EXHIBIT 99.1 "We believe our 2023 investments represent an attractive vintage and should produce strong risk-adjusted returns," said Bruce Spohler, Co-CEO. "We were successful in further ramping the SLR Senior Lending Program, which contributed to an expansion in our NII. Additionally, we continue to believe the performance and financial condition of our portfolio companies remains solid, with credit quality metrics remaining strong as evidenced by the sequential increase in net asset value and low levels o ...

PART I [Business](index=3&type=section&id=Item%201.%20Business) SLR Investment Corp. operates as a BDC and RIC, investing in U.S. middle-market companies to generate income and capital appreciation - SLR Investment Corp. operates as a **Business Development Company (BDC)** and **Regulated Investment Company (RIC)** for U.S. federal income tax purposes[8](index=8&type=chunk) - The company's objective is to generate current income and capital appreciation by investing in U.S. middle-market companies with annual revenues between **$50 million and $1 billion**, with typical investment sizes from **$5 million to $100 million**[10](index=10&type=chunk) Portfolio Snapshot as of December 31, 2023 | Metric | Value | | :--- | :--- | | Total Investment Portfolio | $2.2 billion | | Net Asset Value | $986.6 million | | Number of Portfolio Companies | 151 | Portfolio Composition by Investment Type (as of Dec 31, 2023) | Investment Type | % of Portfolio (Fair Value) | | :--- | :--- | | Cash Flow Senior Secured Loans | 32.5% | | Asset-Based Senior Secured Loans / SLR Credit Solutions | 27.8% | | Equipment Senior Secured Financings / SLR Equipment Finance / KBH | 23.0% | | Life Science Senior Secured Loans | 16.7% | Top 5 Portfolio Companies by % of Total Assets (as of Dec 31, 2023) | Portfolio Company | % of Total Assets | | :--- | :--- | | SLR Credit Solutions* | 11.3% | | Kingsbridge Holdings, LLC* | 9.4% | | SLR Equipment Finance* | 4.9% | | SLR Business Credit* | 3.6% | | Arcutis Biotherapeutics, Inc. | 2.7% | Top 5 Industries by % of Total Assets (as of Dec 31, 2023) | Industry | % of Total Assets | | :--- | :--- | | Diversified Financial Services | 18.7% | | Multi-Sector Holdings | 14.8% | | Health Care Providers & Services | 11.2% | | Health Care Equipment & Supplies | 6.5% | | Pharmaceuticals | 4.9% | - The company's weighted average investment rating was **2** as of December 31, 2023, indicating expected performance and similar risk to origination[90](index=90&type=chunk) - As a BDC, the company must maintain an asset coverage ratio of at least **150%**, and as of December 31, 2023, its ratio was **183.4%**[31](index=31&type=chunk)[113](index=113&type=chunk) - The base management fee is **1.50%** on gross assets up to **200%** of net assets, and **1.00%** above that, with a performance-based incentive fee tied to pre-incentive fee net investment income and realized capital gains[153](index=153&type=chunk)[154](index=154&type=chunk)[158](index=158&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks related to market competition, illiquid investments, portfolio concentration, NAV discount, key personnel, leverage, conflicts of interest, and cybersecurity - The company operates in a highly competitive market, potentially affecting its ability to source attractive investment opportunities[180](index=180&type=chunk) - Investments in privately held, leveraged middle-market companies are inherently risky, speculative, and illiquid, potentially hindering favorable dispositions[182](index=182&type=chunk)[186](index=186&type=chunk) - The portfolio may be concentrated, with the top three investments comprising **11.3%**, **9.4%**, and **4.9%** of total assets as of December 31, 2023[189](index=189&type=chunk) - Common stock may trade at a substantial discount to **Net Asset Value (NAV)**, potentially limiting new share issuance and lending activities[223](index=223&type=chunk) - The business is dependent on key personnel of its Investment Adviser, SLR Capital Partners, whose loss could materially harm investment objectives[259](index=259&type=chunk) - Leverage magnifies potential losses, and failure to maintain the **150%** minimum asset coverage ratio could necessitate forced asset sales[276](index=276&type=chunk)[278](index=278&type=chunk) - Significant conflicts of interest exist as the Investment Adviser manages other funds with potentially overlapping investment objectives[294](index=294&type=chunk)[295](index=295&type=chunk) - Failure to maintain **Regulated Investment Company (RIC)** qualification would result in corporate-level income tax, reducing net assets and distributable income[311](index=311&type=chunk)[312](index=312&type=chunk) - The company is exposed to cybersecurity risks, including attacks that could compromise information, disrupt operations, and cause financial and reputational damage[323](index=323&type=chunk)[332](index=332&type=chunk) [Unresolved Staff Comments](index=71&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[392](index=392&type=chunk) [Cybersecurity](index=72&type=section&id=Item%201C.%20Cybersecurity) Cybersecurity risk management is handled through the Investment Adviser's enterprise-wide program, with Board oversight and no material threats identified during the period - The company relies on the Investment Adviser's enterprise-wide cybersecurity program for managing material risks from threats[394](index=394&type=chunk) - The Board of Directors oversees cybersecurity risk, supported by an Information Security Group (ISG) that reports annually[395](index=395&type=chunk)[398](index=398&type=chunk)[399](index=399&type=chunk) - No material cybersecurity threats or incidents were identified during the reporting period that affected business, operations, or financial condition[396](index=396&type=chunk) [Properties](index=73&type=section&id=Item%202.%20Properties) The company's principal executive offices are located in New York and are provided by SLR Capital Management under an Administration Agreement - The company's offices are located at **500 Park Avenue, New York, NY 10022**, provided by SLR Capital Management under the Administration Agreement[400](index=400&type=chunk) [Legal Proceedings](index=73&type=section&id=Item%203.%20Legal%20Proceedings) The company and its consolidated subsidiaries are not currently subject to any material legal proceedings - The company is not currently subject to any material legal proceedings[401](index=401&type=chunk) [Mine Safety Disclosures](index=73&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[402](index=402&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=74&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) SLRC common stock trades on NASDAQ, experienced a discount to NAV in FY2023, declared $1.64 per share in distributions, and maintains an opt-out dividend reinvestment plan Fiscal 2023 Quarterly Stock and Distribution Data | Quarter | NAV per Share ($) | High Closing Price ($) | Low Closing Price ($) | High Price to NAV (%) | Low Price to NAV (%) | Distributions per Share ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Q4 2023 | $18.09 | $15.43 | $14.14 | (14.7)% | (21.8)% | $0.41 | | Q3 2023 | $18.06 | $15.60 | $14.22 | (13.6)% | (21.3)% | $0.41 | | Q2 2023 | $17.98 | $15.20 | $13.59 | (15.5)% | (24.4)% | $0.41 | | Q1 2023 | $18.04 | $16.00 | $14.12 | (11.3)% | (21.7)% | $0.41 | - As of February 23, 2024, the common stock traded at an approximate **17.7%** discount to its December 31, 2023 NAV[407](index=407&type=chunk) - The company maintains an "opt-out" dividend reinvestment plan, automatically reinvesting cash distributions unless elected otherwise[410](index=410&type=chunk) - No recent sales of unregistered securities or issuer purchases of equity securities were reported for the period[415](index=415&type=chunk)[416](index=416&type=chunk) [Reserved](index=79&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=79&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2023, the company experienced increased investment activity and gross investment income, resulting in higher net investment income and a strong liquidity position Investment Activity (Year Ended Dec 31) | Activity | 2023 (millions) | 2022 (millions) | | :--- | :--- | :--- | | Investments Made | ~$812 | ~$610 | | Investments Sold/Repaid | ~$750 | ~$532 | Results of Operations (Year Ended Dec 31) | Metric (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Gross Investment Income | $229.3 | $177.5 | | Net Expenses | $137.2 | $101.1 | | Net Investment Income | $92.1 | $76.4 | | Net Realized Loss | $(28.0) | $(36.5) | | Net Change in Unrealized Gain (Loss) | $12.3 | $(21.5) | | Net Increase in Net Assets | $76.4 | $18.3 | Per Share Results (Year Ended Dec 31) | Metric | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | Net Investment Income per Share | $1.69 | $1.48 | | Earnings per Share | $1.40 | $0.35 | - As of December 31, 2023, the company had **$246.8 million** of unused borrowing capacity under its credit facilities[498](index=498&type=chunk) - Total unfunded capital commitments decreased to **$248.7 million** as of December 31, 2023, from **$364.2 million** at year-end 2022[757](index=757&type=chunk) - The company declared a quarterly distribution of **$0.41 per share** on February 27, 2024[437](index=437&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=104&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with a 1% SOFR change estimated to impact net investment income by $0.06 per share annually Interest Rate Sensitivity Analysis (as of Dec 31, 2023) | Change in SOFR | Impact on Net Investment Income Per Share (Annualized) ($) | | :--- | :--- | | +1.00% | +$0.06 | | -1.00% | -$0.06 | - The company may hedge interest rate fluctuations but had no outstanding hedging instruments as of December 31, 2023[545](index=545&type=chunk) [Financial Statements and Supplementary Data](index=106&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for FY2023, including management's report on internal controls and an unqualified auditor's opinion - Management concluded that internal control over financial reporting was effective as of December 31, 2023[551](index=551&type=chunk) - KPMG LLP issued an unqualified opinion on the consolidated financial statements and internal control effectiveness[555](index=555&type=chunk) Key Financial Statement Balances (as of Dec 31, 2023) | Account | Amount (in thousands) | | :--- | :--- | | Total Investments at Fair Value | $2,154,766 | | Total Assets | $2,523,868 | | Total Liabilities | $1,537,229 | | Total Net Assets | $986,639 | | Net Asset Value Per Share | $18.09 | Key Operating Results (Year Ended Dec 31, 2023) | Account | Amount (in thousands) | | :--- | :--- | | Total Investment Income | $229,312 | | Net Investment Income | $92,091 | | Net Increase in Net Assets from Operations | $76,388 | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=163&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[787](index=787&type=chunk) [Controls and Procedures](index=163&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2023, with no material changes to internal controls during Q4 2023 - Management concluded that disclosure controls and procedures were effective as of December 31, 2023[788](index=788&type=chunk) - No material changes to internal controls over financial reporting occurred during the fourth quarter of 2023[791](index=791&type=chunk) [Other Information](index=163&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans during fiscal year 2023 - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during fiscal year 2023[792](index=792&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=163&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not Applicable[793](index=793&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=164&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details the company's directors and executive officers, board composition, Audit Committee, and adopted code of ethics - The Board of Directors comprises two interested directors and four independent directors[796](index=796&type=chunk)[797](index=797&type=chunk)[799](index=799&type=chunk)[800](index=800&type=chunk)[802](index=802&type=chunk)[804](index=804&type=chunk)[805](index=805&type=chunk) - The Audit Committee consists of four independent directors, with Steven Hochberg as Chairman and designated "audit committee financial expert"[811](index=811&type=chunk) - The company has adopted a code of ethics applicable to senior officers, directors, and employees, available on its website[813](index=813&type=chunk) [Executive Compensation](index=169&type=section&id=Item%2011.%20Executive%20Compensation) Executive officers are compensated by the Investment Adviser, while independent directors receive direct fees, and the company adopted a clawback policy in November 2023 - Executive officers do not receive direct compensation from the company, instead compensated by the Investment Adviser, SLR Capital Partners[815](index=815&type=chunk) Independent Director Compensation Structure | Component | Amount ($) | | :--- | :--- | | Annual Fee | $100,000 | | Board Meeting Fee | $2,500 ($1,500 telephonic) | | Committee Meeting Fee | $1,000 | | Audit Committee Chair Fee | $7,500 (annual) | | Other Committee Chair Fee | $2,500 (annual) | - The company adopted a clawback policy effective November 6, 2023, to recover erroneously awarded incentive-based compensation upon accounting restatement[826](index=826&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=171&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details beneficial ownership of common stock as of February 23, 2024, including key insiders and a significant external owner Beneficial Ownership as of February 23, 2024 | Owner | Percentage of Class | | :--- | :--- | | Michael S. Gross (Co-CEO) | 7.0% | | Bruce Spohler (Co-CEO) | 6.4% | | All executive officers and directors as a group | 8.2% | | Thornburg Investment Management Inc. | 8.0% | [Certain Relationships and Related Transactions, and Director Independence](index=173&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company has significant related-party transactions with its Investment Adviser and Administrator, and the Board has determined four of its six directors are independent - Primary related-party relationships are with the Investment Adviser and Administrator, both affiliated with senior management[836](index=836&type=chunk) - The Board of Directors approved the continuation of the Investment Advisory Agreement on October 25, 2023, deeming fees reasonable[844](index=844&type=chunk) - Four of the six directors are independent, while Messrs. Gross and Spohler are not due to their roles with the company and Investment Adviser[850](index=850&type=chunk) - The company holds an SEC exemptive order allowing co-investment with affiliated funds managed by SLR Capital Partners under specific conditions[842](index=842&type=chunk) [Principal Accountant Fees and Services](index=176&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section discloses fees paid to KPMG LLP for 2023 and 2022, primarily for audit and tax services, all pre-approved by the Audit Committee Accountant Fees (in thousands) | Fee Type | Fiscal Year 2023 (thousands) | Fiscal Year 2022 (thousands) | | :--- | :--- | :--- | | Audit Fees | $803.0 | $828.1 | | Audit-Related Fees | $0.0 | $0.0 | | Tax Fees | $186.6 | $166.3 | | All Other Fees | $0.0 | $20.0 | | **Total Fees** | **$989.6** | **$1,014.4** | - The Audit Committee pre-approved **100%** of services provided by KPMG LLP during fiscal year ended December 31, 2023[859](index=859&type=chunk) PART IV [Exhibit and Financial Statement Schedules](index=178&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K report - This item lists all financial statements and exhibits filed with the annual report, including those of the company and certain unconsolidated subsidiaries[862](index=862&type=chunk)[863](index=863&type=chunk)[870](index=870&type=chunk)[871](index=871&type=chunk) [Form 10-K Summary](index=182&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[872](index=872&type=chunk)

Financial Data and Key Metrics Changes - For the third quarter of 2023, the company reported net investment income of $0.37 per share, a 16% increase year-over-year, driven by portfolio growth and rising reference rates [26][27] - The net asset value per share increased to $18.06 from $17.98 at the end of the previous quarter [26][33] - Gross investment income totaled $59.6 million, up from $56.3 million in the prior quarter, while net expenses rose to $36.3 million from $33.7 million [14][15] Business Line Data and Key Metrics Changes - The comprehensive portfolio consisted of approximately $3.1 billion in senior secured loans across 790 borrowers, with 99.2% of the portfolio in senior secured loans [38] - The weighted average yield on the cash flow portfolio was reported at 11.8%, with a weighted average asset level yield of 15.3%, up from 14.6% in the previous quarter [20][21] - In the sponsor finance cash flow business, the company originated $115 million in loans during the third quarter, with repayments of $34 million [40] Market Data and Key Metrics Changes - The company noted an increase in M&A activity and a resilient U.S. economy despite geopolitical tensions and inflationary pressures [7][8] - The life sciences sector has been impacted by a decline in investment valuations, but the company remains optimistic about financing quality borrowers with resilient cash flows [27][64] Company Strategy and Development Direction - The company aims to maintain a defensive approach to asset selection to achieve strong performance amid economic uncertainties [8][17] - SLR Investment Corp is focusing on expanding its infrastructure and origination capabilities to capitalize on attractive investment opportunities [31][32] - The company plans to leverage its diversified platform across sponsor and specialty finance strategies to generate attractive returns while protecting capital [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the U.S. economy and the potential for increased M&A activity, which could benefit middle-market lenders [7][47] - The company anticipates a favorable investment environment with ample available capital to capitalize on opportunities [32][68] - Management highlighted the importance of maintaining liquidity and free cash flow to navigate potential interest rate increases [75][76] Other Important Information - The company declared a quarterly distribution of $0.41 per share, payable on December 28, 2023 [36] - The company has approximately $1.2 billion of debt outstanding, with a leverage ratio of 1.21 times net debt to equity [13] Q&A Session Summary Question: Characteristics of investments in SSLP - The company explained that the SSLP primarily consists of migrating lower-yielding cash flow assets from the merged entity, with some direct cash flow loans being originated [72] Question: Issues in the life sciences segment - Management noted that early-stage companies are facing capital raising challenges due to declining valuations, but their portfolio companies are insulated due to having revenues and cash runway [73][74] Question: Current interest rate sensitivity - Management stated that they are comfortable with their portfolio's ability to handle interest rate increases of 50 to 100 basis points based on stress tests [75][76] Question: Status of the joint venture and facility - The company confirmed expectations to reach $230 million to $250 million in commitments by year-end, with a maximum of about $300 million as they complete the ramp [78] Question: Asset-based loans yield reconciliation - Management discussed the complexities of the asset-based loan portfolio and the expectation to improve returns as they ramp up the portfolio [81][84] Question: Transition back to quarterly dividends - Management explained that returning to quarterly dividends was a strategic decision to save costs and align with industry practices [87]

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended September 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) Maryland 26-1381340 (State of Incorporation) (I.R.S. Employer 500 Park Avenue Ne ...

SLR Investment Corp (NASDAQ:SLRC) Q2 2023 Results Conference Call August 9, 2023 10:00 AM ET Company Participants Michael Gross - Chairman, President and Co-CEO Shiraz Kajee - CFO, Treasurer and Secretary Bruce Spohler - COO, Co-CEO and Interested Director Conference Call Participants Sean-Paul Adams - Raymond James Paul Johnson - KBW Casey Alexander - Compass Point Operator Good day, everyone, and welcome to today's SLR Investment Corporation Second Quarter Earnings Call. At this time, all participants are ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended June 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State of Incorporation) (I.R.S. Employer 500 Park Avenue New York, N.Y. 10022 (Addre ...

Financial Data and Key Metrics Changes - For the three months ended March 31, 2023, gross investment income totaled $53.5 million, a slight decrease from $54.1 million for the three months ended December 31, 2022 [1] - Net investment income for the same period was $22.1 million or $0.41 per average share, compared to $22.5 million or $0.41 per average share for the previous quarter [29] - The net asset value at March 31, 2023, was approximately $984 million or $18.04 per share, down from $1 billion or $18.33 per share at December 31, 2022 [26] Business Line Data and Key Metrics Changes - The asset-based loan (ABL) portfolio totaled $1 billion, representing one-third of the comprehensive portfolio, with a weighted average asset level yield of 13.6% [10] - The equipment finance portfolio totaled $938 million, representing 32% of the total portfolio, with a weighted average asset level yield just under 10% [13] - The life science segment's portfolio totaled $323 million across 14 borrowers, contributing just under 24% of gross investment income for the quarter [17] Market Data and Key Metrics Changes - Yields in the private debt market have increased, with current yields of 12% to 13% compared to 7% to 9% a year ago [2] - The weighted average yield on the entire cash flow portfolio was 11.8%, up from 11.2% in the prior quarter [6] - The company has seen a strong pipeline with an average yield of over 12.5% and an LTV of 35% [3] Company Strategy and Development Direction - The company is focusing on defensive sectors such as healthcare services and insurance brokerage, with a portfolio that has strong credit metrics [5] - The strategy includes expanding the ABL segment, which has historically outperformed during market volatility [7] - The company plans to leverage its strong capital position to capitalize on attractive investment opportunities arising from regional banking sector disruptions [19][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the current investment environment is favorable, particularly for specialty finance businesses benefiting from regional banking turmoil [78] - The company expects net portfolio growth throughout the year due to limited repayment activity and a strong investment pipeline [22] - Management expressed confidence in the portfolio's ability to perform well through economic downturns, enabling the company to capitalize on market dislocations [19] Other Important Information - The company waived approximately $110,000 of related incentive fees during the quarter [28] - The Board declared a monthly distribution of $0.136667 per share, payable on June 1, 2023 [31] - The company has significant available capital to fund future portfolio growth while remaining within its target leverage range of 0.9 to 1.25 times net debt to equity [27] Q&A Session Summary Question: Can you elaborate on the scaling of the SSLP and its impact on NII? - Management confirmed the target to grow the SSLP to $250 million by year-end, with current assets at about $150 million [66] Question: How do you expect to increase ROE over time? - Management indicated that they expect to increase ROE through significant capital deployment at attractive net yields [70] Question: Are there any systemic issues across the portfolio? - Management clarified that the write-down of one investment was idiosyncratic and not indicative of broader portfolio stress [100]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended March 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State of Incorporation) (I.R.S. Employer 500 Park Avenue New York, N.Y. 10022 (Addr ...

Financial Data and Key Metrics Changes - For Q4 2022, the company reported net investment income of $0.41 per share, fully covering distributions, an increase from $0.37 per share in Q3 2022 [10][35] - Net asset value per share decreased slightly to $18.33 from $18.37 at the end of Q3 2022 [11][32] - Gross investment income rose to $54.1 million from $47.6 million in the previous quarter, while net expenses increased to $31.6 million from $27.5 million [34] Business Line Data and Key Metrics Changes - The comprehensive portfolio at year-end was approximately $2.9 billion, with 99.8% in senior secured loans, and 98.6% in first lien loans [39][40] - The weighted average asset level yield increased to 12.2% from 11.3% in the previous quarter [42] - The Sponsor Finance segment originated $58 million in new loans, with repayments of $118 million, resulting in a portfolio of $643 million [48] - The ABL segment saw a portfolio total of $1 billion, with an average asset level yield of 14.1%, up from 12.3% [53] - The Equipment Finance portfolio totaled $900 million, with a weighted average asset level yield of 10.7% [56] - The Life Science segment had a portfolio of $322 million, contributing 20% of gross investment income for Q4 [60] Market Data and Key Metrics Changes - The current market conditions for new investments are described as the most attractive in several years, with a significant increase in yields on private loans [15][46] - The company has over $650 million in available capital to capitalize on investment opportunities [28] Company Strategy and Development Direction - The company plans to continue growing its portfolio, expecting 2023 to be an attractive vintage for both cash flow and specialty finance loans [21][65] - The investment adviser secured $3.8 billion in additional capital, enhancing the company's competitive sourcing advantage [24] - The company emphasizes a conservative underwriting approach, focusing on first lien cash flow loans and asset-based loans to mitigate risks during economic volatility [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit quality of the portfolio, supported by a comprehensive stress test [13][89] - The company anticipates further growth in net investment income per share in 2023, driven by deploying available capital into higher-yielding assets [21][65] - Management noted that borrowers are increasingly turning to asset-based lending for working capital and liquidity management during uncertain economic times [25] Other Important Information - The company repurchased approximately $3 million of shares at an average price of $13.98 during Q4 [30] - The company has a strong funding profile, with half of its $1.1 billion funded debt comprised of senior unsecured fixed-rate notes at a weighted average interest rate of 3.9% [26] Q&A Session Summary Question: How long does it take for the portfolio to turn over and what yields are being obtained? - The portfolio has a high churn rate, and new assets are being deployed above the current yield of 10.7% [68] Question: Does the equipment financing portfolio include loans backed by crypto mining machines? - No, the equipment financing portfolio does not include such loans [72] Question: Which of the four sectors looks relatively more attractive for growth? - ABL is expected to outpace other segments due to current market conditions, with steady activity in Sponsor Finance and Life Science segments [76][78] Question: What is the average life of the assets in the ABL portfolio? - The average duration of loans is typically 5 years, with an average duration closer to 2 years [110] Question: What is the source of funds for the repayment of the $75 million unsecured notes? - The repayment was funded through a combination of pre-refinanced capital and the revolving credit line [92] Question: Will the stock repurchase program be extended beyond May? - The program is likely to be extended, allowing flexibility to take advantage of market conditions [96]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State of Incorporation) (I.R.S. Employer 5 ...