SLR Investment Corp.

Previous wording

During the three months ended March 31, 2025, we invested approximately $193.5 million across 30 portfolio companies. This compares to investing approximately $100.2 million in 24 portfolio companies during the three months ended March 31, 2024. Investments sold, prepaid or repaid during the three months ended March 31, 2025 totaled approximately $196.9 million versus approximately $131.0 million for the three months ended March 31, 2024.

Current wording

During the three months ended June 30, 2025, we invested approximately $333.3 million across 33 portfolio companies. This compares to investing approximately $92.1 million in 24 portfolio companies during the three months ended June 30, 2024. Investments sold, prepaid or repaid during the three months ended June 30, 2025 totaled approximately $209.4 million versus approximately $93.0 million for the three months ended June 30, 2024.

Previous wording

At March 31, 2025, our portfolio consisted of 118 portfolio companies and was invested 28.6% in cash flow senior secured loans, 38.9% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 21.6% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 10.9% in life science investments, in each case, measured at fair value, versus 145 portfolio companies invested 33.3% in cash flow senior secured loans, 28.2% in asset-based senior secured loans / SLR Credit / SLR Healthcare ABL / SLR Business Credit, 22.6% in equipment senior secured financings / SLR Equipment / KBH, and 15.9% in life science investments, in each case, measured at fair value, at March 31, 2024.

Current wording

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

Previous wording

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. At March 31, 2024, 81.3%, or $1.71 billion, of our income producing investment portfolio* was floating rate and 18.7%, or $393.6 million, was fixed rate, measured at fair value. As of March 31, 2025 and 2024, we had one and two issuers, respectively, on non-accrual status.

Current wording

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

Previous wording

As of March 31, 2025, SLR Credit had 28 funded commitments to 22 different issuers with total funded loans of approximately $295.0 million on total assets of $362.8 million. As of December 31, 2024, SLR Credit had 27 funded commitments to 22 different issuers with total funded loans of approximately $317.6 million on total assets of $364.3 million. As of March 31, 2025 and December 31, 2024, the largest loan outstanding totaled $27.7 million and $27.9 million, respectively. For the same periods, the average exposure per issuer was $13.4 million and $14.4 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $150.2 million and $150.0 million of borrowings outstanding at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, SLR Credit had net income of $5.2 million and $5.7 million, respectively, on gross income of $10.1 million and $13.1 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.

Current wording

As of June 30, 2025, SLR Credit had 30 funded commitments to 24 different issuers with total funded loans of approximately $348.2 million on total assets of $391.1 million. As of December 31, 2024, SLR Credit had 27 funded commitments to 22 different issuers with total funded loans of approximately $317.6 million on total assets of $364.3 million. As of June 30, 2025 and December 31, 2024, the largest loan outstanding totaled $27.7 million and $27.9 million, respectively. For the same periods, the average exposure per issuer was $14.5 million and $14.4 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $175.4 million and $150.0 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Credit had net income of $3.5 million and $6.9 million, respectively, on gross income of $12.5 million and $15.5 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Credit had net income of $8.7 million and $12.6 million, respectively, on gross income of $22.5 million and $28.6 million, respectively. Due to timing and non-cash items, there may be material differences between U.S. generally accepted accounting principles (“GAAP”) net income and cash available for distributions. As such, and subject to fluctuations in SLR Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Credit will be able to maintain consistent dividend payments to us.

Previous wording

As of March 31, 2025, SLR Equipment had 503 funded equipment-backed leases and loans to 282 different customers with a total net investment in leases and loans of approximately $318.5 million on total assets of $355.6 million. As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324.9 million on total assets of $366.3 million. As of March 31, 2025 and December 31, 2024, the largest position outstanding totaled $18.8 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.1 million and $1.5 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $251.0 million and $261.0 million of borrowings outstanding at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, SLR Equipment had net loss of $1.9 million and $2.0 million, respectively, on gross income of $6.7 million and $4.2 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Equipment’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Equipment will be able to maintain consistent dividend payments to us.

Current wording

As of June 30, 2025, SLR Equipment had 546 funded equipment-backed leases and loans to 281 different customers with a total net investment in leases and loans of approximately $313.8 million on total assets of $356.5 million. As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324.9 million on total assets of $366.3 million. As of June 30, 2025 and December 31, 2024, the largest position outstanding totaled $17.6 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.1 million and $1.5 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $253.6 million and $261.0 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Equipment had net income (loss) of $2.6 million and ($1.8) million, respectively, on gross income of $8.8 million and $5.2 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Equipment had net income (loss) of $0.6 million and ($3.7) million, respectively, on gross income of $15.4 million and $10.1 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Equipment’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Equipment will be able to maintain consistent dividend payments to us.

Previous wording

As of March 31, 2025 and December 31, 2024, KBHT had total assets of $882.7 million and $920.1 million, respectively. For the same periods, debt recourse to KBHT totaled $267.7 million and $271.6 million, respectively, and non-recourse debt totaled $411.0 million and $421.6 million, respectively. None of the debt is recourse to the Company. For the three months ended March 31, 2025 and 2024, KBHT had net income of $3.4 million and $1.9 million, respectively, on gross income of $97.9 million and $80.0 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.

Current wording

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

Previous wording

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, 2025, SLR Healthcare’s management team and the Company owned approximately 7% and 93% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers (as defined in Note 1 to the Company’s Consolidated Financial Statements) on April 1, 2022. Effective with an amendment dated September 19, 2024, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $200 million under its accordion facility. The maturity date of this facility is March 31, 2026.

Current wording

SLR Senior Investment Corp. (“SUNS”) acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC (“SLR Healthcare”) on September 30, 2013. SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and mid-sized companies operating in the healthcare industry. SUNS’s initial investment in SLR Healthcare ABL was approximately $32.8 million. The management team of SLR Healthcare co-invested in the transaction and continues to lead SLR Healthcare. As of June 30, 2025, SLR Healthcare’s management team and the Company owned approximately 8% and 92% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers (as defined in Note 1 to the Company’s Consolidated Financial Statements) on April 1, 2022. Effective with an amendment dated September 19, 2024, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $200 million under its accordion facility. The maturity date of this facility is March 31, 2026.

Previous wording

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2025, the portfolio totaled approximately $288.3 million of commitments with a total net investment in loans of $143.1 million on total assets of $151.4 million. As of December 31, 2024, the portfolio totaled approximately $288.3 million of commitments with a total net investment in loans of $130.2 million on total assets of $138.5 million. At March 31, 2025, the portfolio consisted of 48 issuers with an average balance of approximately $3.0 million versus 47 issuers with an average balance of approximately $2.8 million at December 31, 2024. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $117.0 million and $99.6 million of borrowings outstanding at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, SLR Healthcare had net income of $1.4 million and $1.3 million, respectively, on gross income of $5.3 million and $4.8 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.

Current wording

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of June 30, 2025, the portfolio totaled approximately $293.3 million of commitments with a total net investment in loans of $157.9 million on total assets of $166.3 million. As of December 31, 2024, the portfolio totaled approximately $288.3 million of commitments with a total net investment in loans of $130.2 million on total assets of $138.5 million. At June 30, 2025, the portfolio consisted of 48 issuers with an average balance of approximately $3.3 million versus 47 issuers with an average balance of approximately $2.8 million at December 31, 2024. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $122.5 million and $99.6 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Healthcare had net income of $1.5 million and $1.3 million, respectively, on gross income of $5.8 million and $5.1 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Healthcare had net income of $2.9 million and $2.6 million, respectively, on gross income of $11.1 million and $9.9 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Healthcare’s funded commitments, the timing of originations, and the repayment of financings, the Company cannot guarantee that SLR Healthcare will be able to maintain consistent dividend payments to us.

Previous wording

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of March 31, 2025, the portfolio totaled approximately $886.1 million of commitments, of which, on a net basis, approximately $526.4 million were funded, on total assets of $565.5 million. As of December 31, 2024, the portfolio totaled approximately $858.0 million of commitments, of which $488.4 million were funded, on total assets of $527.1 million. At March 31, 2025, the portfolio consisted of 185 issuers with an average balance of approximately $2.8 million versus 188 issuers with an average balance of approximately $2.6 million at December 31, 2024. NMC has a senior credit facility with a bank lending group for $325.3 million, which expires on November 13, 2025. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $279.8 million and $231.0 million of borrowings outstanding at March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, SLR Business Credit had net income of $2.6 million and $3.2 million, respectively, on gross income of $12.9 million and $11.2 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR 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.

Current wording

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of June 30, 2025, the portfolio totaled approximately $1.01 billion of commitments, of which, on a net basis, approximately $516.3 million were funded, on total assets of $558.1 million. As of December 31, 2024, the portfolio totaled approximately $858.0 million of commitments, of which $488.4 million were funded, on total assets of $527.1 million. At June 30, 2025, the portfolio consisted of 192 issuers with an average balance of approximately $2.7 million versus 188 issuers with an average balance of approximately $2.6 million at December 31, 2024. NMC has a senior credit facility with a bank lending group for $325.3 million, which expires on November 13, 2025. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $274.4 million and $231.0 million of borrowings outstanding at June 30, 2025 and December 31, 2024, respectively. For the three months ended June 30, 2025 and 2024, SLR Business Credit had net income of $2.9 million and $2.3 million, respectively, on gross income of $13.2 million and $10.4 million, respectively. For the six months ended June 30, 2025 and 2024, SLR Business Credit had net income of $5.5 million and $5.5 million, respectively, on gross income of $26.2 million and $21.6 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net 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.

Previous wording

On December 1, 2022, SSLP commenced operations. On December 12, 2022, SSLP, as servicer, and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower, entered into a $100 million senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent. On October 20, 2023, the SSLP Facility was expanded to $150 million. Effective with an amendment on March 25, 2024, the SSLP Facility is scheduled to mature on December 12, 2028 and generally bears interest at a rate of SOFR plus 2.90%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2025 and December 31, 2024, borrowings outstanding on the SSLP Facility totaled $96.6 million and $96.6 million, respectively.

Current wording

On December 1, 2022, SSLP commenced operations. On December 12, 2022, SSLP, as servicer, and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower, entered into a $100 million senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent. On October 20, 2023, the SSLP Facility was expanded to $150 million. Effective with an amendment on March 25, 2024, the SSLP Facility is scheduled to mature on December 12, 2028 and generally bears interest at a rate of SOFR plus 2.90%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At June 30, 2025 and December 31, 2024, borrowings outstanding on the SSLP Facility totaled $112.5 million and $96.6 million, respectively.

Previous wording

As of March 31, 2025 and December 31, 2024, SSLP had total assets of $196.2 million and $197.5 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 31 and 32 different borrowers, respectively. 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. For the three months ended March 31, 2024, SSLP invested $29.8 million in 11 portfolio companies. Investments prepaid totaled $0.8 million for the three months ended March 31, 2024.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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, 2025 and 2024, capitalized PIK income totaled $1.7 million and $2.8 million, respectively.

Current wording

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

Previous wording

Results comparisons for the three months ended March 31, 2025 and March 31, 2024 are presented below:

Current wording

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

Previous wording

For the three months ended March 31, 2025 and 2024, gross investment income totaled $53.2 million and $58.1 million, respectively. The decrease in gross investment income for the year over year three month periods was primarily due to a decrease in the size of the income-producing investment portfolio as well as a decrease in index rates.

Current wording

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

Previous wording

Net expenses totaled $31.1 million and $34.2 million, respectively, for the three months ended March 31, 2025 and 2024, of which $13.0 million and $13.8 million, respectively, consisted of base management fees and performance-based incentive fees and $15.8 million and $18.2 million, respectively, consisted of interest and other credit facility expenses. Other general and administrative expenses totaled $2.2 million and $2.3 million, respectively, for the three months ended March 31, 2025 and 2024. Over the same periods, $2 thousand and $46 thousand of performance-based incentive fees were waived. Expenses generally consist of management and performance-based incentive fees, interest and other credit facility expenses, administrative services fees, insurance expenses, legal fees, directors’ fees, transfer agency fees, printing and proxy expenses, audit and tax services expenses and other general and administrative expenses. Interest and other credit facility expenses generally consist of interest, unused fees, agency fees and loan origination fees, if any, among others. The decrease in expenses for the year over year three month periods was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings.

Current wording

Net expenses totaled $32.3 million and $63.4 million, respectively, for the three and six months ended June 30, 2025, of which $13.2 million and $26.2 million, respectively, consisted of base management fees and performance-based incentive fees and $16.7 million and $32.6 million, respectively, consisted of interest and other credit facility expenses. Other general and administrative expenses totaled $2.4 million and $4.6 million, respectively, for the three and six months ended June 30, 2025. Over the same periods, $20 thousand and $22 thousand of performance-based incentive fees were waived. Net expenses totaled $34.7 million and $68.9 million, respectively, for the three and six months ended June 30, 2024, of which $13.9 million and $27.8 million, respectively, were base management fees and performance-based incentive fees and $18.2 million and $36.4 million, respectively, were interest and other credit facility expenses. Other general and administrative expenses totaled $2.6 million and $4.9 million, respectively, for the three and six months ended June 30, 2024. Over the same periods, $44 thousand and $90 thousand of performance-based incentive fees were waived. Expenses generally consist of management and performance-based incentive fees, interest and other credit facility expenses, administrative services fees, insurance expenses, legal fees, directors’ fees, transfer agency fees, printing and proxy expenses, audit and tax services expenses and other general and administrative expenses. Interest and other credit facility expenses generally consist of interest, unused fees, agency fees and loan origination fees, if any, among others. The decrease in expenses for the year over year three and six month periods was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings.

Previous wording

The Company had investment sales and prepayments totaling approximately $197 million and $131 million, respectively, for the three months ended March 31, 2025 and 2024. Net realized gain (loss) over the same periods were $(0.4) million and $0.1 million, respectively. Net realized gain (loss) for the three months ended March 31, 2025 and 2024 were primarily due to the disposition of selected assets.

Current wording

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

Previous wording

For the three months ended March 31, 2025 and 2024, net change in unrealized gain (loss) on the Company’s assets totaled $(1.8) million and $3.9 million, respectively. 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 unrealized gain for the three months ended March 31, 2024 was primarily due to appreciation in the value of our investments in Arcutis Biotherapeutics, Inc., Neuronetics, Inc., Cerapedics, Inc., SLR Credit Solutions and SLR Healthcare ABL, among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance and SOINT, LLC, among others.

Current wording

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

Previous wording

For the three months ended March 31, 2025 and 2024, the Company had a net increase in net assets resulting from operations of $19.9 million and $27.9 million, respectively. For the same periods, earnings per average share were $0.37 and $0.51, respectively.

Current wording

For the three and six months ended June 30, 2025, the Company had a net increase in net assets resulting from operations of $24.2 million and $44.2 million, respectively. For the same periods, earnings per average share were $0.44 and $0.81, respectively. For the three and six months ended June 30, 2024, the Company had a net increase in net assets resulting from operations of $23.2 million and $51.1 million, respectively. For the same periods, earnings per average share were $0.43 and $0.94, respectively.

Previous wording

The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes and the 2028 Unsecured Notes (each as defined below and, collectively, the “Debt Instruments”), through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic follow-on equity and/or debt offerings. As of March 31, 2025, we had a total of $420.7 million of collective unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.

Current wording

The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes and the 2028 Unsecured Notes (each as defined below and, collectively, the “Debt Instruments”), through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic follow-on equity and/or debt offerings. As of June 30, 2025, we had a total of $287.7 million of collective unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.

Previous wording

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 $150,000,000 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.

Current wording

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.

Previous wording

For the three months ended March 31, 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of March 31, 2025, shares representing $150,000,000 of our common stock remain available for issuance and sale under the Equity Distribution Agreement.

Current wording

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

Previous wording

On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (as amended to date, the “Credit Facility”). Following this amendment and several commitment increases in the fourth quarter of 2024, the Credit Facility is now composed of $695 million of revolving credit and $140 million of term loans. Borrowings generally bear interest at a rate per annum equal to the base rate plus a range of 1.75%-2.00% or the alternate base rate plus 0.75%-1.00%. The Credit Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900 million with additional new lenders or an increase in commitments from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At March 31, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $536.2 million, composed of $396.2 million of revolving credit and $140.0 million of term loans.

Current wording

On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (as amended to date, the “Credit Facility”). Following this amendment and several commitment increases in the fourth quarter of 2024, the Credit Facility is now composed of $695 million of revolving credit and $140 million of term loans. Borrowings generally bear interest at a rate per annum equal to the base rate plus a range of 1.75%-2.00% or the alternate base rate plus 0.75%-1.00%. The Credit Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900 million with additional new lenders or an increase in commitments from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At June 30, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $657.2 million, composed of $517.2 million of revolving credit and $140.0 million of term loans.

Previous wording

On April 1, 2022, we entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the Mergers. The CF Assumption Agreement relates to our assumption of the revolving credit facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, subsequent to an August 30, 2024 amendment, the commitment under the SPV Credit Facility is $275 million. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor requirement, and the current final maturity date is August 30, 2028. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, we, as successor to SUNS, and SUNS SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At March 31, 2025, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $153.1 million.

Current wording

On April 1, 2022, we entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the Mergers. The CF Assumption Agreement relates to our assumption of the revolving credit facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, subsequent to an August 30, 2024 amendment, the commitment under the SPV Credit Facility is $275 million. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor requirement, and the current final maturity date is August 30, 2028. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, we, as successor to SUNS, and SUNS SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At June 30, 2025, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165.1 million.

Previous wording

We deem certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities as cash equivalents. The Company makes purchases that are consistent with its purpose of making investments in securities described in paragraphs 1 through 3 of Section 55(a) of the 1940 Act. From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from time to time we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate. The amount of these transactions or such drawn cash for this purpose are excluded from total assets for purposes of computing the asset base upon which the management fee is determined. We held a face amount of $450 million in cash equivalents as of March 31, 2025.

Current wording

We deem certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities as cash equivalents. The Company makes purchases that are consistent with its purpose of making investments in securities described in paragraphs 1 through 3 of Section 55(a) of the 1940 Act. From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from time to time we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate. The amount of these transactions or such drawn cash for this purpose are excluded from total assets for purposes of computing the asset base upon which the management fee is determined. We held a face amount of $350 million in cash equivalents as of June 30, 2025.

Previous wording

As of March 31, 2025, we had a total of $420.7 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.

Current wording

As of June 30, 2025, we had a total of $287.7 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.

Previous wording

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, 2025, asset coverage was 194.5%.

Current wording

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by all senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the Asset Coverage Per Unit. In order to determine the specific Asset Coverage Per Unit for each class of debt, the total Asset Coverage Per Unit is allocated based on the amount outstanding in each class of debt at the end of the period. As of June 30, 2025, asset coverage was 184.0%.