENTS:
Net realized loss on investments and cash equivalents (companies less than 5% owned)	$	(27	)		$	(422	)
Net change in unrealized gain (loss) on investments and cash equivalents:
Companies less than 5% owned		(6,458	)			(2,780	)
Companies 5% to 25% owned		(321	)			(2,027	)
Companies more than 25% owned		6,080				3,050
Net change in unrealized gain (loss) on investments and cash equivalents		(699	)			(1,757	)
Net realized and unrealized gain (loss) on investments and cash equivalents		(726	)			(2,179	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,124			$	19,926
EARNINGS PER SHARE (see note 5)	$	0.31			$	0.37

 

See notes to consolidated financial statements.

4

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SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

(in thousands, except share amounts)

 

	Three months ended
	March 31, 2026				March 31, 2025
Increase (decrease) in net assets resulting from operations:
Net investment income	$	17,850			$	22,105
Net realized loss		(27	)			(422	)
Net change in unrealized gain (loss)		(699	)			(1,757	)
Net increase in net assets resulting from operations		17,124				19,926
Distributions to stockholders:
From net investment income		(17,850	)			(22,105	)
From return of capital		(4,517	)			(262	)
Net distributions to stockholders		(22,367	)			(22,367	)
Total decrease in net assets		(5,243	)			(2,441	)
Net assets at beginning of period		995,993				992,926
Net assets at end of period	$	990,750			$	990,485

 

See notes to consolidated financial statements.

5

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SLR INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)

 

		Three months ended
		March 31, 2026				March 31, 2025
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations		$	17,124			$	19,926
Adjustments to reconcile net increase in net assets resulting from operations to    net cash provided by operating activities:
Net realized loss on investments and cash equivalents			27				422
Net change in unrealized (gain) loss on investments			699				1,757
Deferred financing costs/market discount amortization			846				758
Net accretion of discount on investments			(2,161	)			(1,604	)
(Increase) decrease in operating assets:
Purchase of investments			(118,689	)			(193,471	)
Proceeds from disposition of investments			137,344				194,902
Capitalization of payment-in-kind income			(5,621	)			(1,713	)
Collections of payment-in-kind income			9				942
Receivable for investments sold			55,271				237
Interest receivable			(130	)			348
Dividends receivable			1,523				(2,048	)
Prepaid expenses and other assets			(288	)			(593	)
Increase (decrease) in operating liabilities:
Payable for investments and cash equivalents purchased			(13,783	)			49,564
Management fee payable			(172	)			(226	)
Performance-based incentive fee payable			(939	)			(397	)
Administrative services expense payable			(1,681	)			752
Interest payable			(2,456	)			(1,796	)
Other liabilities and accrued expenses			268				381
Net Cash Provided by Operating Activities			67,191				68,141
Cash Flows from Financing Activities:
Cash distributions paid			(22,367	)			(22,367	)
Proceeds from unsecured borrowings			—				49,820
Repayment of unsecured borrowings			—				(85,000	)
Proceeds from secured borrowings			75,000				244,474
Repayment of secured borrowings			(83,993	)			(202,334	)
Net Cash Used in Financing Activities			(31,360	)			(15,407	)
NET INCREASE IN CASH AND CASH EQUIVALENTS			35,831				52,734
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			364,301				414,271
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	400,132			$	467,005
Supplemental disclosure of cash flow information:
Cash paid for interest		$	17,992			$	16,878

 

 

See notes to consolidated financial statements.

6

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2026

(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 — 125.1%
First Lien Bank Debt/Senior Secured Loans
33Across Inc.		Media		P+200			8.50	%			10.50	%		1/2024		10/2027		$	1,723			$	1,723			$	1,723
Alkeme Intermediary Holdings, LLC(16)		Insurance		S+500			1.00	%			8.70	%		9/2023		5/2027			17,341				17,138				17,341
All States Ag Parts, LLC(16)		Trading Companies & Distributors		S+650(12)			1.00	%			10.46	%		4/2022		9/2026			2,312				2,307				2,312
BayMark Health Services, Inc.(16)		Health Care Providers & Services		S+500			1.00	%			8.96	%		4/2022		6/2027			8,179				8,087				7,770
Bayside Opco, LLC(23)		Health Care Providers & Services		S+725			1.00	%			11.10	%		5/2023		5/2026			20,052				20,052				20,052
Bayside Parent, LLC(23)		Health Care Providers & Services		S+1000(11)			1.00	%			13.85	%		5/2023		5/2026			7,172				7,172				7,172
BDG Media, Inc.		Media		P+525			5.50	%			12.00	%		7/2022		7/2026			5,003				5,003				5,003
Blazing Star Parent, LLC(16)		Consumer Staples Distribution & Retail		S+700			1.00	%			10.67	%		8/2025		8/2030			16,190				15,976				16,190
CC SAG Holdings Corp.(Spectrum Automotive)(16)		Diversified Consumer Services		S+525			0.75	%			8.92	%		6/2021		6/2028			28,682				28,426				28,682
Clifford Loan Ventures, LLC & Clifford Preferred Ventures Holdings LLC(3)		Capital Markets		S+700			1.00	%			10.67	%		9/2025		9/2028			17,506				17,272				17,506
Copper River Seafoods, Inc.		Food Products		P+200			—				8.75	%		12/2023		4/2028			1,466				1,466				1,466
CVAUSA Management, LLC(16)		Health Care Providers & Services		S+525			1.00	%			8.92	%		5/2023		5/2029			18,582				18,390				18,582
DeepIntent, Inc.		Media		P+135			3.90	%			8.10	%		12/2023		9/2030			2,340				2,340				2,340
Enhanced Permanent Capital, LLC(3)		Capital Markets		S+625			1.00	%			9.94	%		12/2020		6/2029			55,106				54,211				54,142
EyeSouth Eye Care Holdco LLC(16)		Health Care Providers & Services		S+550			1.00	%			9.27	%		10/2022		10/2029			2,537				2,486				2,537
FE Advance, LLC & Sonic ACA Advance LLC(16)		Financial Services		S+650			1.00	%			10.17	%		7/2024		7/2027			20,894				20,685				20,894
Fertility (ITC) Investment Holdco, LLC		Health Care Providers & Services		S+500			0.75	%			8.57	%		1/2023		1/2029			22,083				21,722				22,083
Human Interest Inc.(16)		Professional Services		S+625			1.00	%			9.92	%		6/2022		7/2027			20,104				20,305				20,356
iCIMS, Inc.(16)		Software		S+575			0.75	%			9.42	%		8/2022		8/2028			25,162				24,979				25,162
Infillion Inc.		Professional Services		P+175			—				8.50	%		5/2025		4/2028			19,804				19,804				19,804
Insight Capital Solutions, LLC		Financial Services		S+625			1.00	%			9.92	%		6/2025		10/2030			45,000				44,589				45,000
Kingsbridge Holdings, LLC(2)		Multi-Sector Holdings		S+700			1.00	%			10.82	%		12/2018		12/2027			142,500				142,367				142,500
Logix Holding Company, LLC(16)		Communications Equipment		S+750(14)			2.00	%			11.17	%		9/2018		12/2028			10,524				10,524				10,524
Luxury Asset Capital, LLC(16)		Consumer Finance		S+675			1.00	%			10.53	%		7/2022		7/2027			30,500				30,311				30,500
Lyneer Staffing Solutions, LLC		Professional Services		P+100			—				7.75	%		4/2025		4/2028			41,498				41,498				41,498
Maxor Acquisition, Inc.(16)		Health Care Providers & Services		S+600			1.00	%			9.77	%		3/2023		3/2029			18,976				18,664				18,976
OIS Management Services, LLC		Health Care Providers & Services		S+475			0.75	%			8.45	%		10/2025		11/2028			9,438				9,352				9,438
One Touch Direct, LLC		Commercial Services & Supplies		P+75			4.00	%			7.50	%		12/2023		3/2027			4,173				4,173				4,173
Pinnacle Fertility, Inc.		Health Care Providers & Services		S+500			0.75	%			8.87	%		3/2025		3/2028			976				949				976
Plastic Management, LLC(16)		Health Care Providers & Services		S+500			1.00	%			8.66	%		4/2022		8/2027			24,371				23,986				24,371
Quantcast Corporation		Commercial Services & Supplies		S+525			2.00	%			8.92	%		6/2024		6/2029			7,076				7,012				7,076
ReFocus Management Services, LLC		Health Care Providers & Services		S+500			1.00	%			8.66	%		2/2026		2/2029			10,248				10,048				10,043
RQM+ Corp.(16)		Life Sciences Tools & Services		S+725(11)			1.00	%			11.21	%		8/2021		8/2029			25,988				25,739				20,790
Sherwood Management Co., Inc.		Specialty Retail		S+500			2.00	%			8.93	%		3/2025		3/2030			7,601				7,534				7,601
Shoes for Crews Global, LLC		Diversified Consumer Services		S+650(25)			1.00	%			10.46	%		6/2024		6/2029			3,417				3,417				3,417
Sightly Enterprises, Inc.		Media		P+475			6.00	%			11.50	%		1/2024		12/2026			1,872				1,872				1,872
SLR Healthcare ABL (2)(3)(21)		Financial Services		S+650			—				10.16	%		6/2025		4/2026			1,800				1,800				1,800
Southern Lifting and Hoisting, LLC		Transportation Infrastructure		P+25			6.00	%			7.00	%		1/2025		1/2027			18,601				18,601				18,601
Southern Orthodontic Partners Management, LLC		Health Care Providers & Services		S+475			1.00	%			8.41	%		6/2022		7/2029			19,025				18,862				19,025
Southern Transport LLC		Transportation Infrastructure		P+25			6.00	%			7.00	%		1/2025		1/2027			11,869				11,869				11,869
SPAR Marketing Force, Inc.		Media		P+125			—				8.00	%		12/2023		10/2027			13,544				13,544				13,544
Stella & Chewy's, LLC(16)		Consumer Staples Distribution & Retail		S+525			2.00	%			8.92	%		3/2025		3/2028			11,780				11,654				11,780

 

See notes to consolidated financial statements.

7

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

(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)
Streamland Media Holdings LLC		Professional Services		S+400					2.00	%			7.67	%		5/2025		5/2030		$	7,147			$	7,092			$	7,147
SunMed Group Holdings, LLC(16)		Health Care Equipment & Supplies		S+550					0.75	%			9.27	%		6/2021		6/2028			14,637				14,475				14,637
SunMed Receivables I, LLC		Health Care Equipment & Supplies		S+395					2.00	%			7.62	%		10/2025		6/2028			1,906				1,890				1,906
TAUC Management, LLC(16)		Health Care Providers & Services		S+700(11)					1.00	%			10.82	%		4/2022		2/2027			6,434				6,371				5,533
The Children's Place, Inc.(16)		Specialty Retail		S+525					2.00	%			8.92	%		12/2025		12/2030			27,291				26,900				26,881
The Townsend Company, LLC(16)		Commercial Services & Supplies		S+500					1.00	%			8.67	%		8/2023		8/2030			13,385				13,142				13,385
Tilley Distribution, Inc.(16)		Trading Companies & Distributors		S+600					1.00	%			9.82	%		4/2022		12/2026			3,508				3,473				3,438
TPC 2022, LLC		Capital Markets		S+650					1.00	%			10.17	%		12/2024		12/2027			20,000				19,878				20,000
United Digestive MSO Parent, LLC(16)		Health Care Providers & Services		S+575					1.00	%			9.40	%		3/2023		3/2029			14,389				14,132				14,389
Velocity One, LLC		Aerospace & Defense		S+425					2.00	%			7.92	%		6/2025		6/2030			5,250				5,193				5,250
Western Veterinary Partners LLC(16)		Diversified Consumer Services		S+525					1.00	%			8.92	%		1/2024		10/2027			45,500				45,088				45,500
Wilbur-Ellis Holdings II, LLC		Fertilizer & Agricultural Chemicals		S+400					1.00	%			7.67	%		6/2025		6/2030			9,761				9,761				9,761
WMD Funding, LLC(11)		Financial Services			—				—				11.50	%		12/2024		7/2031			22,603				22,603				22,603
Total First Lien Bank Debt/ Senior Secured Loans																								$	957,907			$	956,921
First Lien Life Science Senior Secured Loans
Arcutis Biotherapeutics, Inc.(3)		Pharmaceuticals		S+595					2.50	%			9.61	%		12/2021		8/2029		$	33,425			$	35,207			$	36,934
Ardelyx, Inc.(3)		Pharmaceuticals		S+400(24)					4.70	%			8.70	%		2/2022		7/2028			46,398				47,326				47,326
Centinel Spine, LLC(16)		Health Care Equipment & Supplies		S+530					4.35	%			9.65	%		2/2025		3/2030			22,460				22,518				23,096
OmniGuide Holdings, Inc. (13)		Health Care Equipment & Supplies		S+580(11)					5.31	%			11.21	%		7/2018		5/2026			30,109				33,023				26,195
SPR Therapeutics, Inc.		Health Care Technology		S+515					4.00	%			9.15	%		1/2024		2/2029			10,949				11,015				11,387
Treace Medical Concepts, Inc.		Life Sciences Tools & Services		S+505					3.00	%			8.71	%		12/2025		1/2031			22,460				22,317				22,317
Vapotherm, Inc.(23)		Health Care Equipment & Supplies		S+600					4.50	%			10.50	%		2/2022		9/2027			13,782				14,446				14,368
Total First Lien Life Science Senior Secured Loans																								$	185,852			$	181,623
Second Lien Asset-Based Senior Secured Loans
AMF Levered II, LLC		Financial Services		S+705					1.00	%			10.84	%		12/2021		8/2028		$	29,925			$	29,798			$	29,925
FGI Worldwide LLC (16)		Financial Services		S+650					1.00	%			10.17	%		4/2023		4/2028			8,206				8,107				8,206
nFusion Capital Finance, LLC		Financial Services		S+725					1.00	%			10.92	%		7/2025		7/2028			35,000				34,650				35,000
WALCO Funding, LLC		Financial Services		S+785					1.00	%			11.52	%		6/2025		12/2028			27,654				27,251				27,654
Total Second Lien Asset-Backed Senior Secured Loans																								$	99,806			$	100,785
Total Senior Secured Loans																								$	1,243,565			$	1,239,329

 

See notes to consolidated financial statements.

8

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share/unit amounts)

 

Description		Industry		Interest Rate(1)		Acquisition Date		Maturity Date				Par Amount				Cost				Fair Value
Equipment Financing — 11.3%
A&A Crane and Rigging, LLC (10)		Commercial Services & Supplies		7.78%		3/2023		3/2028				$	35			$	35			$	35
Boart Longyear Company (10)		Metals & Mining		8.31%		5/2020		10/2026					130				130				130
Bowman Energy Solutions, LLC (10)		Commercial Services & Supplies		7.42%		7/2022		7/2026					16				16				16
CKD Holdings, Inc. (10)		Ground Transportation		8.10%		9/2022		9/2027					651				651				651
Double S Industrial Contractors, Inc. (10)		Commercial Services & Supplies		8.60%		7/2023		8/2027					48				48				48
Environmental Protection & Improvement Company, LLC (10)		Ground Transportation		8.25%		9/2020		10/2027					2,746				2,752				2,746
First American Commercial Bancorp, Inc. (10)		Financial Services		7.50-9.00%		10/2021		10/2026-3/2027					592				592				592
No Limit Construction Services, LLC (10)		Commercial Services & Supplies		7.73%		5/2023		6/2028					64				64				64
RH Land Construction, LLC & Harbor Dredging LA, Inc. (10)		Construction & Engineering		8.08%		5/2023		5/2026					9				9				9
SLR Equipment Finance (2)(9)(17)		Multi-Sector Holdings		8.50%		12/2024		7/2026					3,500				3,500				3,500
Smiley Lifting Solutions, LLC(10)		Commercial Services & Supplies		7.82-8.61%		6/2022		9/2026-6/2030					4,168				4,168				4,168
The Smedley Company & Smedley Services, Inc. (10)		Commercial Services & Supplies		4.07%		7/2017		1/2028					559				559				531
Trinity Equipment, Inc. (10)		Commercial Services & Supplies		8.78-8.93%		5/2023		5/2028					725				725				725
U.S. Crane & Rigging, LLC (10)		Commercial Services & Supplies		8.73%		12/2022		9/2028					538				538				538
Worldwide Flight Services, Inc. (10)		Transportation Infrastructure		8.32-9.93%		9/2022		9/2027-8/2028					1,647				1,662				1,647
Zamborelli Enterprises Pacific Southern Foundation (10)		Diversified Consumer Services		8.91%		12/2022		1/2027					169				169				169
												Shares/Units
SLR Equipment Finance Equity Interests (2)(9)(17)*		Multi-Sector Holdings				7/2017							200				145,000				96,000
Total Equipment Financing																$	160,618			$	111,569
Preferred Equity – 3.4%
SOINT, LLC (2)(3)(4)		Aerospace & Defense		0.00%		6/2012		6/2027					—			$	4,600			$	959
Veronica Holdings, LLC (Vapotherm)(23)		Health Care Equipment & Supplies		9.00%(11)		9/2024			—				13,055,991				31,800				32,617
Total Preferred Equity																$	36,400			$	33,576

 

See notes to consolidated financial statements.

9

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share/unit amounts)

 

Description		Industry		Acquisition Date		Shares/Units				Cost				Fair Value
Common Equity/Equity    Interests/Warrants—73.5%
Assertio Holdings, Inc. (8)*		Pharmaceuticals		7/2023			834			$	51			$	16
Bayside Parent, LLC (23)*		Health Care Providers & Services		5/2023			6,526				11,411				12,497
CardioFocus, Inc. Warrants *		Health Care Equipment & Supplies		3/2017			90				51				—
Centrexion Therapeutics, Inc. Warrants *		Pharmaceuticals		6/2019			289,102				136				21
Conventus Orthopaedics, Inc. Warrants *		Health Care Equipment & Supplies		6/2016			157,500				65				—
Essence Group Holdings Corporation    (Lumeris) Warrants *		Health Care Technology		3/2017			260,000				129				—
KBH Topco LLC (Kingsbridge) (2)(5)(18)		Multi-Sector Holdings		11/2020			84,000,000				156,485				186,467
Meditrina, Inc. Warrants *		Health Care Equipment & Supplies		12/2022			44,049				33				29
OmniGuide Holdings, Inc. Warrants*		Health Care Equipment & Supplies		9/2025			2,625,000				11				12
RD Holdco, Inc. (Rug Doctor) (2)*		Diversified Consumer Services		12/2013			335,150				15,683				—
RD Holdco, Inc. (Rug Doctor) Class B (2)*		Diversified Consumer Services		12/2013			872				5,216				—
RD Holdco, Inc. (Rug Doctor) Class C (2)*		Diversified Consumer Services		12/2025			350,120				10,272				13,408
Senseonics Holdings, Inc. (3)(8)*		Health Care Equipment & Supplies		7/2019			23,467				235				156
Shoes for Crews Holdings, LLC		Diversified Consumer Services		6/2024			1,884				2,759				2,040
SLR-AMI Topco Blocker, LLC (15)(23)*		Broadline Retail		6/2023			—				25,740				12,006
SLR Business Credit (2)(3)(19)		Financial Services		4/2022			100				111,583				135,000
SLR Credit Solutions (2)(3)(20)		Financial Services		12/2012			280,303				280,737				281,000
SLR Healthcare ABL (2)(3)(21)		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				47,939
Venus Concept Ltd. Warrants* (f/k/a    Restoration Robotics)		Health Care Equipment & Supplies		5/2018			37				110				—
Veronica Holdings, LLC (Vapotherm)(23)*		Health Care Equipment & Supplies		9/2024			293,203				330				639
Total Common Equity/Equity Interests/Warrants										$	703,247			$	728,730
Total Investments (6) — 213.3%										$	2,143,830			$	2,113,204

 

Description		Industry		Acquisition Date		Maturity Date		Par Amount				Cost				Fair Value
Cash Equivalents —39.3%
U.S. Treasury Bill (3.67% yield)		Government		3/2026		4/2026		$	390,000			$	388,944			$	388,944
Total Investments & Cash Equivalents — 252.6%												$	2,532,774			$	2,502,148
Liabilities in Excess of Other Assets — (152.6%)																	(1,511,398	)
Net Assets — 100.0%																$	990,750

 

See notes to consolidated financial statements.

10

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

(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 March 31, 2026.

(2)

Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Transactions during the three months ended March 31, 2026 in these controlled investments are as follows:

 

Name of Issuer		Fair Value at December 31, 2025				Gross Additions				Gross Reductions				Realized Loss				Change in Unrealized Gain (Loss)				Fair Value at March 31, 2026				Interest/ Dividend/ Other Income
Kingsbridge Holdings, LLC		$	142,500			$	—			$	—			$	—			$	(18	)		$	142,500			$	3,873
KBH Topco, LLC (Kingsbridge)			172,000				11,052				—				—				3,415				186,467				3,794
RD Holdco, Inc. (Rug Doctor, common equity)			—				—				—				—				—				—				—
RD Holdco, Inc. (Rug Doctor, class B)			—				—				—				—				—				—				—
RD Holdco, Inc. (Rug Doctor, class C)			13,408				—				—				—				—				13,408				—
SLR Business Credit (revolver)			—				—				—				—				—				—				—
SLR Business Credit			133,000				—				—				—				2,000				135,000				2,500
SLR Credit Solutions			281,000				—				—				—				—				281,000				4,000
SLR Equipment Finance (equity)			95,000				—				—				—				1,000				96,000				1,000
SLR Equipment Finance (debt)			8,500				3,500				8,500				—				—				3,500				46
SLR Healthcare ABL			37,500				—				—				—				—				37,500				1,378
SLR Healthcare ABL (revolver)			1,800				5,700				5,700				—				—				1,800				47
SLR Senior Lending Program LLC			48,256				—				—				—				(317	)			47,939				1,464
SOINT, LLC			959				—				—				—				—				959				—
		$	933,923			$	20,252			$	14,200			$	—			$	6,080			$	946,073			$	18,102

 

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.

11

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

(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 March 31, 2026, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 26.0% 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 $18,322; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $135,819 and $117,497, respectively, based on a tax cost of $2,094,882. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the Credit Facility (as defined below) (see note 7 to the consolidated financial statements). The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 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)

Spread is S+600 cash / 0.50% PIK.

(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.

12

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

(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)

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 three months ended March 31, 2026 in these affiliated investments are as follows:

 

Name of Issuer		Fair Value at December 31, 2025				Gross Additions				Gross Reductions				Realized Gain (Loss)				Change in Unrealized Gain (Loss)				Fair Value at March 31, 2026				Interest/ Dividend Income
Bayside Opco, LLC		$	19,725			$	372			$	45			$	—			$	—			$	20,052			$	549
Bayside Parent, LLC (loan)			6,933				239				—				—				—				7,172				240
Bayside Parent, LLC (equity)			12,497				—				—				—				—				12,497				—
SLR-AMI Topco Blocker, LLC			12,006				135				—				—				(135	)			12,006				—
Vapotherm, Inc.			14,368				—				—				—				(60	)			14,368				422
Veronica Holdings, LLC (preferred equity)			31,899				718				—				—				(126	)			32,617				844
Veronica Holdings, LLC (common equity)			639				—				—				—				—				639				—
		$	98,067			$	1,464			$	45			$	—			$	(321	)		$	99,351			$	2,055

 

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.

 

(24)

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.

(25)

Certain tranches have a spread of S+650 and certain tranches have a spread of S+700.

* Non-income producing security.

 

See notes to consolidated financial statements.

13

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2026

 

 

Industry Classification		Percentage of Total Investments (at fair value) as of March 31, 2026
Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)			30.5	%
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC and SLR Equipment Finance)			20.3	%
Health Care Providers & Services			9.1	%
Health Care Equipment & Supplies			5.4	%
Diversified Consumer Services			4.4	%
Capital Markets			4.3	%
Professional Services			4.2	%
Pharmaceuticals			4.0	%
Asset Management & Custody Banks			2.3	%
Life Sciences Tools & Services			2.0	%
Specialty Retail			1.6	%
Transportation Infrastructure			1.5	%
Commercial Services & Supplies			1.5	%
Consumer Finance			1.4	%
Consumer Staples Distribution & Retail			1.3	%
Software			1.2	%
Media			1.2	%
Insurance			0.8	%
Broadline Retail			0.6	%
Health Care Technology			0.5	%
Communications Equipment			0.5	%
Fertilizers & Agricultural Chemicals			0.5	%
Aerospace & Defense			0.3	%
Trading Companies & Distributors			0.3	%
Ground Transportation			0.2	%
Food Products			0.1	%
Metals & Mining			0.0	%
Construction & Engineering			0.0	%
Total Investments			100.0	%

 

See notes to consolidated financial statements.

14

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 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 — 126.5%
First Lien Bank Debt/Senior Secured Loans
33Across Inc.		Media		P+200			8.50	%			10.50	%		1/2024		10/2027		$	2,249			$	2,249			$	2,249
Alkeme Intermediary Holdings, LLC(16)		Insurance		S+500			1.00	%			8.67	%		9/2023		5/2027			17,384				17,141				17,384
All States Ag Parts, LLC(16)		Trading Companies & Distributors		S+650(12)			1.00	%			10.43	%		4/2022		9/2026			2,213				2,206				2,213
BayMark Health Services, Inc.(16)		Health Care Providers & Services		S+500			1.00	%			8.93	%		4/2022		6/2027			8,179				8,068				7,770
Bayside Opco, LLC(24)		Health Care Providers & Services		S+725			1.00	%			11.07	%		5/2023		5/2026			19,725				19,725				19,725
Bayside Parent, LLC(24)		Health Care Providers & Services		S+1000(11)			1.00	%			13.82	%		5/2023		5/2026			6,933				6,933				6,933
BDG Media, Inc.		Media		P+525			5.50	%			12.00	%		7/2022		7/2026			7,054				7,054				7,054
Blazing Star Parent, LLC(16)		Consumer Staples Distribution & Retail		S+700			1.00	%			10.82	%		8/2025		8/2030			16,293				16,065				16,293
CC SAG Holdings Corp.(Spectrum Automotive)(16)		Diversified Consumer Services		S+525			0.75	%			8.97	%		6/2021		6/2028			28,756				28,475				28,756
Clifford Loan Ventures, LLC & Clifford Preferred Ventures Holdings LLC(3)		Capital Markets		S+700(11)			1.00	%			10.88	%		9/2025		9/2028			30,833				30,356				30,833
Copper River Seafoods, Inc.		Food Products		P+200			—				8.75	%		12/2023		4/2028			1,197				1,197				1,197
CVAUSA Management, LLC(16)		Health Care Providers & Services		S+525			1.00	%			8.97	%		5/2023		5/2029			18,630				18,424				18,630
DeepIntent, Inc.		Media		P+135			3.90	%			8.10	%		12/2023		9/2030			2,965				2,965				2,965
Enhanced Permanent Capital, LLC(3)		Capital Markets		S+625			1.00	%			10.72	%		12/2020		6/2029			55,106				54,143				54,142
EyeSouth Eye Care Holdco LLC(16)		Health Care Providers & Services		S+550			1.00	%			9.32	%		10/2022		10/2029			2,223				2,172				2,223
FE Advance, LLC & Sonic ACA Advance LLC(16)		Financial Services		S+650			1.00	%			10.38	%		7/2024		7/2027			20,894				20,649				20,894
Fertility (ITC) Investment Holdco, LLC		Health Care Providers & Services		S+500			0.75	%			9.12	%		1/2023		1/2029			26,280				25,890				26,280
Human Interest Inc.(16)		Professional Services		S+625			1.00	%			10.12	%		6/2022		7/2027			20,104				20,265				20,305
iCIMS, Inc.(16)		Software		S+575			0.75	%			9.59	%		8/2022		8/2028			26,040				25,831				26,040
Infillion Inc.		Professional Services		P+175			—				8.50	%		5/2025		4/2028			23,226				23,226				23,226
Insight Investments Holdings, LLC		Financial Services		S+625			1.00	%			9.99	%		6/2025		10/2030			45,000				44,572				45,000
Kingsbridge Holdings, LLC(2)		Multi-Sector Holdings		S+700			1.00	%			10.84	%		12/2018		12/2027			142,500				142,349				142,500
Logix Holding Company, LLC(16)		Communications Equipment		S+750(14)			2.00	%			11.41	%		9/2018		12/2028			10,459				10,459				10,459
Luxury Asset Capital, LLC(16)		Consumer Finance		S+675			1.00	%			10.74	%		7/2022		7/2027			30,500				30,277				30,500
Lyneer Staffing Solutions, LLC		Professional Services		P+100			—				7.75	%		4/2025		4/2028			44,000				44,000				44,000
Maxor Acquisition, Inc.(16)		Health Care Providers & Services		S+600			1.00	%			9.82	%		3/2023		3/2029			19,025				18,690				19,025
OIS Management Services, LLC		Health Care Providers & Services		S+475			0.75	%			8.42	%		10/2025		11/2028			9,462				9,368				9,462
One Touch Direct, LLC		Commercial Services & Supplies		P+75			4.00	%			7.50	%		12/2023		3/2027			5,456				5,456				5,456
Pinnacle Fertility, Inc.		Health Care Providers & Services		S+500			0.75	%			9.27	%		3/2025		3/2028			979				949				979
Plastic Management, LLC(16)		Health Care Providers & Services		S+500			1.00	%			8.67	%		4/2022		8/2027			24,434				23,984				24,434
Quantcast Corporation		Commercial Services & Supplies		S+525			2.00	%			9.04	%		6/2024		6/2029			8,298				8,215				8,298
RQM+ Corp.(16)		Life Sciences Tools & Services		S+675(23)			1.00	%			10.68	%		8/2021		8/2029			24,421				24,157				21,979
Sherwood Management Co., Inc.		Specialty Retail		S+500			2.00	%			9.05	%		3/2025		3/2030			5,663				5,593				5,663
Shoes for Crews Global, LLC		Diversified Consumer Services		S+650(26)			1.00	%			10.33	%		6/2024		6/2029			3,426				3,426				3,426
Sightly Enterprises, Inc.		Media		P+475			6.00	%			11.50	%		1/2024		12/2026			1,849				1,849				1,849
SLR Healthcare ABL (2)(3)(21)		Financial Services		S+650			—				10.46	%		6/2025		4/2026			1,800				1,800				1,800
Southern Lifting and Hoisting, LLC		Transportation Infrastructure		P+25			6.00	%			7.00	%		1/2025		1/2027			19,885				19,885				19,885
Southern Orthodontic Partners Management, LLC(16)		Health Care Providers & Services		S+525			1.00	%			8.92	%		6/2022		7/2026			32,822				32,659				32,822
Southern Transport LLC		Transportation Infrastructure		P+25			6.00	%			7.00	%		1/2025		1/2027			11,188				11,188				11,188
SPAR Marketing Force, Inc.		Media		P+125			—				8.00	%		12/2023		10/2027			10,335				10,335				10,335
Stella & Chewy's, LLC(16)		Consumer Staples Distribution & Retail		S+525			2.00	%			9.04	%		3/2025		3/2028			13,494				13,327				13,494

 

See notes to consolidated financial statements.

15

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 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)
Streamland Media Holdings LLC		Professional Services		S+400					2.00	%			7.79	%		5/2025		5/2030		$	7,188			$	7,122			$	7,188
SunMed Group Holdings, LLC(16)		Health Care Equipment & Supplies		S+550					0.75	%			9.44	%		6/2021		6/2028			14,675				14,497				14,675
SunMed Receivables I, LLC		Health Care Equipment & Supplies		S+395					2.00	%			7.74	%		10/2025		6/2028			1,906				1,888				1,906
TAUC Management, LLC(16)		Health Care Providers & Services		S+700(27)					1.00	%			10.82	%		4/2022		2/2027			6,076				5,995				5,164
The Children's Place, Inc.		Specialty Retail		S+525					2.00	%			8.96	%		12/2025		12/2030			27,291				26,884				26,881
The Townsend Company, LLC(16)		Commercial Services & Supplies		S+500					1.00	%			8.72	%		8/2023		8/2030			14,038				13,781				14,038
Tilley Distribution, Inc.(16)		Trading Companies & Distributors		S+600					1.00	%			9.82	%		4/2022		12/2026			3,801				3,751				3,725
TPC 2022, LLC		Capital Markets		S+650					1.00	%			10.38	%		12/2024		12/2027			20,000				19,862				20,000
United Digestive MSO Parent, LLC(16)		Health Care Providers & Services		S+575					1.00	%			9.42	%		3/2023		3/2029			14,426				14,151				14,426
Velocity One, LLC		Aerospace & Defense		S+425					2.00	%			8.04	%		6/2025		6/2030			5,250				5,191				5,250
Western Veterinary Partners LLC(16)		Diversified Consumer Services		S+525					1.00	%			8.92	%		1/2024		10/2027			36,219				35,851				36,219
Wilbur-Ellis Holdings II, LLC		Fertilizer & Agricultural Chemicals		S+400					1.00	%			7.86	%		6/2025		6/2030			10,011				10,011				10,011
WMD Funding, LLC(11)		Financial Services			—				—				11.50	%		12/2024		7/2031			21,680				21,680				21,680
Total First Lien Bank Debt/ Senior Secured Loans																								$	976,236			$	978,829
First Lien Life Science Senior Secured Loans
Arcutis Biotherapeutics, Inc.(3)		Pharmaceuticals		S+595					2.50	%			9.79	%		12/2021		8/2029		$	33,425			$	35,073			$	36,800
Ardelyx, Inc.(3)		Pharmaceuticals		S+400(25)					4.70	%			8.70	%		2/2022		7/2028			46,398				47,177				47,178
Centinel Spine, LLC(16)		Health Care Equipment & Supplies		S+530					4.35	%			9.65	%		2/2025		3/2030			22,460				22,454				23,035
OmniGuide Holdings, Inc. (13)		Health Care Equipment & Supplies		S+580					5.31	%			11.21	%		7/2018		5/2026			28,665				31,169				27,232
SPR Therapeutics, Inc.		Health Care Technology		S+515					4.00	%			9.15	%		1/2024		2/2029			10,949				10,984				11,359
Treace Medical Concepts, Inc.		Life Sciences Tools & Services		S+505					3.00	%			8.78	%		12/2025		1/2031			22,460				22,266				22,258
Vapotherm, Inc.(24)		Health Care Equipment & Supplies		S+600					4.50	%			10.50	%		2/2022		9/2027			13,782				14,386				14,368
Total First Lien Life Science Senior Secured Loans																								$	183,509			$	182,230
Second Lien Asset-Based Senior Secured Loans
AMF Levered II, LLC		Financial Services		S+705					1.00	%			10.98	%		12/2021		8/2028		$	29,925			$	29,786			$	29,925
FGI Worldwide LLC (16)		Financial Services		S+650					1.00	%			10.22	%		4/2023		4/2028			8,206				8,097				8,206
nFusion Capital Finance, LLC		Financial Services		S+725					1.00	%			11.13	%		7/2025		7/2028			35,000				34,617				35,000
WALCO Funding, LLC		Financial Services		S+785					1.00	%			11.57	%		6/2025		12/2028			26,199				25,791				26,199
Total Second Lien Asset-Backed Senior Secured Loans																								$	98,291			$	99,330
Total Senior Secured Loans																								$	1,258,036			$	1,260,389

 

See notes to consolidated financial statements.

16

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2025

(in thousands, except share/unit amounts)

 

Description		Industry		Interest Rate(1)		Acquisition Date		Maturity Date				Par Amount				Cost				Fair Value
Equipment Financing — 11.9%
A&A Crane and Rigging, LLC (10)		Commercial Services & Supplies		7.78%		3/2023		3/2028				$	39			$	39			$	39
Air Methods Corporation (10)		Passenger Airlines		7.08-7.13%		11/2021		11/2026					1,997				2,005				1,997
Boart Longyear Company (10)		Metals & Mining		8.31-9.06%		5/2020		1/2026-10/2026					221				221				221
Bowman Energy Solutions, LLC (10)		Commercial Services & Supplies		7.42%		7/2022		7/2026					28				28				28
CKD Holdings, Inc. (10)		Ground Transportation		8.10-8.60%		9/2022		3/2026-9/2027					815				815				815
Double S Industrial Contractors, Inc. (10)		Commercial Services & Supplies		8.60%		7/2023		8/2027					55				55				55
Environmental Protection & Improvement Company, LLC (10)		Ground Transportation		8.25%		9/2020		10/2027					2,965				2,972				2,965
First American Commercial Bancorp, Inc. (10)		Financial Services		7.50-9.00%		10/2021		10/2026-3/2027					795				795				795
No Limit Construction Services, LLC (10)		Commercial Services & Supplies		7.73%		5/2023		6/2028					71				71				71
RH Land Construction, LLC & Harbor Dredging LA, Inc. (10)		Construction & Engineering		8.08%		5/2023		5/2026					21				21				21
Rotten Rock Hardscaping & Tree Service (10)		Diversified Consumer Services		8.21%		12/2022		12/2027					110				110				110
SLR Equipment Finance (2)(9)(17)		Multi-Sector Holdings		8.50%		12/2024		7/2026					8,500				8,500				8,500
Smiley Lifting Solutions, LLC(10)		Commercial Services & Supplies		7.82-8.61%		6/2022		9/2026-6/2030					4,382				4,382				4,382
The Smedley Company & Smedley Services, Inc. (10)		Commercial Services & Supplies		4.07%		7/2017		1/2028					632				632				600
Trinity Equipment, Inc. (10)		Commercial Services & Supplies		8.78-8.93%		5/2023		5/2028					800				800				800
U.S. Crane & Rigging, LLC (10)		Commercial Services & Supplies		8.73%		12/2022		9/2028					586				586				586
Worldwide Flight Services, Inc. (10)		Transportation Infrastructure		8.32-9.93%		9/2022		9/2027-8/2028					1,819				1,836				1,819
Zamborelli Enterprises Pacific Southern Foundation (10)		Diversified Consumer Services		8.91%		12/2022		1/2027					217				217				217
												Shares/Units
SLR Equipment Finance Equity Interests (2)(9)(17)*		Multi-Sector Holdings				7/2017							200				145,000				95,000
Total Equipment Financing																$	169,085			$	119,021
Preferred Equity – 3.3%
SOINT, LLC (2)(3)(4)		Aerospace & Defense		0.00%		6/2012		6/2027					—			$	4,600			$	959
Veronica Holdings, LLC (Vapotherm)(24)		Health Care Equipment & Supplies		9.00%(11)		9/2024			—				13,055,991				30,956				31,899
Total Preferred Equity																$	35,556			$	32,858

 

See notes to consolidated financial statements.

17

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2025

(in thousands, except share/unit amounts)

 

Description		Industry		Acquisition Date		Shares/Units				Cost				Fair Value
Common Equity/Equity    Interests/Warrants—71.6%
Assertio Holdings, Inc. (8)*		Pharmaceuticals		7/2023			834			$	51			$	8
Bayside Parent, LLC (24)*		Health Care Providers & Services		5/2023			6,526				11,411				12,497
CardioFocus, Inc. Warrants *		Health Care Equipment & Supplies		3/2017			90				51				—
Centrexion Therapeutics, Inc. Warrants *		Pharmaceuticals		6/2019			289,102				136				22
Conventus Orthopaedics, Inc. Warrants *		Health Care Equipment & Supplies		6/2016			157,500				65				—
Essence Group Holdings Corporation    (Lumeris) Warrants *		Health Care Technology		3/2017			260,000				129				—
KBH Topco LLC (Kingsbridge) (2)(5)(18)		Multi-Sector Holdings		11/2020			78,750,000				145,434				172,000
Meditrina, Inc. Warrants *		Health Care Equipment & Supplies		12/2022			44,049				33				27
OmniGuide Holdings, Inc. Warrants*		Health Care Equipment & Supplies		9/2025			2,625,000				11				11
RD Holdco, Inc. (Rug Doctor) (2)*		Diversified Consumer Services		12/2013			327,180				15,683				—
RD Holdco, Inc. (Rug Doctor) Class B (2)*		Diversified Consumer Services		12/2013			845				5,216				—
RD Holdco, Inc. (Rug Doctor) Class C (2)*		Diversified Consumer Services		12/2025			350,120				10,272				13,408
Senseonics Holdings, Inc. (3)(8)*		Health Care Equipment & Supplies		7/2019			23,467				235				130
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			—				25,606				12,006
SLR Business Credit (2)(3)(19)		Financial Services		4/2022			100				111,583				133,000
SLR Credit Solutions (2)(3)(20)		Financial Services		12/2012			280,303				280,737				281,000
SLR Healthcare ABL (2)(3)(21)		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				48,256
Venus Concept Ltd. Warrants* (f/k/a    Restoration Robotics)		Health Care Equipment & Supplies		5/2018			37				110				—
Veronica Holdings, LLC (Vapotherm)(24)*		Health Care Equipment & Supplies		9/2024			293,203				330				639
Total Common Equity/Equity Interests/Warrants										$	692,062			$	712,544
Total Investments (6) — 213.3%										$	2,154,739			$	2,124,812

 

Description		Industry		Acquisition Date		Maturity Date		Par Amount				Cost				Fair Value
Cash Equivalents —35.0%
U.S. Treasury Bill (3.61% yield)		Government		12/2025		2/2026		$	350,000			$	348,585			$	348,585
Total Investments & Cash Equivalents — 248.3%												$	2,503,324			$	2,473,397
Liabilities in Excess of Other Assets — (148.3%)																	(1,477,404	)
Net Assets — 100.0%																$	995,993

 

See notes to consolidated financial statements.

18

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Table of Contents

 

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 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 December 31, 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 year ended December 31, 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 December 31, 2025				Interest/ Dividend/ Other Income
Equipment Operating Leases, LLC		$	2,812			$	—			$	2,884			$	—			$	72			$	—			$	104
Kingsbridge Holdings, LLC			100,500				42,000				—				—				(66	)			142,500				11,936
KBH Topco, LLC (Kingsbridge)			152,071				4,514				—				—				15,415				172,000				19,022
Loyer Capital LLC			7,361				—				7,500				—				139				—				405
RD Holdco, Inc. (Rug Doctor, common equity)			—				—				—				—				—				—				—
RD Holdco, Inc. (Rug Doctor, class B)			—				—				—				—				—				—				—
RD Holdco, Inc. (Rug Doctor, class C)			—				10,272				—				—				3,136				13,408				—
RD Holdco, Inc. (debt)			7,827				—				12,297				—				4,470				—				—
SLR Business Credit (revolver)			—				15,500				15,500				—				—				—				9
SLR Business Credit			125,370				—				—				—				7,630				133,000				14,875
SLR Credit Solutions			288,250				—				—				—				(7,250	)			281,000				20,900
SLR Equipment Finance (equity)			107,600				—				—				—				(12,600	)			95,000				—
SLR Equipment Finance (debt)			3,000				19,100				13,600				—				—				8,500				357
SLR Healthcare ABL			37,850				—				—				—				(350	)			37,500				7,369
SLR Healthcare ABL (revolver)			4,000				98,700				100,900				—				—				1,800				205
SLR Senior Lending Program LLC			49,091				—				—				—				(835	)			48,256				5,594
SOINT, LLC			2,500				—				641				—				(900	)			959				—
		$	888,232			$	190,086			$	153,322			$	—			$	8,861			$	933,923			$	80,776

 

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.

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 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 December 31, 2025, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 26.1% 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 $19,022; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $131,599 and $112,577, respectively, based on a tax cost of $2,105,790. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the Credit Facility (as defined below) (see note 7 to the consolidated financial statements). The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 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)

Spread is S+600 cash / 0.50% PIK.

(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 11 to the consolidated financial statements.

See notes to consolidated financial statements.

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2025

(in thousands, except share/unit amounts)

 

(18)

See note 12 to the consolidated financial statements.

(19)

See note 14 to the consolidated financial statements.

(20)

See note 10 to the consolidated financial statements.

(21)

See note 13 to the consolidated financial statements.

(22)

See note 18 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, 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 December 31, 2025				Interest/ Dividend Income
Bayside Opco, LLC		$	19,905			$	—			$	180			$	—			$	—			$	19,725			$	2,350
Bayside Parent, LLC (loan)			6,008				925				—				—				—				6,933				925
Bayside Parent, LLC (equity)			7,179				—				—				—				5,318				12,497				—
SLR-AMI Topco Blocker, LLC			12,778				1,521				—				—				(2,293	)			12,006				—
Vapotherm, Inc.			14,254				—				—				—				(126	)			14,368				1,741
Veronica Holdings, LLC (preferred equity)			29,182				2,717				—				—				(470	)			31,899				3,187
Veronica Holdings, LLC (common equity)			639				—				—				—				—				639				—
		$	89,945			$	5,163			$	180			$	—			$	2,429			$	98,067			$	8,203

 

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 (2.00% cash/5.00% PIK).

(27)

Spread is S+600 cash / 1.00% PIK.

* Non-income producing security.

 

See notes to consolidated financial statements.

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SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2025

 

 

Industry Classification		Percentage of Total Investments (at fair value) as of December 31, 2025
Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)			30.2	%
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC and SLR Equipment Finance)			19.7	%
Health Care Providers & Services			9.4	%
Health Care Equipment & Supplies			5.4	%
Capital Markets			4.9	%
Professional Services			4.5	%
Diversified Consumer Services			4.0	%
Pharmaceuticals			3.9	%
Asset Management & Custody Banks			2.3	%
Life Sciences Tools & Services			2.1	%
Commercial Services & Supplies			1.6	%
Transportation Infrastructure			1.5	%
Specialty Retail			1.5	%
Consumer Finance			1.4	%
Consumer Staples Distribution & Retail			1.4	%
Software			1.2	%
Media			1.1	%
Insurance			0.8	%
Broadline Retail			0.6	%
Health Care Technology			0.5	%
Communications Equipment			0.5	%
Fertilizers & Agricultural Chemicals			0.5	%
Aerospace & Defense			0.3	%
Trading Companies & Distributors			0.3	%
Ground Transportation			0.2	%
Passenger Airlines			0.1	%
Food Products			0.1	%
Metals & Mining			0.0	%
Construction & Engineering			0.0	%
Biotechnology			0.0	%
Automobile Components			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)

March 31, 2026

(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”). As a result of the acquisition, 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)

March 31, 2026

(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, 2026.

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)

March 31, 2026

(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 three months ended March 31, 2026, 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)

March 31, 2026

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

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(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 SUNS acquisition, 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 months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026 and 2025, the Company recognized $7,784 and $7,513, respectively, in base management fees and $4,459 and $5,526, respectively, in performance-based incentive fees. For the three months ended March 31, 2026 and 2025, $14 and $2, 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 SUNS acquisition. 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)

March 31, 2026

(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 months ended March 31, 2026 and 2025, the Company recognized expenses under the Administration Agreement of $1,446 and $1,361, respectively. No managerial assistance fees were accrued or collected for the three months ended March 31, 2026 and 2025.

Note 4. Net Asset Value Per Share

At March 31, 2026, the Company’s total net assets and net asset value per share were $990,750 and $18.16, respectively. This compares to total net assets and net asset value per share at December 31, 2025 of $995,993 and $18.26, 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 three months ended March 31, 2026 and 2025:

 

	Three months ended March 31,
	2026				2025
Earnings per share (basic & diluted)
Numerator - net increase in net assets resulting from    operations:	$	17,124			$	19,926
Denominator - weighted average shares:		54,554,634				54,554,634
Earnings per share:	$	0.31			$	0.37

 

Note 6. Fair Value

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

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

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

a)

Quoted prices for similar assets or liabilities in active markets;

b)

Quoted prices for identical or similar assets or liabilities in non-active markets;

c)

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

d)

Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

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

When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3).

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

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 would be classified as Level 1.

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025:

Fair Value Measurements

As of March 31, 2026

 

		Level 1				Level 2				Level 3				Measured at Net Asset Value*				Total
Assets:
Senior Secured Loans		$	—			$	—			$	1,239,329			$	—			$	1,239,329
Equipment Financing			—				—				111,569				—				111,569
Preferred Equity			—				—				33,576				—				33,576
Common Equity/Equity Interests/Warrants			172				—				680,619				47,939				728,730
Total Investments		$	172			$	—			$	2,065,093			$	47,939			$	2,113,204

 

* 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.

 

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at March 31, 2026, 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, 2028 Series H Unsecured Notes, 2028 Series I Unsecured Notes and 2028 Series J Unsecured Notes (each as defined below) would be $496,393, $165,050, $74,063, $48,500, $132,300, $49,123, $50,000, $49,875 and $74,625, respectively. All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input.

 

 

 

Fair Value Measurements

As of December 31, 2025

 

		Level 1				Level 2				Level 3				Measured at Net Asset Value*				Total
Assets:
Senior Secured Loans		$	—			$	—			$	1,260,389			$	—			$	1,260,389
Equipment Financing			—				—				119,021				—				119,021
Preferred Equity			—				—				32,858				—				32,858
Common Equity/Equity Interests/Warrants			138				—				664,150				48,256				712,544
Total Investments		$	138			$	—			$	2,076,418			$	48,256			$	2,124,812

 

* 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

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

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.

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, 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, 2028 Series
H Unsecured Notes, 2028 Series I Unsecured Notes and 2028 Series J Unsecured Notes would be $505,386, $165,050, $73,875,
$48,250, $131,625 $49,368, $50,250, $50,000 and $75,000, respectively and would be reflected in Level 3.

 

The following tables provide a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2026, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2026:

Fair Value Measurements Using Level 3 Inputs

 

		Senior Secured Loans				Equipment Financing				Preferred Equity				Common Equity/ Equity Interests/ Warrants				Total
Fair value, December 31, 2025		$	1,260,389			$	119,021			$	32,858			$	664,150			$	2,076,418
Total gains or losses included in earnings:
Net realized loss			(14	)			—				—				—				(14	)
Net change in unrealized gain (loss)			(6,589	)			1,017				(126	)			5,282				(416	)
Purchase of investment securities*			110,953				3,487				844				11,187				126,471
Proceeds from dispositions of investment securities			(125,410	)			(11,956	)			—				—				(137,366	)
Transfers in/out of Level 3			—				—				—				—				—
Fair value, March 31, 2026		$	1,239,329			$	111,569			$	33,576			$	680,619			$	2,065,093
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)		$	(6,589	)		$	1,017			$	(126	)		$	5,282			$	(416	)

 

* Includes PIK capitalization and accretion of discount.

 

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(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 months ended March 31, 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 March 31, 2025:

Fair Value Measurements Using Level 3 Inputs

 

		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)			30				(8	)			—				—				22
Net change in unrealized gain (loss)			(2,905	)			(6,493	)			(113	)			8,348				(1,163	)
Purchase of investment securities*			188,200				2,734				770				5,084				196,788
Proceeds from dispositions of investment securities			(185,838	)			(10,450	)			—				—				(196,288	)
Transfers in/out of Level 3			—				—				—				—				—
Fair value, March 31, 2025		$	1,116,605			$	166,799			$	32,339			$	639,902			$	1,955,645
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)		$	(367	)		$	(6,493	)		$	(113	)		$	8,348			$	1,375

 

* Includes PIK capitalization and accretion of discount

 

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.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of March 31, 2026 is summarized in the table below:

 

Asset or Liability

Fair Value at March 31, 2026

Principal Valuation Technique/Methodology

Unobservable Input

Range (Weighted Average)

Senior Secured Loans

Asset

$

1,213,134

Income Approach

Market Yield

7.8% – 29.9% (11.1%)

$

26,195

Market Multiple

Revenue Multiple

2.5x – 2.5x (2.5x)

Equipment Financing

Asset

$

15,569

Income Approach

Market Yield

8.3% – 8.5% (8.3%)

$

96,000

Market Multiple(1)

Comparable Multiple

1.1x – 1.3x (1.1x)

Preferred Equity

Asset

$

32,617

Income Approach

Market Yield

9.0% – 9.0% (9.0%)

$

959

Recovery Analysis

Recoverable Amount

N/A

Common Equity/Equity    Interests/Warrants

Asset

$

508,119

Market Multiple(2)

Comparable Multiple

1.3x – 13.3x (4.7x)

$

172,500

Market Approach

Return on Equity

3.6% – 28.5% (20.3%)

 

(1)

Includes $96,000 of investments valued using an implied multiple.

(2)

Includes $62 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $15,448 of investments valued using a recovery analysis, $210,970 of investments valued using an EBITDA multiple and $281,000 of investments using an implied multiple.

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2025 is summarized in the table below:

 

Asset or Liability

Fair Value at December 31, 2025

Principal Valuation Technique/Methodology

Unobservable Input

Range (Weighted Average)

Senior Secured Loans

Asset

$

1,260,389

Income Approach

Market Yield

8.2% – 26.9% (11.1%)

Equipment Financing

Asset

$

24,021

Income Approach

Market Yield

8.0% –8.5% (8.2%)

$

95,000

Market Multiple(1)

Comparable Multiple

1.1x-1.3x (1.2x)

Preferred Equity

Asset

$

31,899

Income Approach

Market Yield

9.0% –9.0% (9.0%)

$

959

Recovery Analysis

Recoverable Amount

N/A

Common Equity/Equity    Interests/Warrants

Asset

$

493,650

Market Multiple(2)

Comparable Multiple

1.3x –13.3x (4.1x)

$

170,500

Market Approach

Return on Equity

2.6% –26.9% (20.3%)

 

(1)

Includes $95,000 of investments valued using an implied multiple.

(1)

Includes $60 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $15,448 of investments valued using a recovery analysis, $196,503 of investments valued using an EBITDA multiple and $281,000 of investments using an implied 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.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

Note 7. Debt

Our debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

 

		March 31, 2026									December 31, 2025
Facility		Face Amount				Carrying Value					Face Amount				Carrying Value
Credit Facility		$	496,393			$	490,868		(1)		$	505,386			$	499,287		(1)
SPV Credit Facility			165,050				164,132		(2)			165,050				163,975		(2)
2026 Unsecured Notes			75,000				74,904		(3)			75,000				74,870		(3)
2027 Unsecured Notes			50,000				49,995		(4)			50,000				49,991		(4)
2027 Series F Unsecured Notes			135,000				134,995		(5)			135,000				134,993		(5)
2027 Series G Unsecured Notes			49,000				48,935		(6)			49,000				48,925		(6)
2028 Series H Unsecured Notes			50,000				49,950		(7)			50,000				49,944		(7)
2028 Series I Unsecured Notes			50,000				49,939		(8)			50,000				49,933		(8)
2028 Series J Unsecured Notes			75,000				74,489		(9)			75,000				74,436		(9)
		$	1,145,443			$	1,138,207				$	1,154,436			$	1,146,354

 

(1)

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $5,525 and $6,099 as of March 31, 2026 and December 31, 2025, respectively.

(2)

Carrying Value equals the Face Amount net of unamortized debt issuance costs/market discount of $918 and $1,075 as of March 31, 2026 and December 31, 2025, respectively.

(3)

Carrying Value equals the Face Amount net of unamortized market discount of $96 and $130 as of March 31, 2026 and December 31, 2025, respectively.

(4)

Carrying Value equals the Face Amount net of unamortized market discount of $5 and $9 as of March 31, 2026 and December 31, 2025, respectively.

(5)

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $5 and $7 as of March 31, 2026 and December 31, 2025, respectively.

(6)

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $65 and $75 as of March 31, 2026 and December 31, 2025, respectively.

(7) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $50 and $56 as of March 31, 2026 and

December 31, 2025, respectively.

(8) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $61 and $67 as of March 31, 2026 and

December 31, 2025, respectively.

(9) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $511 and $564 as of March 31, 2026 and

December 31, 2025, respectively.

 

Unsecured Notes

 

On August 21, 2025, the Company closed a private offering of $75,000 of unsecured notes due 2028 (the “2028 Series J Unsecured Notes”) with a fixed interest rate of 5.95% and a maturity date of August 21, 2028. Interest on the 2028 Series J Unsecured Notes is due semi-annually on February 21 and August 21. The 2028 Series J Unsecured Notes were issued in a private placement only to qualified institutional buyers.

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 30 and July 30. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers.

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 Series H Unsecured Notes”). Interest on the 2028 Series H Unsecured Notes is due semi-annually on February 18 and August 18. The 2028 Series H Unsecured Notes were issued in a private placement only to qualified institutional buyers.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

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 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 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 (the
“Credit Facility”). Following the amendment and several commitment between the fourth quarter of 2024 and the third quarter of 2025
and a commitment decrease in the fourth quarter of 2025 related to a lender who did not extend their commitment with Amendment
No. 3, the Credit Facility is now composed of $695,000 of revolving credit and $153,138 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 March 31, 2026, outstanding USD equivalent borrowings
under the Credit Facility totaled $496,393, composed of $346,539 of revolving credit and $149,854 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 SUNS acquisition. 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 March 31, 2026,
outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165,050.

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

The average annualized interest cost for all borrowings for the three months ended March 31, 2026 and the year ended December 31, 2025 was 5.44% and 5.67%, 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 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes, the 2028

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the three months ended March 31, 2026 and the year ended December 31, 2025 were $1,154,436 and $1,223,260, respectively.

35

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

Note 8. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

 

		Three months ended March 31, 2026				Three months ended March 31, 2025
Per Share Data: (a)
Net asset value, beginning of year		$	18.26			$	18.20
Net investment income			0.33				0.41
Net realized and unrealized gain (loss)			(0.02	)			(0.04	)
Net increase in net assets resulting from operations			0.31				0.37
Distributions to stockholders:
From distributable earnings			(0.33	)			(0.41	)
From return of capital			(0.08	)			—
Net asset value, end of period		$	18.16			$	18.16
Per share market value, end of period		$	14.31			$	16.86
Total Return (b)(c)			0.79	%			6.82	%
Net assets, end of period		$	990,750			$	990,485
Shares outstanding, end of period			54,554,634				54,554,634
Ratios to average net assets (c):
Net investment income			1.79	%			2.23	%
Operating expenses		1.51%*				1.53%*
Interest and other credit facility expenses			1.65	%			1.60	%
Total expenses		3.16%*				3.13%*
Average debt outstanding		$	1,117,287			$	1,010,398
Portfolio turnover ratio			5.6	%			9.7	%

 

(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, 2025 and December 31, 2024 was $15.46 and $16.16, respectively. Total return does not include a sales load.

(c)

Not annualized for periods less than one year.

* The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets is shown net of the performance-based incentive fee waiver (see note 3). For the three months ended March 31, 2026 and 2025, the ratios of operating expenses to average net assets would be 1.51% and 1.53%, respectively, without the performance-based incentive fee waiver. For the three months ended March 31, 2026 and 2025, the ratios of total expenses to average net assets would be 3.16% and 3.13%, respectively, without the performance-based incentive fee waiver.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(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 March 31, 2026 and December 31, 2025 was $406,507 and $394,096, respectively, comprised of the following:

 

		March 31, 2026				December 31, 2025
SLR Credit Solutions*		$	44,263			$	44,263
Ardelyx, Inc.			29,272				29,272
Wilbur-Ellis Holdings II, LLC			26,626				26,376
Treace Medical Concepts, Inc.			24,332				24,332
Infillion Inc.			20,196				16,774
SLR Business Credit*			20,000				20,000
SLR Healthcare ABL*			18,700				18,700
Lyneer Staffing Solutions, LLC			18,502				16,000
SLR Equipment Finance*			14,500				9,500
BDG Media, Inc.			12,997				10,946
Refocus Management Services, LLC			12,053				—
OIS Management Services, LLC			11,416				11,416
Southern Lifting and Hoisting, LLC			11,399				10,115
Stella & Chewy's, LLC			10,962				9,248
Copper River Seafoods, Inc.			10,534				10,803
DeepIntent, Inc.			10,402				9,777
Western Veterinary Partners LLC			9,177				21,179
SunMed Receivables I, LLC			7,623				7,623
Quantcast Corporation			7,497				6,275
Velocity One, LLC			7,250				7,250
Arcutis Biotherapeutics, Inc.			6,329				12,658
WMD Funding LLC			5,893				6,191
Sightly Enterprises, Inc.			5,628				5,651
The Townsend Company, LLC			5,402				5,755
Southern Transport LLC			5,381				6,062
Pinnacle Fertility, Inc.			5,280				5,280
Alkeme Intermediary Holdings, LLC			5,000				—
One Touch Direct, LLC			4,827				3,544
SPAR Marketing Force, Inc.			4,456				7,665
iCIMS, Inc.			3,823				2,945
Streamland Media Holdings LLC			3,561				3,659
Sherwood Management Co., Inc.			3,162				5,100
Plastic Management, LLC			3,128				3,128
33Across Inc.			2,944				2,418
Southern Orthodontic Partners Management, LLC			2,314				—
SLR Senior Lending Program LLC*			2,125				2,125
United Digestive MSO Parent, LLC			1,927				1,927
Bayside Opco, LLC			1,721				2,093
SunMed Group Holdings, LLC			1,621				1,621
OmniGuide Holdings, Inc.			1,190				—
Tilley Distribution, Inc.			1,007				1,007
EyeSouth Eye Care Holdco LLC			959				1,279
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			2				102
WALCO Funding, LLC			—				2,911
Total Commitments		$	406,507			$	394,096

 

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

necessarily represent future cash requirements or future earning assets for the Company. As of March 31, 2026 and December 31, 2025, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and March 31, 2025, 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 months ended March 31, 2026 and March 31, 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of March 31, 2026, 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 March 31, 2026

Three months ended March 31, 2025

Three months ended March 31, 2026

Three months ended March 31, 2025

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 March 31, 2026, total commitments to the revolving credit facility were $300,000.

As of March 31, 2026, SLR Credit had 33 funded commitments to 26 different issuers with total funded loans of approximately $397,368 on total assets of $412,279. As of December 31, 2025, SLR Credit had 33 funded commitments to 26 different issuers with total funded loans of approximately $404,097 on total assets of $420,735. As of March 31, 2026 and December 31, 2025, the largest loan outstanding totaled $32,474 and $29,916, respectively. For the same periods, the average exposure per issuer was $15,283 and $15,542, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $212,677 and $215,830 of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Credit had net income of $2,927 and $5,200, respectively, on gross income of $10,013 and $10,056, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Credit will be able to maintain consistent dividend payments to us.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

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. On November 26, 2025, SLR Equipment renewed the credit facility extending the maturity date to November 26, 2028.

As of March 31, 2026, SLR Equipment had 465 funded equipment-backed leases and loans to 236 different customers with a total net investment in leases and loans of approximately $290,857 on total assets of $333,993. As of December 31, 2025, SLR Equipment had 485 funded equipment-backed leases and loans to 243 different customers with a total net investment in leases and loans of approximately $299,753 on total assets of $338,285. As of March 31, 2026 and December 31, 2025, the largest position outstanding totaled $16,413 and $17,768, respectively. For the same periods, the average exposure per customer was $1,232 and $1,234, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $232,298 and $237,500 of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Equipment had net income (loss) of $3,713 and ($1,917), respectively, on gross income of $10,129 and $6,655, 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. On March 16, 2026, as per the terms of the original purchase agreement, the Company acquired an additional 6.25% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 100% of KBHT’s equity.

As of March 31, 2026 and December 31, 2025, KBHT had total assets of $956,433 and $940,258, respectively. For the same periods, debt recourse to KBHT totaled $319,993 and $309,367, respectively, and non-recourse debt totaled $405,964 and $407,803, respectively. None of the debt is recourse to the Company. For the three months ended March 31, 2026 and 2025, KBHT had net income of $1,443 and $3,364, respectively, on gross income of $70,793 and $97,942, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.

Note 14. SLR Healthcare ABL

SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC (“SLR Healthcare”), on September 30, 2013. SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and mid-sized companies operating in the healthcare industry. SUNS’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 March 31, 2026, SLR Healthcare’s management team and the Company owned approximately 8% and 92% of the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the SUNS acquisition on April 1, 2022. Effective upon an amendment dated March 27, 2026, SLR Healthcare has a $160,000 non-recourse credit facility, which is expandable to $300,000 under its accordion facility. The maturity date of this facility is March 27, 2031.

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2026, the portfolio totaled approximately $253,250 of commitments with a total net investment in loans of $111,147 on total assets of $119,600. As of December 31, 2025, the portfolio totaled approximately $297,750 of commitments with a total net investment in loans of $157,025 on total assets of $165,380. At March 31, 2026, the portfolio consisted of 48 issuers with an average balance of approximately $2,316 versus 48 issuers with an average balance of approximately $3,271 at December 31, 2025. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $83,900 and $127,200 of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Healthcare had net income of $1,808 and $1,431, respectively, on gross income of $5,557 and $5,304, 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 SUNS acquisition 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.

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2026, the portfolio totaled approximately $909,142 of commitments, of which, on a net basis, approximately $524,140 were funded, on total assets of $568,632. As of December 31, 2025, the portfolio totaled approximately $920,443 of commitments, of which $535,201 were funded, on total assets of $574,114. At March 31, 2026, the portfolio consisted of 178 issuers with an average balance of approximately $2,945 versus 179 issuers with an average balance of approximately $2,990 at December 31, 2025. NMC has a senior credit facility with a bank lending group for $367,000 which expires on November 13, 2028. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $254,218 and $273,161 of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Business Credit had net income of $1,940 and $2,551 respectively, on gross income of $12,041 and $12,928, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Business Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

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 months ended March 31, 2026 or for the fiscal year ended December 31, 2025.

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(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 senior secured
revolving credit facility with Goldman Sachs Bank USA acting as administrative agent. On October 8, 2025, this facility was refinanced with Citizens Bank, N.A. into a $150,000 facility scheduled to mature in October 2030 and generally bearing interest at a
rate of SOFR plus 2.15% (the “SSLP Facility”). SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2026 and December 31, 2025, borrowings outstanding on the SSLP Facility totaled $96,500 and $94,500, respectively.

As of March 31, 2026 and December 31, 2025, the Company and the Investor had contributed combined equity capital in the amount of $95,750 and $95,750, respectively. As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, SSLP had total assets of $194,907 and $192,810, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 25 and 25 different borrowers, respectively. For the three months ended March 31, 2026, SSLP invested $9,841 in 5 portfolio companies. Investments sold or prepaid totaled $3,434 for the three months ended March 31, 2026. For the three months ended March 31, 2025, SSLP invested $6,588 in 6 portfolio companies. Investments prepaid totaled $19,918 for the three months ended March 31, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

SSLP Portfolio as of March 31, 2026

 

Description		Industry		Spread Above Index(1)		Floor				Interest Rate(2)				Maturity Date		Par Amount				Cost				Fair Value(3)
Alkeme Intermediary Holdings, LLC (4)		Insurance		S+500			1.00	%			8.70	%		5/2027		$	9,075			$	8,994			$	9,075
All States Ag Parts, LLC (4)		Trading Companies & Distributors		S+650			1.00	%			10.46	%		9/2026			2,073				2,073				2,073
BayMark Health Services, Inc. (4)		Health Care Providers & Services		S+500			1.00	%			8.96	%		6/2027			3,991				3,991				3,792
CC SAG Holdings Corp. (4)		Diversified Consumer Services		S+525			0.75	%			8.92	%		6/2028			9,896				9,896				9,896
Crewline Buyer, Inc.		IT Services		S+675			1.00	%			10.42	%		11/2030			5,084				4,985				5,084
CVAUSA Management, LLC (4)		Health Care Providers & Services		S+525			1.00	%			8.92	%		5/2029			9,898				9,714				9,898
Exactcare Parent, Inc.		Health Care Providers & Services		S+550			1.00	%			9.17	%		11/2029			3,163				3,102				3,163
Eyesouth Eye Care Holdco LLC (4)		Health Care Providers & Services		S+550			1.00	%			9.27	%		10/2029			9,898				9,860				9,898
Fertility (ITC) Investment Holdco, LLC (4)		Health Care Providers & Services		S+500			0.75	%			8.57	%		1/2029			9,949				9,836				9,949
Foundation Consumer Brands, LLC		Personal Care Products		S+500			1.00	%			8.80	%		2/2029			7,362				7,362				7,362
iCIMS, Inc.(4)		Software		S+575			0.75	%			9.42	%		8/2028			10,000				9,972				10,000
Maxor Acquisition, Inc.(4)		Health Care Providers & Services		S+600			1.00	%			9.77	%		3/2029			7,931				7,810				7,931
Medrina, LLC		Health Care Providers & Services		S+600			1.00	%			9.63	%		10/2029			2,751				2,702				2,751
NS and Associates LLC		Consumer Staples Distribution & Retail		S+525			1.00	%			8.90	%		8/2030			8,056				7,944				8,056
ONS MSO, LLC		Health Care Providers & Services		S+625			1.00	%			9.92	%		7/2028			5,774				5,683				5,774
Pinnacle Fertility, Inc.(4)		Health Care Providers & Services		S+500			0.75	%			8.87	%		3/2028			13,398				13,398				13,398
Plastic Management, LLC(4)		Health Care Providers & Services		S+500			1.00	%			8.70	%		8/2027			5,507				5,437				5,507
RQM+ Corp.(4)		Life Sciences Tools & Services		S+725			1.00	%			11.21	%		8/2029			6,547				6,547				5,238
RxSense Holdings LLC		Diversified Consumer Services		S+500			1.00	%			8.67	%		3/2027			8,758				8,758				8,758
SunMed Group Holdings, LLC(4)		Health Care Equipment & Supplies		S+550			0.75	%			9.27	%		6/2028			8,742				8,742				8,742
The Townsend Company, LLC(4)		Commercial Services & Supplies		S+500			1.00	%			8.67	%		8/2030			12,863				12,571				12,863
Tilley Distribution, Inc.(4)		Trading Companies & Distributors		S+600			1.00	%			9.85	%		12/2026			5,103				5,103				5,001
United Digestive MSO Parent, LLC(4)		Health Care Providers & Services		S+575			1.00	%			9.40	%		3/2029			4,995				4,901				4,995
UVP Management, LLC		Health Care Providers & Services		S+550			1.00	%			9.35	%		9/2027			3,288				3,251				3,288
Western Veterinary Partners LLC(4)		Diversified Consumer Services		S+525			1.00	%			8.92	%		10/2027			15,039				14,975				15,039
																				$	187,607			$	187,531

 

(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 March 31, 2026.

(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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

SSLP Portfolio as of December 31, 2025

 

Description		Industry		Spread Above Index(1)		Floor				Interest Rate(2)				Maturity Date		Par Amount				Cost				Fair Value(3)
Alkeme Intermediary Holdings, LLC (4)		Insurance		S+500			1.00	%			8.67	%		5/2027		$	8,164			$	8,071			$	8,164
All States Ag Parts, LLC (4)		Trading Companies & Distributors		S+650			1.00	%			10.43	%		9/2026			2,076				2,076				2,076
BayMark Health Services, Inc. (4)		Health Care Providers & Services		S+500			1.00	%			8.93	%		6/2027			3,991				3,991				3,792
CC SAG Holdings Corp. (4)		Diversified Consumer Services		S+525			0.75	%			8.97	%		6/2028			9,922				9,922				9,922
Crewline Buyer, Inc.		IT Services		S+675			1.00	%			10.59	%		11/2030			5,084				4,981				5,084
CVAUSA Management, LLC (4)		Health Care Providers & Services		S+525			1.00	%			8.97	%		5/2029			9,924				9,727				9,924
Exactcare Parent, Inc.		Health Care Providers & Services		S+550			1.00	%			9.39	%		11/2029			3,171				3,106				3,171
Eyesouth Eye Care Holdco LLC (4)		Health Care Providers & Services		S+550			1.00	%			9.47	%		10/2029			9,923				9,883				9,923
Fertility (ITC) Investment Holdco, LLC (4)		Health Care Providers & Services		S+500			0.75	%			9.12	%		1/2029			5,835				5,727				5,835
Foundation Consumer Brands, LLC		Personal Care Products		S+500			1.00	%			9.09	%		2/2029			7,777				7,777				7,777
iCIMS, Inc.(4)		Software		S+575			0.75	%			9.61	%		8/2028			10,000				9,970				10,000
Maxor Acquisition, Inc.(4)		Health Care Providers & Services		S+600			1.00	%			9.82	%		3/2029			7,951				7,822				7,951
Medrina, LLC		Health Care Providers & Services		S+600			1.00	%			9.69	%		10/2029			2,758				2,706				2,758
NS and Associates LLC		Consumer Staples Distribution & Retail		S+525			1.00	%			9.01	%		8/2030			8,076				7,958				8,076
ONS MSO, LLC		Health Care Providers & Services		S+625			1.00	%			10.09	%		7/2028			5,789				5,689				5,789
Pinnacle Fertility, Inc.(4)		Health Care Providers & Services		S+500			0.75	%			9.27	%		3/2028			13,432				13,432				13,432
Plastic Management, LLC(4)		Health Care Providers & Services		S+500			1.00	%			8.67	%		8/2027			5,522				5,439				5,522
RQM+ Corp.(4)		Life Sciences Tools & Services		S+675			1.00	%			10.68	%		8/2029			6,152				6,152				5,537
RxSense Holdings LLC		Diversified Consumer Services		S+500			1.00	%			8.84	%		3/2026			8,782				8,782				8,782
SunMed Group Holdings, LLC(4)		Health Care Equipment & Supplies		S+550			0.75	%			9.44	%		6/2028			8,765				8,765				8,765
The Townsend Company, LLC(4)		Commercial Services & Supplies		S+500			1.00	%			8.72	%		8/2030			12,020				11,723				12,020
Tilley Distribution, Inc.(4)		Trading Companies & Distributors		S+600			1.00	%			9.82	%		12/2026			5,548				5,548				5,437
United Digestive MSO Parent, LLC(4)		Health Care Providers & Services		S+575			1.00	%			9.42	%		3/2029			5,007				4,907				5,007
UVP Management, LLC		Health Care Providers & Services		S+550			1.00	%			9.32	%		9/2027			3,288				3,245				3,288
Western Veterinary Partners LLC(4)		Diversified Consumer Services		S+525			1.00	%			8.92	%		10/2027			13,337				13,282				13,337
																				$	180,681			$	181,369

 

(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 December 31, 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.

Below is certain summarized financial information for SSLP as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and March 31, 2025:

 

		March 31, 2026				December 31, 2025
Selected Balance Sheet Information for SSLP:
Investments at fair value (cost $187,607 and $180,681,    respectively)		$	187,531			$	181,369
Cash and other assets			7,376				11,441
Total assets		$	194,907			$	192,810
Debt outstanding ($96,500 and $94,500 face amounts,    respectively, reported net of unamortized debt issuance    costs of $1,748 and $1,843, respectively)		$	94,752			$	92,657
Distributions payable			2,585				1,885
Interest payable and other credit facility related expenses			1,435				1,488
Accrued expenses and other payables			258				268
Total liabilities		$	99,030			$	96,298
Members’ equity		$	95,877			$	96,512
Total liabilities and members’ equity		$	194,907			$	192,810

 

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SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2026

(in thousands, except share and per share amounts)

 

 

	Three months ended
	March 31, 2026				March 31, 2025
Selected Income Statement Information for SSLP:
Interest income	$	4,412			$	4,469
Service fees*		115				105
Interest and other credit facility expenses		1,531				2,242
Other general and administrative expenses		52				71
Total expenses		1,698				2,418
Net investment income	$	2,714			$	2,051
Realized gain on investments		—				323
Net change in unrealized gain (loss) on investments		(763	)			(285	)
Net realized and unrealized gain (loss) on investments	$	(763	)		$	38
Net income	$	1,951			$	2,089

 

* 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-Chief Executive Officer as the Chief Operating Decision Makers (“CODMs”). The CODMs review all
significant segment expenses on the Consolidated Statements of Operations and use net investment income to evaluate the
performance of the Company and to determine distributions. Additionally, the CODMs use 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

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

On April 15, 2026, revolving credit commitments to the Credit Facility were increased by $25,000 with the addition of a new lender. Total revolving commitments now total $720,000.

 

On May 4, 2026, the Board approved a Fourth Amended and Restated Investment Advisory and Management Agreement pursuant to which the performance-based incentive fee payable by the Company to our Investment Adviser was permanently reduced from 20% to 17.5%, beginning with the second quarter of 2026.

 

On May 5, 2026, the Board authorized an extension of a program for the purpose of repurchasing up to $50,000 of the
Company’s outstanding shares of common stock. Under the repurchase program, the Company may, but is not obligated to,
repurchase shares of the Company’s outstanding common stock in the open market from time to time provided that the Company
complies with the Company’s code of ethics and the guidelines specified in Rule 10b-18 of the 1934 Act, including certain price,
market volume and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless further
amended or extended by the Board, the Company expects the repurchase program to be in place until the earlier of May 5, 2027 or
until $50,000 of the Company’s outstanding shares of common stock have been repurchased. The timing and number of additional
shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that the Company
will engage in any repurchases.

On May 5, 2026, the Board declared a quarterly distribution of $0.31 per share payable on June 26, 2026 to holders of record as of June 12, 2026.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

SLR Investment Corp.:

Results of Review of Interim Financial Information

We have reviewed the consolidated statement of assets and liabilities of SLR Investment Corp. (and subsidiaries) (the Company), including the consolidated schedule of investments, as of March 31, 2026, the related consolidated statements of operations, changes in net assets and cash flows for the three-month periods ended March 31, 2026 and 2025, 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, 2025, 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 24, 2026, 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, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG LLP

New York, New York

May 5, 2026

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

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this report.

Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•

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

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

the 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;

•

changes in import/export regulations;

•

the ability of our portfolio companies to achieve their objectives;

•

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

•

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

•

our expected financings and investments;

•

the adequacy of our cash resources and working capital;

•

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

•

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

•

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

•

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

•

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

•

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

•

the escalating conflicts and various social and political circumstances in the U.S., the Middle East and other parts of the world;

•

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

•

changes in the general economy, slowing economy, inflation, risk of recession, risks in respect of a failure to increase the U.S. debt ceiling or government shutdown and uncertainty surrounding the financial and political stability of the United States and other countries; and

•

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

•

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•

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

•

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

•

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; and

•

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, 2025, 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”).

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 April 15, 2026, revolving credit commitments to the Credit Facility were increased by $25 million with the addition of a new lender. Total revolving commitments now total $720 million.

 

On May 4, 2026, the Board approved a Fourth Amended and Restated Investment Advisory and Management Agreement pursuant to which the performance-based incentive fee payable by the Company to our Investment Adviser was permanently reduced from 20% to 17.5%, beginning with the second quarter of 2026.

 

On May 5, 2026, the Board authorized an extension of a program for the purpose of repurchasing up to $50 million of the
Company’s outstanding shares of common stock. Under the repurchase program, the Company may, but is not obligated to,
repurchase shares of the Company’s outstanding common stock in the open market from time to time provided that the Company
complies with the Company’s code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as
amended (the “1934 Act”), including certain price, market volume and timing constraints. In addition, any repurchases will be
conducted in accordance with the 1940 Act. Unless further amended or extended by the Board, the Company expects the repurchase
program to be in place until the earlier of May 5, 2027 or until $50 million of the Company’s outstanding shares of common stock have been repurchased. The timing and number of additional shares to be repurchased will depend on a number of factors, including
market conditions. There are no assurances that the Company will engage in any repurchases.

 

On May 5, 2026, the Board declared a quarterly distribution of $0.31 per share payable on June 26, 2026 to holders of record as of June 12, 2026.

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):

•

the cost of our organization and public offerings;

•

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

•

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

•

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

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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;

•

transfer agent and custodial fees;

•

fees and expenses associated with marketing efforts;

•

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

•

federal, state and local taxes;

•

independent directors’ fees and expenses;

•

brokerage commissions;

•

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

•

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

•

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

•

costs associated with our reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws; and

•

all other expenses incurred by either 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 March 31, 2026, we invested approximately $118.7 million across 33 portfolio companies. This compares to investing approximately $193.5 million in 30 portfolio companies during the three months ended March 31, 2025. Investments sold, prepaid or repaid during the three months ended March 31, 2026 totaled approximately $137.5 million versus approximately $196.9 million for the three months ended March 31, 2025.

At March 31, 2026, our portfolio consisted of 99 portfolio companies and was invested 22.5% in cash flow senior secured loans, 46.5% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 20.8% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 10.2% in life science investments, in each case, measured at fair value, versus 118 portfolio companies invested 28.6% in cash flow senior secured loans, 38.9% in asset-based senior secured loans / SLR Credit / SLR Healthcare ABL / SLR Business Credit, 21.6% in equipment senior secured financings / SLR Equipment / KBH, and 10.9% in life science investments, in each case, measured at fair value, at March 31, 2025.

At March 31, 2026, 83.1%, or $1.72 billion, of our income producing investment portfolio* was floating rate and 16.9%, or $349.9 million, was fixed rate, measured at fair value. At March 31, 2025, 81.5%, or $1.61 billion, of our income producing investment portfolio* was floating rate and 18.5%, or $364.4 million, was fixed rate, measured at fair value. As of March 31, 2026 and 2025, we had zero and one issuer, 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.

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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 March 31, 2026, total commitments to the revolving credit facility were $300 million.

As of March 31, 2026, SLR Credit had 33 funded commitments to 26 different issuers with total funded loans of approximately $397.4 million on total assets of $412.3 million. As of December 31, 2025, SLR Credit had 33 funded commitments to 26 different issuers with total funded loans of approximately $404.1 million on total assets of $420.7 million. As of March 31, 2026 and December 31, 2025, the largest loan outstanding totaled $32.5 million and $29.9 million, respectively. For the same periods, the average exposure per issuer was $15.3 million and $15.5 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $212.7 million and $215.8 million of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Credit had net income of $2.9 million and $5.2 million, respectively, on gross income of $10.0 million and $10.1 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. On November 26, 2025, SLR Equipment renewed the credit facility extending the maturity
date to November 26, 2028.

As of March 31, 2026, SLR Equipment had 465 funded equipment-backed leases and loans to 236 different customers with a total net investment in leases and loans of approximately $290.9 million on total assets of $334.0 million. As of December 31, 2025, SLR Equipment had 485 funded equipment-backed leases and loans to 243 different customers with a total net investment in leases and loans of approximately $299.8 million on total assets of $338.3 million. As of March 31, 2026 and December 31, 2025, the largest position outstanding totaled $16.4 million and $17.8 million, respectively. For the same periods, the average exposure per customer was $1.2 million and $1.2 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $232.3 million and $237.5 million of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Equipment had net income (loss) of $3.7 million and ($1.9) million, respectively, on gross income of $10.1 million and $6.7 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR 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.

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On March 16, 2026, as per the terms of the original purchase agreement, the Company acquired an additional 6.25% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 100% of KBHT’s equity.

As of March 31, 2026 and December 31, 2025, KBHT had total assets of $956.4 million and $940.3 million, respectively. For the same periods, debt recourse to KBHT totaled $320.0 million and $309.4 million, respectively, and non-recourse debt totaled $406.0 million and $407.8 million, respectively. None of the debt is recourse to the Company. For the three months ended March 31, 2026 and 2025, KBHT had net income of $1.4 million and $3.4 million, respectively, on gross income of $70.8 million and $97.9 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 KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.

SLR Healthcare ABL

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 March 31, 2026, 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 SUNS acquisition on April 1, 2022. Effective with an amendment dated March 27, 2026, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $300 million under its accordion facility. The maturity date of this facility is March 27, 2031.

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2026, the portfolio totaled approximately $253.3 million of commitments with a total net investment in loans of $111.1 million on total assets of $119.6 million. As of December 31, 2025, the portfolio totaled approximately $297.8 million of commitments with a total net investment in loans of $157.0 million on total assets of $165.4 million. At March 31, 2026, the portfolio consisted of 48 issuers with an average balance of approximately $2.3 million versus 48 issuers with an average balance of approximately $3.3 million at December 31, 2025. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $83.9 million and $127.2 million of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Healthcare had net income of $1.8 million and $1.4 million, respectively, on gross income of $5.6 million and $5.3 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 SUNS acquisition 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 March 31, 2026, the portfolio totaled approximately $909.1 million of commitments, of which, on a net basis,

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approximately $524.1 million were funded, on total assets of $568.6 million. As of December 31, 2025, the portfolio totaled approximately $920.4 million of commitments, of which $535.2 million were funded, on total assets of $574.1 million. At March 31, 2026, the portfolio consisted of 178 issuers with an average balance of approximately $2.9 million versus 179 issuers with an average balance of approximately $3.0 million at December 31, 2025. NMC has a senior credit facility with a bank lending group for $367.0 million, which expires on November 13, 2028. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $254.2 million and $273.2 million of borrowings outstanding at March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, SLR Business Credit had net income of $1.9 million and $2.6 million, respectively, on gross income of $12.0 million and $12.9 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 Business Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us.

 

Stock Repurchase Program

On May 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 months ended March 31, 2026 or for the fiscal year ended December 31, 2025.

 

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 senior secured
revolving credit facility with Goldman Sachs Bank USA acting as administrative agent. On October 8, 2025, this facility was
refinanced with Citizens Bank, N.A. into a $150 million facility scheduled to mature in October 2030 and generally bearing interest at
a rate of SOFR plus 2.15% (the “SSLP Facility”). SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2026 and December 31, 2025, borrowings outstanding on the SSLP Facility totaled $96.5 million and $94.5 million, respectively.

As of March 31, 2026 and December 31, 2025, the Company and the Investor had contributed combined equity capital in the amount of $95.75 million and $95.75 million, respectively. As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, SSLP had total assets of $194.9 million and $192.8 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 25 and 25 different borrowers, respectively. For the three months ended March 31, 2026, SSLP invested $9.8 million in 5 portfolio companies. Investments sold or prepaid totaled $3.4 million for the three months ended March 31, 2026. For the three months ended March 31, 2025, SSLP invested $6.6 million in 6 portfolio companies. Investments prepaid totaled $19.9 million for the three months ended March 31, 2025.

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SSLP Portfolio as of March 31, 2026 (dollar amounts in thousands)

 

Description		Industry		Spread Above Index(1)		Floor				Interest Rate(2)				Maturity Date		Par Amount				Cost				Fair Value(3)
Alkeme Intermediary Holdings, LLC (4)		Insurance		S+500			1.00	%			8.70	%		5/2027		$	9,075			$	8,994			$	9,075
All States Ag Parts, LLC (4)		Trading Companies & Distributors		S+650			1.00	%			10.46	%		9/2026			2,073				2,073				2,073
BayMark Health Services, Inc. (4)		Health Care Providers & Services		S+500			1.00	%			8.96	%		6/2027			3,991				3,991				3,792
CC SAG Holdings Corp. (4)		Diversified Consumer Services		S+525			0.75	%			8.92	%		6/2028			9,896				9,896				9,896
Crewline Buyer, Inc.		IT Services		S+675			1.00	%			10.42	%		11/2030			5,084				4,985				5,084
CVAUSA Management, LLC (4)		Health Care Providers & Services		S+525			1.00	%			8.92	%		5/2029			9,898				9,714				9,898
Exactcare Parent, Inc.		Health Care Providers & Services		S+550			1.00	%			9.17	%		11/2029			3,163				3,102				3,163
Eyesouth Eye Care Holdco LLC (4)		Health Care Providers & Services		S+550			1.00	%			9.27	%		10/2029			9,898				9,860				9,898
Fertility (ITC) Investment Holdco, LLC (4)		Health Care Providers & Services		S+500			0.75	%			8.57	%		1/2029			9,949				9,836				9,949
Foundation Consumer Brands, LLC		Personal Care Products		S+500			1.00	%			8.80	%		2/2029			7,362				7,362				7,362
iCIMS, Inc.(4)		Software		S+575			0.75	%			9.42	%		8/2028			10,000				9,972				10,000
Maxor Acquisition, Inc.(4)		Health Care Providers & Services		S+600			1.00	%			9.77	%		3/2029			7,931				7,810				7,931
Medrina, LLC		Health Care Providers & Services		S+600			1.00	%			9.63	%		10/2029			2,751				2,702				2,751
NS and Associates LLC		Consumer Staples Distribution & Retail		S+525			1.00	%			8.90	%		8/2030			8,056				7,944				8,056
ONS MSO, LLC		Health Care Providers & Services		S+625			1.00	%			9.92	%		7/2028			5,774				5,683				5,774
Pinnacle Fertility, Inc.(4)		Health Care Providers & Services		S+500			0.75	%			8.87	%		3/2028			13,398				13,398				13,398
Plastic Management, LLC(4)		Health Care Providers & Services		S+500			1.00	%			8.70	%		8/2027			5,507				5,437				5,507
RQM+ Corp.(4)		Life Sciences Tools & Services		S+725			1.00	%			11.21	%		8/2029			6,547				6,547				5,238
RxSense Holdings LLC		Diversified Consumer Services		S+500			1.00	%			8.67	%		3/2027			8,758				8,758				8,758
SunMed Group Holdings, LLC(4)		Health Care Equipment & Supplies		S+550			0.75	%			9.27	%		6/2028			8,742				8,742				8,742
The Townsend Company, LLC(4)		Commercial Services & Supplies		S+500			1.00	%			8.67	%		8/2030			12,863				12,571				12,863
Tilley Distribution, Inc.(4)		Trading Companies & Distributors		S+600			1.00	%			9.85	%		12/2026			5,103				5,103				5,001
United Digestive MSO Parent, LLC(4)		Health Care Providers & Services		S+575			1.00	%			9.40	%		3/2029			4,995				4,901				4,995
UVP Management, LLC		Health Care Providers & Services		S+550			1.00	%			9.35	%		9/2027			3,288				3,251				3,288
Western Veterinary Partners LLC(4)		Diversified Consumer Services		S+525			1.00	%			8.92	%		10/2027			15,039				14,975				15,039
																				$	187,607			$	187,531

 

(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 March 31, 2026.

(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, 2025 (dollar amounts in thousands)

 

Description		Industry		Spread Above Index(1)		Floor				Interest Rate(2)				Maturity Date		Par Amount				Cost				Fair Value(3)
Alkeme Intermediary Holdings, LLC (4)		Insurance		S+500			1.00	%			8.67	%		5/2027		$	8,164			$	8,071			$	8,164
All States Ag Parts, LLC (4)		Trading Companies & Distributors		S+650			1.00	%			10.43	%		9/2026			2,076				2,076				2,076
BayMark Health Services, Inc. (4)		Health Care Providers & Services		S+500			1.00	%			8.93	%		6/2027			3,991				3,991				3,792
CC SAG Holdings Corp. (4)		Diversified Consumer Services		S+525			0.75	%			8.97	%		6/2028			9,922				9,922				9,922
Crewline Buyer, Inc.		IT Services		S+675			1.00	%			10.59	%		11/2030			5,084				4,981				5,084
CVAUSA Management, LLC (4)		Health Care Providers & Services		S+525			1.00	%			8.97	%		5/2029			9,924				9,727				9,924
Exactcare Parent, Inc.		Health Care Providers & Services		S+550			1.00	%			9.39	%		11/2029			3,171				3,106				3,171
Eyesouth Eye Care Holdco LLC (4)		Health Care Providers & Services		S+550			1.00	%			9.47	%		10/2029			9,923				9,883				9,923
Fertility (ITC) Investment Holdco, LLC (4)		Health Care Providers & Services		S+500			0.75	%			9.12	%		1/2029			5,835				5,727				5,835
Foundation Consumer Brands, LLC		Personal Care Products		S+500			1.00	%			9.09	%		2/2029			7,777				7,777				7,777
iCIMS, Inc.(4)		Software		S+575			0.75	%			9.61	%		8/2028			10,000				9,970				10,000
Maxor Acquisition, Inc.(4)		Health Care Providers & Services		S+600			1.00	%			9.82	%		3/2029			7,951				7,822				7,951
Medrina, LLC		Health Care Providers & Services		S+600			1.00	%			9.69	%		10/2029			2,758				2,706				2,758
NS and Associates LLC		Consumer Staples Distribution & Retail		S+525			1.00	%			9.01	%		8/2030			8,076				7,958				8,076
ONS MSO, LLC		Health Care Providers & Services		S+625			1.00	%			10.09	%		7/2028			5,789				5,689				5,789
Pinnacle Fertility, Inc.(4)		Health Care Providers & Services		S+500			0.75	%			9.27	%		3/2028			13,432				13,432				13,432
Plastic Management, LLC(4)		Health Care Providers & Services		S+500			1.00	%			8.67	%		8/2027			5,522				5,439				5,522
RQM+ Corp.(4)		Life Sciences Tools & Services		S+675			1.00	%			10.68	%		8/2029			6,152				6,152				5,537
RxSense Holdings LLC		Diversified Consumer Services		S+500			1.00	%			8.84	%		3/2026			8,782				8,782				8,782
SunMed Group Holdings, LLC(4)		Health Care Equipment & Supplies		S+550			0.75	%			9.44	%		6/2028			8,765				8,765				8,765
The Townsend Company, LLC(4)		Commercial Services & Supplies		S+500			1.00	%			8.72	%		8/2030			12,020				11,723				12,020
Tilley Distribution, Inc.(4)		Trading Companies & Distributors		S+600			1.00	%			9.82	%		12/2026			5,548				5,548				5,437
United Digestive MSO Parent, LLC(4)		Health Care Providers & Services		S+575			1.00	%			9.42	%		3/2029			5,007				4,907				5,007
UVP Management, LLC		Health Care Providers & Services		S+550			1.00	%			9.32	%		9/2027			3,288				3,245				3,288
Western Veterinary Partners LLC(4)		Diversified Consumer Services		S+525			1.00	%			8.92	%		10/2027			13,337				13,282				13,337
																				$	180,681			$	181,369

 

(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 December 31, 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.

Below is certain summarized financial information for SSLP as of March 31, 2026 and December 31, 2025 and for the three and three months ended March 31, 2026 and 2024:

 

		March 31, 2026				December 31, 2025
Selected Balance Sheet Information for SSLP:
Investments at fair value (cost $187,607 and $180,681,    respectively)		$	187,531			$	181,369
Cash and other assets			7,376				11,441
Total assets		$	194,907			$	192,810
Debt outstanding ($96,500 and $94,500 face amounts,    respectively, reported net of unamortized debt issuance    costs of $1,748 and $1,843, respectively)		$	94,752			$	92,657
Distributions payable			2,585				1,885
Interest payable and other credit facility related expenses			1,435				1,488
Accrued expenses and other payables			258				268
Total liabilities		$	99,030			$	96,298
Members’ equity		$	95,877			$	96,512
Total liabilities and members’ equity		$	194,907			$	192,810

 

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	Three months ended
	March 31, 2026				March 31, 2025
Selected Income Statement Information for SSLP:
Interest income	$	4,412			$	4,469
Service fees*		115				105
Interest and other credit facility expenses		1,531				2,242
Other general and administrative expenses		52				71
Total expenses		1,698				2,418
Net investment income	$	2,714			$	2,051
Realized gain on investments		—				323
Net change in unrealized gain (loss) on investments		(763	)			(285	)
Net realized and unrealized gain (loss) on investments	$	(763	)		$	38
Net income	$	1,951			$	2,089

 

* 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.

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

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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 months ended March 31, 2026 and 2025, capitalized PIK income totaled $5.6 million and $1.7 million, respectively.

 

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

We generally measure realized gain or loss by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized origination or commitment fees and prepayment penalties. The net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized gain or loss, when gains or losses are realized. Gains or losses on investments are calculated by using the specific identification method.

Income Taxes

SLRC, a U.S. corporation, has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. In order to qualify for U.S. federal income taxation as a RIC, the Company is required, among other things, to timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each year. Depending on the level of taxable income earned in a given tax year, we may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company accrues an estimated excise tax, if any, on estimated excess taxable income.

Recent Accounting Pronouncements

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 months ended March 31, 2026 and March 31, 2025 are presented below:

Investment Income

For the three months ended March 31, 2026 and 2025, gross investment income totaled $49.3 million and $53.2 million, respectively. The decrease in gross investment income for the year over year three month periods was primarily due to a decrease in index rates. 

Expenses

Net expenses totaled $31.4 million and $31.1 million, respectively, for the three months ended March 31, 2026 and 2025, of which $12.2 million and $13.0 million, respectively, consisted of base management fees and performance-based incentive fees and $16.4 million and $15.8 million, respectively, consisted of interest and other credit facility expenses. Other general and administrative expenses totaled $2.8 million and $2.2 million, respectively, for the three months ended March 31, 2026 and 2025. Over the same periods, $14 thousand and $2 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 increase in expenses for the year over year three month periods was primarily due to higher interest expense from an increase in average borrowings.

Net Investment Income

The Company’s net investment income totaled $17.9 million and $22.1 million, or $0.33 and $0.41, per average share, respectively, for the three months ended March 31, 2026 and 2025.

Net Realized Loss

The Company had investment sales and prepayments totaling approximately $138 million and $197 million, respectively, for the three months ended March 31, 2026 and 2025. Net realized losses over the same periods were $27 thousand and $422 thousand, respectively. Net realized loss for the three months ended March 31, 2026 and 2025 were primarily due to the disposition of selected assets.

Net Change in Unrealized Gain (Loss)

For the three months ended March 31, 2026 and 2025, net change in unrealized gain (loss) on the Company’s assets totaled ($0.7) million and ($1.8) million, respectively. Net unrealized loss for the three months ended March 31, 2026 was primarily due to depreciation in the value of our investments in Omniguide Holdings, Inc. and RQM+ Corp., among others, partially offset by appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit and SLR Equipment Finance, among others. Net unrealized loss for the three months ended March 31, 2025 was primarily due to depreciation in the value of our investments in SLR Equipment Finance, SLR-AMI Topco Blocker, LLC and SLR Senior Lending Program LLC, 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., partially offset by appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit and Bayside Parent, LLC, among others

Net Increase in Net Assets from Operations

For the three months ended March 31, 2026 and 2025, the Company had a net increase in net assets resulting from operations of $17.1 million and $19.9 million, respectively. For the same periods, earnings per average share were $0.31 and $0.37, respectively.

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LIQUIDITY AND CAPITAL RESOURCES

The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility (as defined below), the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes, the 2028 Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (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 March 31, 2026, we had a total of $458.4 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 months ended March 31, 2026 and 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of March 31, 2026, 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 August 21, 2025, the Company closed a private offering of $75 million of unsecured notes due 2028 (the “2028 Series J Unsecured Notes”) with a fixed interest rate of 5.95% and a maturity date of August 21, 2028. Interest on the 2028 Series J Unsecured Notes is due semi-annually on February 21 and August 21. The 2028 Series J Unsecured Notes were issued in a private placement only to qualified institutional buyers.

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 30 and July 30. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers.

 

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 Series H Unsecured Notes”). Interest on the 2028 Series H Unsecured Notes is due semi-annually on February 18 and August 18. The 2028 Series H 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 between the fourth quarter of 2024 and the third quarter of 2025 and a commitment decrease in the fourth quarter of 2025 related to a lender who did not extend their commitment with Amendment No. 3, the Credit Facility is now composed of $695.0 million of revolving credit and $153.1 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 March 31, 2026, outstanding USD equivalent borrowings under the Credit Facility totaled $496.4 million, composed of $346.5 million of revolving credit and $149.9 million of term loans.

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On April 1, 2022, we entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the SUNS acquisition. 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 March 31, 2026, 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 March 31, 2026, 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. As of March 31, 2026 and December 31, 2025, we held face amounts of $390 million and $350 million, respectively, in cash equivalents.

Contractual Obligations

A summary of our significant contractual payment obligations is as follows as of March 31, 2026:

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)		$	511.5			$	—			$	165.0			$	346.5			$	—
Unsecured senior notes			484.0				260.0				224.0				—				—
Term loans			149.9				9.9				—				140.0				—

 

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(1)

As of March 31, 2026, we had a total of $458.4 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 March 31, 2026 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 2026 (through March 31, 2026)		$	346,539			$	565				—			N/A
Fiscal 2025			352,248				568				—			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 2026 (through March 31, 2026)			165,050				269				—			N/A
Fiscal 2025			165,050				266				—			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			—				—				—			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 2026 (through March 31, 2026)		$	75,000			$	122				—			N/A
Fiscal 2025			75,000				121				—			N/A
Fiscal 2024			75,000				131				—			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 2026 (through March 31, 2026)			50,000				81				—			N/A
Fiscal 2025			50,000				81				—			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 2026 (through March 31, 2026)			135,000				220				—			N/A
Fiscal 2025			135,000				218				—			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 2026 (through March 31, 2026)			49,000				80				—			N/A
Fiscal 2025			49,000				79				—			N/A
Fiscal 2024			49,000				92				—			N/A
2028 Series H Unsecured Notes
Fiscal 2026 (through March 31, 2026)			50,000				81				—			N/A
Fiscal 2025			50,000				81				—			N/A
2028 Series I Unsecured Notes
Fiscal 2026 (through March 31, 2026)			50,000				81				—			N/A
Fiscal 2025			50,000				81				—			N/A
2028 Series J Unsecured Notes
Fiscal 2026 (through March 31, 2026)			75,000				122				—			N/A
Fiscal 2025			75,000				121				—			N/A
2042 Unsecured Notes
Fiscal 2017			—				—				—			N/A
Fiscal 2016			100,000				859				—			$	1,002
Senior Secured Notes
Fiscal 2017			—				—				—			N/A
Fiscal 2016			75,000				645				—			N/A
Term Loans
Fiscal 2026 (through March 31, 2026)			149,854				244				—			N/A
Fiscal 2025			153,138				247				—			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
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 2026 (through March 31, 2026)		$	1,145,443			$	1,865				—			N/A
Fiscal 2025			1,154,436				1,863				—			N/A
Fiscal 2024			1,041,093				1,954				—			N/A

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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

 

(1)

Total amount of each class of senior securities outstanding (in thousands) at the end of the period presented.

(2)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by all senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the Asset Coverage Per Unit. In order to determine the specific Asset Coverage Per Unit for each class of debt, the total Asset Coverage Per Unit is allocated based on the amount outstanding in each class of debt at the end of the period. As of March 31, 2026, asset coverage was 186.5%.

(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 period was $100,175.

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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 March 31, 2026 and December 31, 2025, respectively:

 

(in millions)		March 31, 2026				December 31, 2025
SLR Credit Solutions*		$	44.3			$	44.3
Ardelyx, Inc.			29.3				29.3
Wilbur-Ellis Holdings II, LLC			26.6				26.4
Treace Medical Concepts, Inc.			24.3				24.3
Infillion Inc.			20.2				16.8
SLR Business Credit*			20.0				20.0
SLR Healthcare ABL*			18.7				18.7
Lyneer Staffing Solutions, LLC			18.5				16.0
SLR Equipment Finance*			14.5				9.5
BDG Media, Inc.			13.0				10.9
Refocus Management Services, LLC			12.1				—
OIS Management Services, LLC			11.4				11.4
Southern Lifting and Hoisting, LLC			11.4				10.1
Stella & Chewy's, LLC			11.0				9.2
Copper River Seafoods, Inc.			10.5				10.8
DeepIntent, Inc.			10.4				9.8
Western Veterinary Partners LLC			9.2				21.1
SunMed Receivables I, LLC			7.6				7.6
Quantcast Corporation			7.5				6.3
Velocity One, LLC			7.3				7.3
Arcutis Biotherapeutics, Inc.			6.3				12.7
WMD Funding LLC			5.9				6.2
Sightly Enterprises, Inc.			5.6				5.7
The Townsend Company, LLC			5.4				5.8
Southern Transport LLC			5.4				6.1
Pinnacle Fertility, Inc.			5.3				5.3
Alkeme Intermediary Holdings, LLC			5.0				—
One Touch Direct, LLC			4.8				3.5
SPAR Marketing Force, Inc.			4.5				7.7
iCIMS, Inc.			3.8				2.9
Streamland Media Holdings LLC			3.6				3.7
Sherwood Management Co., Inc.			3.2				5.1
Plastic Management, LLC			3.1				3.1
33Across Inc.			2.9				2.4
Southern Orthodontic Partners Management, LLC			2.3				—
SLR Senior Lending Program LLC*			2.1				2.1
United Digestive MSO Parent, LLC			1.9				1.9
Bayside Opco, LLC			1.7				2.1
SunMed Group Holdings, LLC			1.6				1.6
OmniGuide Holdings, Inc.			1.2				—
Tilley Distribution, Inc.			1.0				1.0
EyeSouth Eye Care Holdco LLC			1.0				1.3
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			0.0				0.1
WALCO Funding, LLC			—				2.9
Total Commitments		$	406.5			$	394.1

 

* 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 March 31, 2026 and December 31, 2025, 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 2026
May 5, 2026		June 12, 2026		June 26, 2026		$	0.31
February 24, 2026		March 13, 2026		March 27, 2026			0.41
Total 2026						$	0.72
Fiscal 2025
November 4, 2025		December 12, 2025		December 26, 2025		$	0.41
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						$	1.64
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

 

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.

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

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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”.

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.

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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, a downgrade in the U.S. credit rating or a prolonged government shutdown, the war between Ukraine and Russia, the ongoing war in the Middle East and other geopolitical risk 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 three months ended March 31, 2026, 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 March 31, 2026 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 three cents per average share over the next twelve months. Assuming no changes to our balance sheet as of March 31, 2026 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 rates, they may also limit our ability to participate in any benefits of certain changes in interest rates with respect to our portfolio of investments. At March 31, 2026, 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		$	(0.03	)		$	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.

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Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (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 March 31, 2026, 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 first quarter of 2026 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 24, 2026 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 March 31, 2026 to the risk factors discussed in “Risk Factors” in the February 24, 2026 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 March 31, 2026, 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.

 

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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		Fourth Amended and Restated Investment Advisory and Management Agreement by and between the Registrant and SLR Capital Partners, LLC*
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 May 5, 2026.

 

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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ATTACHMENTS / EXHIBITS

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EX-23.1

EX-31.1

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EX-31.3

EX-32.1

EX-32.2

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