SLR Investment Corp.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous 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.

Current wording

During the three months ended September 30, 2025, we invested approximately $276.9 million across 33 portfolio companies. This compares to investing approximately $157.1 million in 25 portfolio companies during the three months ended September 30, 2024. Investments sold, prepaid or repaid during the three months ended September 30, 2025 totaled approximately $311.9 million versus approximately $223.5 million for the three months ended September 30, 2024.

Previous 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.

Current wording

At September 30, 2025, our portfolio consisted of 109 portfolio companies and was invested 22.9% in cash flow senior secured loans, 46.2% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 18.7% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 12.2% in life science investments, in each case, measured at fair value, versus 131 portfolio companies invested 33.0% in cash flow senior secured loans, 32.6% in asset-based senior secured loans / SLR Credit / SLR Healthcare ABL / SLR Business Credit, 21.5% in equipment senior secured financings / SLR Equipment / KBH, and 12.9% in life science investments, in each case, measured at fair value, at September 30, 2024.

Previous 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.

Current wording

At September 30, 2025, 83.4%, or $1.74 billion, of our income producing investment portfolio* was floating rate and 16.6%, or $344.7 million, was fixed rate, measured at fair value. At September 30, 2024, 80.8%, or $1.66 billion, of our income producing investment portfolio* was floating rate and 19.2%, or $393.8 million, was fixed rate, measured at fair value. As of September 30, 2025 and 2024, we had one and one issuers, respectively, on non-accrual status.

Previous 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.

Current wording

As of September 30, 2025, SLR Credit had 34 funded commitments to 26 different issuers with total funded loans of approximately $390.0 million on total assets of $419.1 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 September 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 $15.0 million and $14.4 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $217.7 million and $150.0 million of borrowings outstanding at September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, SLR Credit had net income (loss) of

Previous 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.

Current wording

As of September 30, 2025, SLR Equipment had 507 funded equipment-backed leases and loans to 244 different customers with a total net investment in leases and loans of approximately $300.6 million on total assets of $337.5 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 September 30, 2025 and December 31, 2024, the largest position outstanding totaled $16.4 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.2 million and $1.5 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $237.6 million and $261.0 million of borrowings outstanding at September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, SLR Equipment had net income (loss) of $1.3 million and ($2.3) million, respectively, on gross income of $6.0 million and $5.6 million, respectively. For the nine months ended September 30, 2025 and 2024, SLR Equipment had net income (loss) of $2.0 million and ($6.1) million, respectively, on gross income of $21.4 million and $15.7 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.

Previous 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.

Current wording

As of September 30, 2025 and December 31, 2024, KBHT had total assets of $897.6 million and $920.1 million, respectively. For the same periods, debt recourse to KBHT totaled $257.5 million and $271.6 million, respectively, and non-recourse debt totaled $416.0 million and $421.6 million, respectively. None of the debt is recourse to the Company. For the three months ended September 30, 2025 and 2024, KBHT had net income of $3.5 million and $2.9 million, respectively, on gross income of $87.4 million and $83.1 million, respectively. For the nine months ended September 30, 2025 and 2024, KBHT had net income of $9.8 million and $7.5 million, respectively, on gross income of $275.4 million and $241.6 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 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 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.

Current wording

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of September 30, 2025, the portfolio totaled approximately $298.8 million of commitments with a total net investment in loans of $151.8 million on total assets of $160.2 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 September 30, 2025, the portfolio consisted of 48 issuers with an average balance of approximately $3.2 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 $122.8 million and $99.6 million of borrowings outstanding at September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, SLR Healthcare had net income of $1.5 million and $1.3 million, respectively, on gross income of $6.0 million and $5.0 million, respectively. For the nine months ended September 30, 2025 and 2024, SLR Healthcare had net income of $4.4 million and $3.9 million, respectively, on gross income of $17.1 million and $14.9 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 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.

Current wording

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of September 30, 2025, the portfolio totaled approximately $994.8 million of commitments, of which, on a net basis, approximately $552.7 million were funded, on total assets of $597.5 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 September 30, 2025, the portfolio consisted of 191 issuers with an average balance of approximately $2.9 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 $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 $290.3 million and $231.0 million of borrowings outstanding at September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, SLR Business Credit had net income of $2.5 million and $0.8 million, respectively, on gross income of $15.4 million and $9.6 million, respectively. For the nine months ended September 30, 2025 and 2024, SLR Business Credit had net income of $8.0 million and $6.3 million, respectively, on gross income of $41.6 million and $31.2 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.

Previous 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.

Current wording

As of September 30, 2025 and December 31, 2024, SSLP had total assets of $211.5 million and $197.5 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 28 and 32 different borrowers, respectively. For the three and nine months ended September 30, 2025, SSLP invested $18.5 million and $57.4 million, respectively, in 4 and 11 portfolio companies, respectively. Investments sold or prepaid totaled $15.3 million and $49.0 million, respectively for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, SSLP invested $4.3 million and $45.5 million, respectively, in 7 and 16 portfolio companies, respectively. Investments prepaid totaled $21.3 million and $29.8 million, respectively, for the three and nine months ended September 30, 2024.

Previous 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:

Current wording

Below is certain summarized financial information for SSLP as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 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 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.

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 nine months ended September 30, 2025, capitalized PIK income totaled $1.9 million and $5.4 million, respectively. For the three and nine months ended September 30, 2024, capitalized PIK income totaled $1.4 million and $6.1 million, respectively.

Previous wording

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

Current wording

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

Previous 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.

Current wording

For the three and nine months ended September 30, 2025, gross investment income totaled $57.0 million and $164.1 million, respectively. For the three and nine months ended September 30, 2024, gross investment income totaled $59.8 million and $176.8 million, respectively. The decrease in gross investment income for the year over year three and nine 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 $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.

Current wording

Net expenses totaled $35.4 million and $98.7 million, respectively, for the three and nine months ended September 30, 2025, of which $13.4 million and $39.6 million, respectively, consisted of base management fees and performance-based incentive fees and $18.7 million and $51.3 million, respectively, consisted of interest and other credit facility expenses. Other general and administrative expenses totaled $3.3 million and $7.9 million, respectively, for the three and nine months ended September 30, 2025. Over the same periods, $13 thousand and $35 thousand of performance-based incentive fees were waived. Net expenses totaled $35.4 million and $104.3 million, respectively, for the three and nine months ended September 30, 2024, of which $14.0 million and $41.7 million, respectively, were base management fees and performance-based incentive fees and $18.9 million and $55.3 million, respectively, were interest and other credit facility expenses. Other general and administrative expenses totaled $2.6 million and $7.4 million, respectively, for the three and nine months ended September 30, 2024. Over the same periods, $41 thousand and $0.1 million of performance-based incentive fees were waived. Expenses generally consist of management and performance-based incentive fees, interest and other credit facility expenses, administrative services fees, insurance expenses, legal fees, directors’ fees, transfer agency fees, printing and proxy expenses, audit and tax services expenses and other general and administrative expenses. Interest and other credit facility expenses generally consist of interest, unused fees, agency fees and loan origination fees, if any, among others. The decrease in expenses for the year over year nine 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’s net investment income totaled $21.6 million and $43.7 million, or $0.40 and $0.80, per average share, respectively, for the three and six months ended June 30, 2025. The Company’s net investment income totaled $24.3 million and $48.2 million, or $0.45 and $0.88, per average share, respectively, for the three and six months ended June 30, 2024.

Current wording

The Company’s net investment income totaled $21.6 million and $65.3 million, or $0.40 and $1.20, per average share, respectively, for the three and nine months ended September 30, 2025. The Company’s net investment income totaled $24.3 million and $72.5 million, or $0.45 and $1.33, per average share, respectively, for the three and nine months ended September 30, 2024.

Previous 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.

Current wording

The Company had investment sales and prepayments totaling approximately $312 million and $718 million, respectively, for the three and nine months ended September 30, 2025. Net realized gains over the same periods were $1.3 million and $1.1 million, respectively. The Company had investment sales and prepayments totaling approximately $224 million and $447 million, respectively, for the three and nine months ended September 30, 2024. Net realized losses over the same periods were $2.7 million and $2.5 million, respectively. Net realized gain (loss) for the three and nine months ended September 30, 2025 and 2024 were primarily due to the disposition of selected assets.

Previous 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.

Current wording

For the three and nine months ended September 30, 2025, net change in unrealized gain on the Company’s assets totaled $0.4 million and $1.0 million, respectively. Net unrealized gain for the three months ended September 30, 2025 was primarily due to appreciation in the value of our investments in SLR Business Credit, KBH Topco, LLC, SLR-AMI Topco Blocker LLC, Arcutis Biotherapeutics, Inc., Bayside Parent, LLC and Cerapedics, Inc., among others, partially offset by depreciation in the value of our investments in SLR Credit Solutions, SLR Equipment Finance and RQM+ Corp., among others, as well as the reversal of previously recognized unrealized appreciation upon the refinance of our investment in DeepIntent, Inc. Net unrealized gain for the nine months ended September 30, 2025 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit, Bayside Parent, LLC, Arcutis Biotherapeutics, Inc., Cerapedics, Inc. and Centinel Spine LLC, among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, SLR Credit Solutions, SLR-AMI Topco Blocker, LLC, RQM+ Corp., OmniGuide Holdings, Inc., SOINT, 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. For the three and nine months ended September 30, 2024, net change in unrealized gain (loss) on the Company’s assets totaled $0.4 million and $3.1 million, respectively. Net unrealized gain for the three months ended September 30, 2024 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, Outset Medical, Inc. and Bayside Parent, LLC, among others, partially offset by the reversal of previously recognized unrealized appreciation on our investments in Neuronetics, Inc. and Alimera Sciences, Inc. as well as depreciation in the value of our investment in SLR Equipment Finance and Logix Holding Company, among others. Net unrealized gain for the nine months ended September 30, 2024 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Credit Solutions, Outset Medical, Inc. and Bayside Parent, LLC, among others, partially offset the reversal of previously recognized unrealized appreciation on our investment in Alimera Sciences, Inc. as well as by depreciation in the value of our investments in SLR Equipment Finance, SOINT, LLC and RQM+ Corp., among others.

Previous 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.

Current wording

For the three and nine months ended September 30, 2025, the Company had a net increase in net assets resulting from operations of $23.3 million and $67.5 million, respectively. For the same periods, earnings per average share were $0.43 and $1.24, respectively. For the three and nine months ended September 30, 2024, the Company had a net increase in net assets resulting from operations of $22.0 million and $73.1 million, respectively. For the same periods, earnings per average share were $0.40 and $1.34, 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 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.

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, the 2028 Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J 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 September 30, 2025, we had a total of $471.6 million of collective unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.

Previous 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.

Current wording

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

Previous wording

semi-annually on February 18 and August 18. The 2028 Unsecured Notes were issued in a private placement only to qualified

Current wording

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.

Previous wording

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

Current wording

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.

Previous wording

On February 18, 2025, the Company closed a private offering of $50 million of unsecured notes with a fixed interest rate of 6.14% and a maturity date of February 18, 2028 (the “2028 Unsecured Notes”). Interest on the 2028 Unsecured Notes is due

Current wording

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.

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 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.

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 between the fourth quarter of 2024 and the quarter ended September 30, 2025, the Credit Facility is now composed of $720 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 September 30, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $498.4 million, composed of $358.4 million of revolving credit and $140.0 million of term loans.

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 $350 million in cash equivalents as of June 30, 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. As of September 30, 2025 and December 31, 2024, we held face amounts of $375 million and $400 million, respectively, in cash equivalents.

Previous 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.

Current wording

As of September 30, 2025, we had a total of $471.6 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 June 30, 2025, asset coverage was 184.0%.

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 September 30, 2025, asset coverage was 186.6%.