SLRC 10-K & 10-Q changes, risk factors and insider trading

Our portfolio may be concentrated in a limited number of portfolio companies and industries. The Company is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that it is not limited by the 1940 Act with respect to the proportion of its assets that it could invest in a single portfolio company. To the extent that we assume large positions in the securities of a small number of portfolio companies, our net asset value could fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the portfolio company. We could also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. As of December 31, 2024,2025, our investments in Kingsbridge Holdings, LLC, SLR Credit Solutions, Kingsbridge Holdings, LLCSolutions and SLR Business Credit comprised 11.8%,12.2%, 10.3%10.9% and 5.1%,5.2%, respectively, of our total assets and our investments in the diversified financial services, multi-sector holdings and health care providers & services industries comprised 22.7%,24.9%, 15.2%16.2% and 11.1%,7.8%, respectively, of our total assets. Beyond the asset diversification requirements associated with our qualification as a RIC under Subchapter M of the Code, we do not have fixed guidelines for diversification, and while we are not targeting any specific industries, our investments may be concentrated in relatively few industries or portfolio companies. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could also significantly impact the aggregate returns we realize.

lossan ofincrease ain majornegative fundingglobal sourcemedia coverage relating to the private credit industry; or general economic conditions and trends and other external factors.

From time to time, we may be subject to legal actions as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas. In any such claims or actions, demands for substantial monetary damages may be asserted against us and may result in financial liability or an adverse effect on our reputation among investors. In addition, the new presidential administration will lead toany leadership changes or reforms at a number of U.S. federal regulatory agencies with oversight over our industry. Any changes or reformsindustry may impose additional costs or result in other limitations on us.

We may distribute taxable distributions that are payable in part in shares of our common stock. Under certain applicable provisions of the Code and published guidance, distributions of a publicly offered RIC that are in cash or in shares of stock at the election of stockholders may be treated as taxable distributions. The Internal Revenue Service has issued a revenue procedure indicating that this rule will apply if the total amount of cash to be distributed is not less than 20% of the total distribution. Under this revenue procedure, if too many stockholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of distributions paid in stock). In no event will any stockholder electing to receive cash, receive less than the lesser of (a) the portion of the distribution such stockholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such distributions will be required to include the full amount of the distribution (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock it receives as a distribution in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on distributions, it may put downward pressure on the trading price of our stock.

Under Maryland General Corporation Law (the “MGCL”) and our charter, our board of directors is authorized to classify and reclassify any authorized but unissued shares of stock into one or more classes of stock, including preferred stock. Prior to issuance of shares of each class or series, the board of directors is required by Maryland law and our charter to set the preferences, conversion or other rights, voting powers, restrictions, limitations as to other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. The cost of any such reclassification would be borne by our existing common stockholders. The issuance of shares of preferred stock convertible into shares of common stock might also reduce the net income and net asset value per share of our common stock upon conversion, provided that we will only be permitted to issue such convertible preferred stock to the extent we comply with the requirements of Section 61 of the 1940 Act, including obtaining common stockholder approval. These effects, among others, could have an adverse effect on your investment in our common stock.

As of December 31, 2024,2025, we had $482.0$505.4 million outstanding under the Credit Facility, composed of $342.0$352.2 million of revolving credit and $140.0$153.1 million outstanding of term loans, and $165.1 million outstanding under our SPV Credit Facility. We also had $75.0 million outstanding of 2028 Series J Unsecured Notes, $50.0 million outstanding of 2028 Series I Unsecured Notes, $50.0 million outstanding of 2028 Series H Unsecured Notes, $49.0 million outstanding of 2027 Series G Unsecured Notes, $135.0 million outstanding of the 2027 Series F Unsecured Notes, $50.0 million outstanding of the 2027 Unsecured Notes,Notes and $75.0 million outstanding of the 2026 Unsecured Notes, and $85.0 million outstanding of the 2025 Unsecured Notes. If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred stockholders would generally vote together with common stockholders but would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our common stockholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest.

We borrow money as part of our business plan. Borrowings, also known as leverage, magnify the potential for loss on amounts invested and, therefore, increase the risks associated with investing in our securities. As of December 31, 2024,2025, we had $482.0$505.4 million outstanding under the Credit Facility, composed of $342.0$352.2 million of revolving credit and $140.0$153.1 million outstanding of term loans, and $165.1 million outstanding under our SPV Credit Facility. We also had $75.0 million outstanding of 2028 Series J Unsecured Notes, $50.0 million outstanding of 2028 Series I Unsecured Notes, $50.0 million outstanding of 2028 Series H Unsecured Notes, $49.0 million outstanding of 2027 Series G Unsecured Notes, $135.0 million outstanding of the 2027 Series F Unsecured Notes, $50.0 million outstanding of the 2027 Unsecured Notes,Notes and $75.0 million outstanding of the 2026 Unsecured Notes, and $85.0 million outstanding of the 2025 Unsecured Notes. We may borrow from and issue senior debt securities to banks, insurance companies and other lenders in the future. Lenders of these senior securities, including the Credit Facility, the SPV Credit Facility, the 2028 Series J Unsecured Notes, the 2028 Series I Unsecured Notes, the 2028 Series H Unsecured Notes, the 2027 Series G Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes,Notes and the 20252026 Unsecured Notes, will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Also, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could also negatively affect our ability to make distribution payments on our common stock, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the management fee payable to our Investment Adviser, SLR Capital Partners, will be payable based on our gross assets, including those assets acquired through the use of leverage, SLR Capital Partners will have a financial incentive to incur leverage which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of leverage, including any increase in the management fee payable to SLR Capital Partners.

The Maryland General Corporation LawMGCL and our charter and bylaws contain provisions that may discourage, delay or make more difficult a change in control of SLR Investment Corp. or the removal of our directors. We are subject to the Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Maryland Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board of directors, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board of directors does not approve a business combination, the Maryland Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the “Control Share Act”) acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Act, the Control Share Act also may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction. The SEC staff has rescinded its position that, under the 1940 Act, an investment company may not avail itself of the Control Share Act. As a result, we will amend our bylaws to be subject to the Control Share Act only if our board of directors determines that it would be in our best interests.

Although we are not currently aware of any cyber-attacks or other incidents that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect, its operations or financial condition, there has been an increase in the frequency and sophistication of the cyber and security threats faced in the marketplace. Cyber-attacks and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside or inside parties. We may be a target for attacks because, as a specialty finance company, we hold confidential and other sensitive information, including price information, about existing and potential investments. Further, we are dependent on third-party vendors for hosting hardware, software and data processing systems that we do not control. We also rely on third-party service providers for certain aspects of its business, including for certain information systems, technology and administration of our portfolio companies and compliance matters. While we rely on the cybersecurity strategy and policies implemented by the Investment Adviser, our reliance on the Investment Adviser and third-party service providers removes certain cybersecurity functions from outside of the Company’s immediate control, and cyber-attacks on the Investment Adviser, on us or on third-party service providers could adversely affect us, our business, and our reputation. The costs related to cyber-attacks or other security threats or disruptions may not be fully insured or indemnified by others, including by our third-party providers. As our reliance on computer hardware and software systems, data processing systems, and other technology has increased, so have the risks posed to such systems, both those the Investment Adviser controls and those provided by third-party vendors. Cyber-attacks may originate from a wide variety of sources, and while the Investment Adviser has implemented processes, procedures, and internal controls designed to mitigate cybersecurity risks and cyber-attacks, these measures do not guarantee that a cyber-attack will not occur or that our financial results, operations, or confidential information, personal, or other sensitive information will not be negatively impacted by such an incident, especially because the techniques of threat actors change frequently and are often not recognized until launched. The Investment Adviser relies on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on its information systems, as well as on policies and procedures to protect against the unauthorized or unlawful disclosure of confidential, personal, or other sensitive information. Although the Investment Adviser takes protective measures and endeavors to strengthen its computer systems, software, technology assets, and networks to prevent and address potential cyber-attacks, there can be no assurance that any of these measures prove effective. The Investment Adviser expects to be required to devote increasing levels of funding and resources, which may in part be allocated to us, to comply with evolving cybersecurity and privacy laws and regulations and to continually monitor and enhance its cybersecurity procedures and controls. In addition, we, the Investment Adviser, the Administrator, or their employees, if any, may also be the target of fraudulent emails or other targeted attempts to gain unauthorized access to confidential, personal, or other sensitive information. Many jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information, with which we and the Investment Adviser must comply in the event of a security incident or cyber-attack. The result of any security incident or cyber-attack may include disrupted operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen information (including personal information), investigations, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, regulatory fines or penalties, or other adverse effects on our business, financial condition or results of operations. The Investment Adviser may be required to expend significant additional resources to modify its protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks related to cyber-attacks. The rapid evolution and increasing prevalence of artificial intelligence technologies may also increase cybersecurity risks.

There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. The United States has recently enacted and proposed to enact significant new tariffs. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of United States trade policy, and there continues to exist significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics) may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Such events, including rising trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, the political and geopolitical developments in Venezuela, the large-scale invasion of Ukraine by Russia that began in February 2022 and resulting sanctions or other restrictive actions that the United States and other countries have imposed against Russia, an inflationary environment and the ongoing wartensions in the Middle East,East (including the internal unrest in Iran) and between China and Taiwan, could adversely affect our business, financial condition or results of operations. Additionally,In asaddition, asocial resultunrest, ofchanges theregarding 2024 U.S. election, the Republican Party currently controls both the executiveimmigration and legislativework branchespermit of government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Regulatory changes could result in greater competition from bankspolicies and other lenderspolitical withand security concerns may not abate, which wemay competecause forthe lendingdebt and otherequity investmentcapital opportunities. The United States may also potentially withdraw from or renegotiate various trade agreementsmarkets and takeour otherbusiness actionsto thatbe wouldadversely changeaffected currentboth tradewithin policiesand outside of theregions Unitedexperiencing States.ongoing These market and economic disruptions could negatively impact the operating results of our portfolio companies. This could in turn materially reduce our net asset value and dividends and adversely affect our financial prospects and condition.conflicts.

Additionally, the Federal Reserve raised the federal funds rate in 2022 and 2023. While the Federal Reserve cut its benchmark rate in the third and fourth quarters of 2024 and 2025 and indicated that there may be additional rate cuts in 2025,2026, future reductions to benchmark rates are not certain. Additionally, there can be no assurance that the Federal Reserve will not return to making upwards adjustments to the federal funds rate in the future. These developments, along with the United States government’s credit and deficit concerns, global economic uncertainties and market volatility, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets and capital markets on favorable terms.

There is uncertainty surrounding potential legal, regulatory and policy changes by newthe current presidential administrationsadministration in the United States that may directly affect financial institutions and the global economy.

The current administration has called for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas.areas, which could adversely impact the Company and its stockholders. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

The London Interbank Offered Rate (“LIBOR”) iswas an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies.

TheIn recent years, the macroeconomic environment ishas characterizedexperienced byuncertainty record-highrelated inflation,to evolving tariff and trade policies, geopolitical tensions, inflationary pressures, labor market shortages and disputes, changes in interest rates, supply chain challenges, labor shortages, strikes, work stoppages, labor disputes, supply chain disruptions and accidents, changing interest rates,disruptions, foreign currency exchangefluctuations, volatility,and periods of volatility in global capital markets and concerns over actual and potential tariffs and sanctions, inflation and persistent recession risk.markets. The risks associated with the Company’s and our portfolio companies’ businesses are more severe during periods of economic slowdown or recession.

Our business (including that of our portfolio companies) faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. Certain institutional investors may consider such ESG ratings and measures in making their investment decisions. If our ESG ratings or performance do not meet the standards set by such investors or our stockholders, they may choose to exclude our securities from their investments. In addition, investment in funds that specialize in companies that perform well in such assessments remain popular, and major institutional investors have publicly discussed their consideration of such ESG ratings and measures in making their investment decisions. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, including, but not limited to, human rights, climate change, environmental stewardship, support for local communities, corporate governance and transparency or consideration of ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with existing and future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.

However, regional and investor specific sentiment may differ in what constitutes a material positive or negative ESG corporate practice. There is no guarantee that the Company’s ESG and sustainability practices will uniformly fit every investor’s definition of best practices for all environmental, social and governance considerations across geographies and investor types. At the same time, in recent years “anti-ESG” sentiment has also gained momentum across the U.S., with a growing number ofseveral states, federal agencies, the executive branch and federal agencies, and Congress having enacted,proposed, proposedenacted or indicated an intent to pursue “anti-ESG” policies, legislation or issued related legal opinions and engaged inpursued related investigations and litigation. If investors subject to “anti-ESG” legislation view our Investment Adviser’s responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal opinions, such investors may not invest in us and it could negatively impact the price of our common stock. In addition, corporate diversity, equity and inclusion (“DEI”) practices have recently come under increasing scrutiny. For example,Further, some advocacy groups and federal and state officials have asserted that the U.S. Supreme Court’s decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract mattersmatters. and severalSeveral media campaigns and cases alleging discrimination based on such arguments have been initiated since the decision.decision Additionally,and in January 2025, Presidentthe Trump Administration signed a number of Executive Orders focused on DEI, which indicatecaution continuedthe scrutinyprivate ofsector to end “illegal DEI initiativesdiscrimination and potentialpreferences” relatedand preview upcoming compliance investigations of certain private entities with respect to DEI initiatives, including publicly traded companies. Agencies across the federal government, including the Department of Justice, the Federal Communications Commission, and the Equal Employment Opportunity Commission, have been focusing on DEI-related investigations and enforcement. It is uncertain how the interpretation, application, and enforcement of laws (including U.S. state and federal nondiscrimination laws), policies, and public sentiment related to DEI will evolve, and it may become increasingly challenging to establish global DEI-related policies and programs that meet the varied laws, policies, and norms of different jurisdictions. If we do not successfully manage expectations across varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our investment opportunities. Such scrutiny of both ESG and DEI related practices could expose our Investment Adviser to the risk of litigation, investigations or challenges by federal or state authorities or result in reputational harm. Compliance with any new ESG laws or regulations increases our regulatory burden and could result in increased legal, accounting and compliance costs, make some activities more difficult, time-consuming and costly, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent that weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. These events and the disruptions they cause, alone or in combination, could also lead to increased costs of insurance for us and/or our portfolio companies. Energy companies could also be affected by the potential for lawsuits against or taxes or other regulatory costs imposed on greenhouse gas emitters, based on links drawn between greenhouse gas emissions and climate change.

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

changes in the general economy, slowing economy, rising inflation, risk of recession andrecession, risks in respect of a failure to increase the U.S. debt ceiling or government shutdown and uncertainty surrounding the financial and political stability of the United States and other countries; and our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chains and operations.

Credit markets wereremained highly competitive in 20242025 withas borrowers sought to access lower interestbase rates.rates Theand narrowing credit spreads. Underpinning this backdrop was a resilient U.S. economy that continued to grow duringthroughout the year amidstas decliningpolicy inflationaryuncertainty pressures.moderated even with continued geopolitical tensions and a government shutdown. The year ended with anreal expectationUS GDP growth in 2025 and expectations for furthershort-term interest raterates cutsto decline further in 2026 and uncertaintiesfor aroundfiscal astimulus newto U.S.collectively governmentremain supportive of both liquidity and potential impacts to the broader economy.

During the year ended December 31, 2024,2025, we invested approximately $468$1.1 millionbillion across approximately 5058 portfolio companies. This compares to investing approximately $812$468 million across overapproximately 8550 portfolio companies for the year ended December 31, 2023.2024. Investments sold, prepaid or repaid during the year ended December 31, 20242025 totaled approximately $634$1.0 millionbillion versus approximately $750$634 million for the year ended December 31, 2023.2024.

At December 31, 2024,2025, our portfolio consisted of 122100 portfolio companies and was invested 30.7%21.5% in cash flow senior secured loans, 35.8%47.1% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL (“SLR Healthcare”) / SLR Business Credit, 21.6%20.4% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 11.9%11.0% in life science senior secured loans, in each case, measured at fair value, versus 151122 portfolio companies and was invested 32.5%30.7% in cash flow senior secured loans, 27.8%35.8% in asset-based senior secured loans / SLR Credit Solutions / SLR Healthcare / SLR Business Credit, 23.0%21.6% in equipment senior secured financings / SLR Equipment Finance / Kingsbridge Holdings, LLCKBH and 16.7%11.9% in life science senior secured loans, in each case, measured at fair value, at December 31, 2023.2024.

At December 31, 2025, 83.5%, or $1.74 billion, of our income producing investment portfolio* was floating rate and 16.5%, or $344 million, was fixed rate, measured at fair value. At December 31, 2024, 80.6%, or $1.59 billion, of our income producing investment portfolio* was floating rate and 19.4%, or $383 million, was fixed rate, measured at fair value. At December 31, 2023, 78.7%, or $1.67 billion, of our income producing investment portfolio* was floating rate and 21.3%, or $451 million, was fixed rate, measured at fair value. As of December 31, 20242025 and 2023,2024, we had onezero and one issuersissuer on non-accrual status, respectively.

On July 31, 2017, we acquired a 100% equity interest in NEF Holdings, LLC, which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. Effective February 25, 2021, Nations Equipment Finance, LLC and its related companies are doing business as SLR Equipment Finance. SLR Equipment is an independent equipment finance company that provides senior secured loans and leases primarily to U.S. based companies. We invested $209.9 million in cash to effect the transaction, of which $145.0 million was invested in the equity of SLR Equipment through our wholly-owned consolidated taxable subsidiary NEFCORP LLC and our wholly-owned consolidated subsidiary NEFPASS LLC, and $64.9 million was used to purchase certain leases and loans held by SLR Equipment through NEFPASS LLC. On January 31, 2024, SLR Equipment entered into a $225 million senior secured credit facility originally with a maturity date of January 31, 2027. On March 1, 2024, the credit facility was expanded to $350 million of commitments. On November 26, 2025, SLR Equipment renewed the credit facility extending the maturity date to November 26, 2028.

As of December 31, 2025, SLR Equipment had 485 funded equipment-backed leases and loans to 243 different customers with a total net investment in leases and loans of approximately $299.8 million on total assets of $338.3 million. As of 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 December 31, 2023, SLR Equipment had 150 funded equipment-backed leases and loans to 62 different customers with a total net investment in leases and loans of approximately $203.7 million on total assets of $254.7 million. As of December 31, 20242025 and December 31, 2023,2024, the largest position outstanding totaled $17.9$17.8 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.5$1.2 million and $3.3$1.5 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $261.0$237.5 million and $137.2$261.0 million of borrowings outstanding at December 31, 20242025 and December 31, 2023,2024, respectively. For the years ended December 31, 20242025 and December 31, 2023,2024, SLR Equipment had net income (losses) of $9.5$2.6 million and $6.4($9.5) million, respectively, on gross income of $22.0$28.6 million and $19.6$22.0 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 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. SLR Equipment’s consolidated financial statements for the fiscal years ended December 31, 20242025 and December 31, 20232024 are attached as an exhibit to this annual report on Form 10-K.

On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual focused independent mid-ticket lessor of equipment primarily to U.S. large corporate companies. The Company invested $216.6 million to effect the transaction, of which $136.6 million was invested to acquire 87.5% of KBHT’s equity and $80.0 million in KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owned 87.5% of KBHT equity and the KBH management team owned the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. EffectiveOn withMarch this11, purchase,2025, as per the terms of the original purchase agreement, the Company ownsacquired 90.625%an additional 3.125% of KBHT’s equity andfrom the KBH management team owns the remaining 9.375%.team.

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2025, the portfolio totaled approximately $920.4 million of commitments, of which $535.2 million were funded, on total assets of $574.1 million. 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. As of December 31, 2023, the portfolio totaled approximately $610.9 million of commitments, of which $273.5 million were funded, on total assets of $315.3 million. At December 31, 2024,2025, the portfolio consisted of 179 issuers with an average balance of approximately $3.0 million versus 188 issuers with an average balance of approximately $2.6 million versus 102 issuers with an average balance of approximately $2.7 million at December 31, 2023.2024. NMC has a senior credit facility with a bank lending group for $325.3$367.0 million which expires on November 13, 2025.2028. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $231.0$273.2 million and $222.9$231.0 million of borrowings outstanding at December 31, 20242025 and December 31, 2023,2024, respectively. For the years ended December 31, 20242025 and December 31, 2023,2024, SLR Business Credit had net income (loss) of $10.5$9.6 million and ($9.5)$10.5 million, respectively, on gross income of $45.9$54.8 million and $38.1$45.9 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Business Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us. SLR Business Credit’s consolidated financial statements for the fiscal years ended December 31, 20242025 and December 31, 20232024 are attached as an exhibit to this annual report on Form 10-K.

On May 7, 2024,2025, our Board authorized an extension of a program for the purpose of repurchasing up to $50 million of our outstanding shares of common stock. Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market from time to time provided that we comply with our code of ethics and the guidelines specified in Rule 10b-18 of the 1934 Act, including certain price, market volume and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 7, 20252026 or until $50 million of our outstanding shares of common stock have been repurchased. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases beyond what is reported herein. There were no share repurchases during the fiscal yearyears ended December 31, 2024.2025 During the fiscal year endedand December 31, 2023, the Company repurchased 746 shares at an average price of approximately $14.02 per share, inclusive of commissions. The total dollar amount of shares repurchased for the fiscal year ended December 31, 2023 was $0.01 million.2024.

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 20,8, 2023,2025, thethis SSLP Facilityfacility was expandedrefinanced towith Citizens Bank, N.A. into a $150 million.million Effective with an amendment on March 25, 2024, the SSLP Facility isfacility scheduled to mature onin DecemberOctober 12, 20282030 and generally bearsbearing interest at a rate of SOFR plus 2.90%.2.15% (the “SSLP Facility”). SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties, and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. As of December 31, 20242025 and December 31, 2023,2024, borrowings outstanding on the SSLP Facility totaled $96.6$94.5 million and $106.9$96.6 million, respectively.

Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current interest rate in effect as of December 31, 2024.

For the fiscal years ended December 31, 20242025 and 2023,2024, gross investment income totaled $232.4$218.5 million and $229.3$232.4 million, respectively. The increasedecrease in gross investment income for the year over year period was primarily due to ana increasedecrease in dividendthe incomeaverage yearsize overof yearthe fromincome-producing SSLPinvestment andportfolio ouras specialtywell financeas companya equitydecrease investments.in index rates.

Net expenses totaled $136.1$131.6 million and $137.2$136.1 million, respectively, for the fiscal years ended December 31, 20242025 and 2023,2024, of which $55.4$52.9 million and $54.6$55.4 million, respectively, were base management fees and performance-based incentive fees and $71.5$67.9 million and $72.5$71.5 million, respectively, were interest and other credit facility expenses. Other general and administrative expenses totaled $9.4$10.8 million and $10.6$9.4 million, respectively, for the fiscal years ended December 31, 20242025 and 2023.2024. Over the same periods, $0.2$0.05 million and $0.5$0.2 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 period was primarily due to lower interest expense onfrom a decrease in average borrowings as well as a decrease in the index rates on borrowings. Additionally there was a reduction in generalperformance-based and administrative expenses, partially offset by higherincentive fees stemmingon from higherlower net investment income.

Net Realized Gain (Loss)

The Company had investment sales and prepayments totaling approximately $634$1.0 millionbillion and $750$634 million, respectively, for the fiscal years ended December 31, 20242025 and 2023.2024. Net realized gains (losses) over the same periods were $2.3$1.6 million and $28.0($2.3) million, respectively. Net realized gains for fiscal year 2025 were primarily related to the sale of selected assets. Net realized losses for fiscal year 2024 were primarily related to the exit of our investments in NSPC Holdings LLC and NSPC Intermediate Corp. Net realized losses for fiscal year 2023 were primarily related to our investment in American Teleconferencing Services, Ltd.

For the fiscal years ended December 31, 20242025 and 2023,2024, net change in unrealized gain on the Company’s assets and liabilities totaled $1.7$4.0 million and $12.3$1.7 million, respectively. Net unrealized gain for the fiscal year ended December 31, 2025 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit, RD Holdco, Inc., Bayside Parent, LLC and Arcutis Biotherapeutics, Inc., among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, SLR Credit Solutions, SLR-AMI Topco Blocker, LLC, OmniGuide Holdings, Inc., RQM+ Corp., 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 Cerapedics, Inc., Outset Medical, Inc. and Retina Midco, Inc. Net unrealized gain for the fiscal year ended December 31, 2024 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Credit Solutions, Bayside Parent, LLC and SLR Healthcare ABL, 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, SLR-AMI Topco Blocker, LLC and SOINT, LLC, among others. Net unrealized gain for the fiscal year ended December 31, 2023 was primarily due to the reversal of previously recognized unrealized depreciation on our investment in American Teleconferencing Services, Ltd., as well as appreciation in the value of our investments in Alimera Sciences, Inc., SLR Healthcare ABL and SLR Senior Lending Program LLC, among others, partially offset by depreciation in the value of our investments in SLR-AMI Topco Blocker, LLC, KBH Topco, LLC and SLR Credit Solutions, among others.

The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility (as defined below), the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes andNotes, the 2027 Series G Unsecured Notes, the 2028 Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (collectively the “Debt Instruments”), through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic follow-on equity and/or debt offerings. As of December 31, 2024,2025, we had a total of $462.9$452.7 million of unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.

On DecemberAugust 16,21, 2024,2025, the Company closed a private offering of $49$75 million of unsecured notes due 2028 (the 2027“2028 Series GJ Unsecured Notes”) with a fixed interest rate of 6.24%5.95% and a maturity date of DecemberAugust 16,21, 2027.2028. Interest on the 20272028 Series GJ Unsecured Notes is due semi-annually on JuneFebruary 16th21 and DecemberAugust 16th.21. The 20272028 Series GJ Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement with Citibank, N.A as administrative agent, (the “Credit Facility”). Following this amendment and several commitment increases between the fourth quarter of 2024 and the third quarter of 2025 and a commitment decrease in the fourth quarter of 2024,2025 related to a lender who did not extend their commitment with Amendment No. 3, the Credit Facility is now composed of $695$695.0 million of revolving credit and $140$153.1 million of term loans. Borrowings generally bear interest at a rate per annum equal to the base rate plus a range of 1.75%-2.00% or the alternate base rate plus 0.75%-1.00%. The Credit Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900 million with additional new lenders or an increase in commitments from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At December 31, 2024,2025, outstanding USD equivalent borrowings under the Credit Facility totaled $482.0$505.4 million, composed of $342.0$352.2 million of revolving credit and $140.0$153.1 million of term loans.

On April 1, 2022, we entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to our assumption of $85 million in aggregate principal amount of five-year, 3.90% senior unsecured notes, due March 31, 2025 (the “2025 Unsecured Notes”) and other obligations of SUNS under the Note Purchase Agreement, dated as of March 31, 2020 (the “Note Purchase Agreement”), by and among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes iswas due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, we expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement, to be performed or observed by SUNS. The 2025 Unsecured Notes were repaid in full at maturity on March 31, 2025.

Not applicable except for the 2042 Unsecured Notes which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by $25 per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. The average market value for the fiscal 2016, 20152016 and 20142015 periods was $100,175, $98,196$100,175 and $94,301,$98,196, respectively.

** Ratios shown without the non-recurring costs associated with the amendments and establishment of the Credit Facility and 2022 Unsecured Notes would be 3.18%, 3.13%, 2.67%, 2.29%, 2.39%2.29% and 1.68%,2.39%, respectively for the years shown.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” in the February 24, 2026 filing of our Annual Report on Form 10-K (the “Annual Report”) , which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the period ended MarchJune 31,30, 2026 to the risk factors discussed in “Risk Factors” in the February 24, 2026 filing of our Annual Report on Form 10-K.

On MayAugust 5,4, 2026, the Board declared a quarterly distribution of $0.31 per share payable on JuneSeptember 26,25, 2026 to holders of record as of JuneSeptember 12,11, 2026.

During the three months ended MarchJune 31,30, 2026, we invested approximately $118.7$202.4 million across 3328 portfolio companies. This compares to investing approximately $193.5$333.3 million in 3033 portfolio companies during the three months ended MarchJune 31,30, 2025. Investments sold, prepaid or repaid during the three months ended MarchJune 31,30, 2026 totaled approximately $137.5$210.7 million versus approximately $196.9$209.4 million for the three months ended MarchJune 31,30, 2025.

At MarchJune 31,30, 2026, our portfolio consisted of 9979 portfolio companies and was invested 22.5%21.2% in cash flow senior secured loans, 46.5%47.9% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 20.8%20.3% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 10.2%10.6% in life science investments, in each case, measured at fair value, versus 118115 portfolio companies invested 28.6%24.6% in cash flow senior secured loans, 38.9%44.8% in asset-based senior secured loans / SLR Credit / SLR Healthcare ABL / SLR Business Credit, 21.6%19.1% in equipment senior secured financings / SLR Equipment / KBH, and 10.9%11.5% in life science investments, in each case, measured at fair value, at MarchJune 31,30, 2025.

At MarchJune 31,30, 2026, 83.1%,83.2%, or $1.72$1.68 billion, of our income producing investment portfolio* was floating rate and 16.9%,16.8%, or $349.9$339.4 million, was fixed rate, measured at fair value. At MarchJune 31,30, 2025, 81.5%,82.9%, or $1.61$1.75 billion, of our income producing investment portfolio* was floating rate and 18.5%,17.1%, or $364.4$359.8 million, was fixed rate, measured at fair value. As of MarchJune 31,30, 2026 and 2025, we had zerotwo and one issuer,issuers, respectively, on non-accrual status.

On December 28, 2012, we acquired an equity interest in Crystal Capital Financial Holdings LLC (“Crystal Financial”) for $275 million in cash. Crystal Financial owned approximately 98% of the outstanding ownership interest in SLR Credit Solutions, f/k/a Crystal Financial LLC. The remaining financial interest was held by various employees of SLR Credit, through their investment in Crystal Management LP. SLR Credit had a diversified portfolio of 23 loans having a total par value of approximately $400 million at November 30, 2012 and a $275 million committed revolving credit facility. On July 28, 2016, the Company purchased Crystal Management LP’s approximately 2% equity interest in SLR Credit for approximately $5.7 million. Upon the closing of this transaction, the Company holds 100% of the equity interest in SLR Credit. On September 30, 2016, Crystal Capital Financial Holdings LLC was dissolved. As of MarchJune 31,30, 2026, total commitments to the revolving credit facility were $300 million.

As of MarchJune 31,30, 2026, SLR Credit had 3331 funded commitments to 2623 different issuers with total funded loans of approximately $397.4$328.7 million on total assets of $412.3$349.8 million. As of December 31, 2025, SLR Credit had 33 funded commitments to 26 different issuers with total funded loans of approximately $404.1 million on total assets of $420.7 million. As of MarchJune 31,30, 2026 and December 31, 2025, the largest loan outstanding totaled $32.5$32.4 million and $29.9 million, respectively. For the same periods, the average exposure per issuer was $15.3$14.3 million and $15.5 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $212.7$150.0 million and $215.8 million of borrowings outstanding at MarchJune 31,30, 2026 and December 31, 2025, respectively. For the three months ended MarchJune 31,30, 2026 and 2025, SLR Credit had net income of $2.9$3.4 million and $5.2$3.5 million, respectively, on gross income of $10.0$11.0 million and $10.1$12.5 million, respectively. For the six months ended June 30, 2026 and 2025, SLR Credit had net income of $6.3 million and $8.7 million, respectively, on gross income of $21.0 million and $22.5 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.

As of MarchJune 31,30, 2026, SLR Equipment had 465497 funded equipment-backed leases and loans to 236248 different customers with a total net investment in leases and loans of approximately $290.9$324.9 million on total assets of $334.0$361.7 million. As of December 31, 2025, SLR Equipment had 485 funded equipment-backed leases and loans to 243 different customers with a total net investment in leases and loans of approximately $299.8 million on total assets of $338.3 million. As of MarchJune 31,30, 2026 and December 31, 2025, the largest position outstanding totaled $16.4$18.7 million and $17.8 million, respectively. For the same periods, the average exposure per customer was $1.2$1.3 million and $1.2 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $232.3$244.2 million and $237.5 million of borrowings outstanding at MarchJune 31,30, 2026 and December 31, 2025, respectively. For the three months ended MarchJune 31,30, 2026 and 2025, SLR Equipment had net income (loss) of $3.7$4.3 million and ($1.9)$2.6 million, respectively, on gross income of $10.1$11.2 million and $6.7$8.8 million, respectively. For the six months ended June 30, 2026 and 2025, SLR Equipment had net income of $8.0 million and $0.6 million, respectively, on gross income of $21.3 million and $15.4 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR 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.

On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual focused independent mid-ticket lessor of equipment primarily to U.S. investment grade companies. The Company invested $216.6 million to effect the transaction, of which $136.6 million was invested to acquire 87.5% of KBHT’s equity and $80.0 million of KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owns 87.5% of KBHT’s equity and the KBH management team owns the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. On March 11, 2025, as per the terms of the original purchase agreement, the Company acquired an additional 3.125% of KBHT’s equity from the KBH management team. On March 16, 2026, as per the terms of the original purchase agreement, the Company acquired an additional 6.25% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 100% of KBHT’s equity.

As of MarchJune 31,30, 2026 and December 31, 2025, KBHT had total assets of $956.4$971.0 million and $940.3 million, respectively. For the same periods, debt recourse to KBHT totaled $320.0$312.2 million and $309.4 million, respectively, and non-recourse debt totaled $406.0$400.3 million and $407.8 million, respectively. None of the debt is recourse to the Company. For the three months ended MarchJune 31,30, 2026 and 2025, KBHT had net income (loss) of $(0.1) million and $2.9 million, respectively, on gross income of $177.5 million and $90.0 million, respectively. For the six months ended June 30, 2026 and 2025, KBHT had net income of $1.4 million and $3.4$6.2 million, respectively, on gross income of $70.8$248.3 million and $97.9$187.9 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.

SLR 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 MarchJune 31,30, 2026, SLR Healthcare’s management team and the Company owned approximately 8% and 92% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the SUNS acquisition on April 1, 2022. Effective with an amendment dated March 27, 2026, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $300 million under its accordion facility. The maturity date of this facility is March 27, 2031.

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of MarchJune 31,30, 2026, the portfolio totaled approximately $253.3$259.3 million of commitments with a total net investment in loans of $111.1$123.7 million on total assets of $119.6$133.4 million. As of December 31, 2025, the portfolio totaled approximately $297.8 million of commitments with a total net investment in loans of $157.0 million on total assets of $165.4 million. At MarchJune 31,30, 2026, the portfolio consisted of 48 issuers with an average balance of approximately $2.3$2.6 million versus 48 issuers with an average balance of approximately $3.3 million at December 31, 2025. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $83.9$95.7 million and $127.2 million of borrowings outstanding at MarchJune 31,30, 2026 and December 31, 2025, respectively. For the three months ended MarchJune 31,30, 2026 and 2025, SLR Healthcare had net income of $1.8$1.3 million and $1.4$1.5 million, respectively, on gross income of $5.6$4.6 million and $5.3$5.8 million, respectively. For the six months ended June 30, 2026 and 2025, SLR Healthcare had net income of $3.1 million and $2.9 million, respectively, on gross income of $10.1 million and $11.1 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 Healthcare’s funded commitments, the timing of originations, and the repayment of financings, the Company cannot guarantee that SLR Healthcare will be able to maintain consistent dividend payments to us.

SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of MarchJune 31,30, 2026, the portfolio totaled approximately $909.1$925.8 million of commitments, of which, on a net basis, approximately $524.1$597.6 million were funded, on total assets of $568.6$642.9 million. As of December 31, 2025, the portfolio totaled approximately $920.4 million of commitments, of which $535.2 million were funded, on total assets of $574.1 million. At MarchJune 31,30, 2026, the portfolio consisted of 178168 issuers with an average balance of approximately $2.9$3.6 million versus 179 issuers with an average balance of approximately $3.0 million at December 31, 2025. NMC has a senior credit facility with a bank lending group for $367.0 million, which expires on November 13, 2028. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $254.2$325.6 million and $273.2 million of borrowings outstanding at MarchJune 31,30, 2026 and December 31, 2025, respectively. For the three months ended MarchJune 31,30, 2026 and 2025, SLR Business Credit had net income of $1.9$2.3 million and $2.6$2.9 million, respectively, on gross income of $12.0$12.7 million and $12.9$13.2 million, respectively. For the six months ended June 30, 2026 and 2025, SLR Business Credit had net income of $4.2 million and $5.5 million, respectively, on gross income of $24.7 million and $26.2 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.

On May 7,4, 2025,2026, our Board authorized an extension of a program for the purpose of repurchasing up to $50,000 of our outstanding shares of common stock. Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market from time to time provided that we comply with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market volume and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 7, 20262027 or until $50,000 of our outstanding shares of common stock have been repurchased. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases beyond what is reported herein. There were no share repurchases during the three months ended MarchJune 31,30, 2026 or for the fiscal year ended December 31, 2025.

On December 1, 2022, SSLP commenced operations. On December 12, 2022, SSLP, as servicer, and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower, entered into a senior secured revolving credit facility with Goldman Sachs Bank USA acting as administrative agent. On October 8, 2025, this facility was refinanced with Citizens Bank, N.A. into a $150 million facility scheduled to mature in October 2030 and generally bearing interest at a rate of SOFR plus 2.15% (the “SSLP Facility”). SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. At MarchJune 31,30, 2026 and December 31, 2025, borrowings outstanding on the SSLP Facility totaled $96.5$94.1 million and $94.5 million, respectively.

As of MarchJune 31,30, 2026 and December 31, 2025, the Company and the Investor had contributed combined equity capital in the amount of $95.75 million and $95.75 million, respectively. As of MarchJune 31,30, 2026 and December 31, 2025, the Company and the Investor’s combined remaining commitments to SSLP totaled $4.25 million and $4.25 million, respectively. The Company, along with the Investor, controls the funding of SSLP, and SSLP may not call the unfunded commitments of the Company or the Investor without the approval of both the Company and the Investor.

As of MarchJune 31,30, 2026 and December 31, 2025, SSLP had total assets of $194.9$191.0 million and $192.8 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 25 and 25 different borrowers, respectively. For the three and six months ended MarchJune 31,30, 2026, SSLP invested $9.8$6.7 million and $16.5 million, respectively, in 5 and 7 portfolio companies.companies, respectively. Investments sold or prepaid totaled $3.4$11.8 million and $15.2 million, respectively for the three and six months ended MarchJune 31,30, 2026. For the three and six months ended MarchJune 31,30, 2025, SSLP invested $6.6$32.3 million and $38.8 million, respectively, in 67 and 9 portfolio companies.companies, respectively. Investments sold or prepaid totaled $19.9$13.9 million and $33.8 million, respectively for the three and six months ended MarchJune 31,30, 2025.

SSLP Portfolio as of MarchJune 31,30, 2026 (dollar amounts in thousands)

Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current interest rate in effect as of MarchJune 31,30, 2026.

Below is certain summarized financial information for SSLP as of MarchJune 31,30, 2026 and December 31, 2025 and for the three and threesix months ended MarchJune 31,30, 2026 and 20242025:

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 MarchJune 31,30, 20262026, capitalized PIK income totaled $1.7 million and $7.4 million, respectively. For the three and six months ended June 30, 2025, capitalized PIK income totaled $5.6$1.8 million and $1.7$3.5 million, respectively.

Results comparisons for the three and six months ended MarchJune 31,30, 2026 and MarchJune 31,30, 2025 are presented below:

For the three and six months ended MarchJune 31,30, 20262026, gross investment income totaled $48.8 million and $98.1 million, respectively. For the three and six months ended June 30, 2025, gross investment income totaled $49.3$53.9 million and $53.2$107.1 million, respectively. The decrease in gross investment income for the year over year three month periods was primarily due to a decrease in indexsize rates.of the income-producing portfolio.

Net expenses totaled $31.4$31.1 million and $31.1$62.5 million, respectively, for the three and six months ended MarchJune 31,30, 2026 and 2025,2026, of which $12.2$11.6 million and $13.0$23.9 million, respectively, consisted of base management fees and performance-based incentive fees and $16.4$16.8 million and $15.8$33.2 million, respectively, consisted of interest and other credit facility expenses. Other general and administrative expenses totaled $2.8$2.7 million and $2.2$5.5 million, respectively, for the three and six months ended MarchJune 31,30, 20262026. Over the same periods, $16 thousand and $30 thousand of performance-based incentive fees were waived. 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, $14$20 thousand and $2$22 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 increasedecrease in expenses for the year over year three month and six month periods was primarily due to higherlower interestincentive expensefees fromon anlower increasenet ininvestment average borrowings.income.

The Company’s net investment income totaled $17.9$17.8 million and $22.1$35.6 million, or $0.33 and $0.41,$0.65, per average share, respectively, for the three and six months ended MarchJune 31,30, 20262026. 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 had investment sales and prepayments totaling approximately $138$211 million and $197$348 million, respectively, for the three and six months ended MarchJune 31,30, 2026 and 2025.2026. Net realized losses over the same periods were $27$152 thousand and $422$179 thousand, respectively. 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. Net realized loss for the three and six months ended MarchJune 31,30, 2026 and 2025 were primarily due to the disposition of selected assets.

For the three and six months ended MarchJune 31,30, 2026 and 2025,2026, net change in unrealized gain (loss) on the Company’s assets totaled ($0.7$9.3) million and ($1.8$10.0) million, respectively. Net unrealized loss for the three months ended MarchJune 31,30, 2026 was primarily due to depreciation in the value of our investments in Omniguide Holdings, Inc.Inc., andiCIMS, Inc., RQM+ Corp.,Corp. and SLR-AMI Topco Blocker LLC, among others, partially offset by appreciation in the value of our investments in KBHEnhanced Topco,Permanent Capital, LLC, SLR Business Credit and SLR Equipment Finance, among others. Net unrealized loss for the six months ended June 30, 2026 was primarily due to depreciation in the value of our investments in Omniguide Holdings, Inc., RQM+ Corp., iCIMS, Inc., SLR-AMI Topco Blocker LLC and SLR Senior Lending Program LLC, among others, partially offset by appreciation in the value of our investments in SLR Business Credit, KBH Topco LLC, SLR Equipment Finance and Enhanced Permanent Capital, LLC, among others. 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 MarchJune 31,30, 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, LLCLLC, OmniGuide Holdings, Inc. and SLRRQM+ Senior Lending Program LLC,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., partially offset by appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit and Bayside Parent, LLC, among othersInc.

For the three and six months ended MarchJune 31,30, 20262026, the Company had a net increase in net assets resulting from operations of $8.3 million and $25.4 million, respectively. For the same periods, earnings per average share were $0.15 and $0.47, respectively. For the three and six months ended June 30, 2025, the Company had a net increase in net assets resulting from operations of $17.1$24.2 million and $19.9$44.2 million, respectively. For the same periods, earnings per average share were $0.31$0.44 and $0.37,$0.81, respectively.

The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility (as defined below), the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes, the 2028 Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (collectively the “Debt Instruments”), through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic follow-on equity and/or debt offerings. As of MarchJune 31,30, 2026, we had a total of $458.4$465.4 million of collective unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.

For the three and six months ended MarchJune 31,30, 2026 and 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of MarchJune 31,30, 2026, shares representing $150.0 million of our common stock remain available for issuance and sale under the Equity Distribution Agreement.

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 thirdsecond quarter of 20252026 and a commitment decrease in the fourth quarter of 2025 related to a lender who did not extend their commitment with Amendment No. 3, the Credit Facility is now composed of $695.0$720.0 million of revolving credit and $153.1$146.6 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 MarchJune 31,30, 2026, outstanding USD equivalent borrowings under the Credit Facility totaled $496.4$552.1 million, composed of $346.5$405.5 million of revolving credit and $149.9$146.6 million of term loans.

On April 1, 2022, we entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the SUNS acquisition. The CF Assumption Agreement relates to our assumption of the revolving credit facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, subsequent to an August 30, 2024 amendment, the commitment under the SPV Credit Facility is $275 million. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor requirement, and the current final maturity date is August 30, 2028. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, we, as successor to SUNS, and SUNS SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At MarchJune 31,30, 2026, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165.1$124.1 million.

Certain covenants on our issued debt may restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code. At MarchJune 31,30, 2026, the Company was in compliance with all financial and operational covenants required by the Debt Instruments.

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 MarchJune 31,30, 2026 and December 31, 2025, we held face amounts of $390$400 million and $350 million, respectively, in cash equivalents.

A summary of our significant contractual payment obligations is as follows as of MarchJune 31,30, 2026:

As of MarchJune 31,30, 2026, we had a total of $458.4$465.4 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.

Information about our senior securities is shown in the following table (in thousands) as of the quarter ended MarchJune 31,30, 2026 and each year ended December 31 for the past ten years, unless otherwise noted. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities.

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 MarchJune 31,30, 2026, asset coverage was 186.5%.184.7%.

From time to time and in the normal course of business, the Company may make unfunded capital commitments to current or prospective portfolio companies. Typically, the Company may agree to provide delayed-draw term loans or, to a lesser extent, revolving loans or equity commitments. These unfunded capital commitments always take into account the Company’s liquidity and cash available for investment, portfolio and issuer diversification, and other considerations. Accordingly, the Company had the following unfunded capital commitments at MarchJune 31,30, 2026 and December 31, 2025, respectively:

The credit agreements governing the above loan commitments contain customary lending provisions and/or are subject to the respective portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of MarchJune 31,30, 2026 and December 31, 2025, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.