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Here are a few brief analogies for SLR Investment Corp (SLRC):

1. It's like a **REIT for private debt**: a publicly traded company that makes loans to private businesses (rather than owning real estate) and distributes most of its profits to shareholders.
2. Think of it as a **specialized, publicly traded bank for medium-sized private companies**, similar to how a large bank like **JPMorgan Chase** lends to businesses, but SLR Investment focuses exclusively on private firms and pays out most of its earnings as dividends.
3. Imagine a **publicly traded private credit fund** that lends money to established, medium-sized businesses, much like the credit strategies employed by alternative asset managers such as **Apollo Global Management** or **Ares Management**, but accessible to individual investors on the stock market.

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• Senior Secured Loans: Loans backed by collateral with the highest repayment priority, providing capital to middle-market companies.
• Unitranche Loans: A single debt facility that combines both senior and junior debt tranches, simplifying the capital structure for borrowers.
• Second Lien Term Loans: Debt secured by collateral but subordinated to first lien debt in terms of repayment priority.
• Mezzanine Debt: Unsecured, subordinated debt that often includes an equity component, ranking below senior and second lien debt.
• Equity Investments: Minority ownership stakes acquired in companies, typically alongside debt financing.

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SLR Investment Corp. (SLRC) is a Business Development Company (BDC). As a BDC, its primary business is to provide debt and equity financing to middle-market companies.

Therefore, SLRC's "customers" are the private companies that receive loans and investments from it. These are referred to as its portfolio companies.

The company primarily sells (i.e., provides capital to) other companies.

However, SLR Investment Corp. invests in and lends to a diversified portfolio of hundreds of private, middle-market companies across various industries. Due to the nature of its business as a lender and investor in private companies, the concept of "major customers" with significant recurring revenue concentrations (as would be seen in a traditional sales business) does not typically apply. Furthermore, its portfolio companies are generally private entities and do not have public stock symbols.

SLRC's investment strategy focuses on diversification across many private companies, rather than reliance on a few dominant "customers." While its SEC filings (e.g., 10-K, 10-Q) list its full portfolio of investments, these are numerous private entities, and none are typically highlighted as "major customers" in the context of the prompt's request for dominant public company buyers.

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• SLR Capital Partners (private company)
• State Street Corporation (NYSE: STT)
• KPMG LLP (private company)

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Michael Gross Co-Chief Executive Officer, President, and Chairman

Michael Gross has served as the Co-Chief Executive Officer and President of SLR Investment Corp. since 2019, and as President and Chief Executive Officer since 2007. With over 30 years of experience in private equity, distressed debt, and mezzanine lending, Mr. Gross co-founded SLR Capital Partners, LLC. He also founded Apollo Investment Corporation, a publicly traded business development company, and served as its President, CEO, and Chairman from 2004 to 2006. Additionally, he is a founder and former senior partner of Apollo Management, L.P., a prominent private equity firm where he worked from 1990 to 2006. During his time at Apollo, he was responsible for the firm's debt-oriented activities and was the managing partner of Apollo Distressed Investment Fund, L.P., which he formed in 2003. Earlier in his career, he worked in mergers and acquisitions at Drexel Burnham Lambert from 1987 to 1990.

Bruce Spohler Co-Chief Executive Officer, Chief Operating Officer, and Director

Bruce Spohler has been the Co-Chief Executive Officer of SLR Investment Corp. since June 2019 and Chief Operating Officer since 2007. He is also a co-founder and managing member of SLR Capital Partners, LLC. With over 30 years of experience in leveraged finance, Mr. Spohler previously served as a Managing Director and Co-Head of U.S. Leveraged Finance at CIBC World Markets. Prior to joining CIBC World Markets in 1995, he was a Founding Member and Managing Director of The Argosy Group, a middle-market financing business that was subsequently acquired by CIBC World Markets. His career also includes working in mergers and acquisitions at Drexel Burnham Lambert from 1986 to 1990.

Shiraz Y. Kajee Chief Financial Officer, Secretary, and Treasurer

Shiraz Kajee has held the roles of Chief Financial Officer, Secretary, and Treasurer for SLR Investment Corp. since 2023. Before joining SLR Investment Corp., he was a Managing Director and Credit Chief Financial Officer at New Mountain Capital, L.L.C., a private equity firm. From 2012 to 2015, Mr. Kajee was the Head of U.S. Finance at Man Investments.

Guy Talarico Chief Compliance Officer

Guy Talarico has served as the Chief Compliance Officer of SLR Investment Corp. since 2008. He is also the Chief Executive Officer of Alaric Compliance Services, LLC since 2005 and has experience as Chief Compliance Officer for various other business development companies, funds, and investment advisers.

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The key risks to SLR Investment (symbol: SLRC) are primarily related to its operational environment as a business development company (BDC).

1. Interest Rate Environment and Potential Rate Cuts: As a business development company, SLR Investment's earnings are significantly tied to the interest rate environment. Potential rate cuts are anticipated to negatively impact investment income on floating rate portfolios, which can affect the company's margin and overall profitability. While SLR Investment's lower allocation to floating-rate investments may offer some protection, it also limits its ability to fully benefit from periods of high interest rates.
2. Deterioration of Credit Quality and Non-Accruals: SLR Investment generates earnings by lending capital, making the repayment ability of its borrowers a critical factor. A significant risk is the deterioration of credit quality within its portfolio, leading to an increase in non-accruals, where borrowers fail to meet their debt maintenance obligations. The company's investments in below-investment-grade securities are inherently considered "high risk," and economic weakness could further impair the credit quality of its holdings.
3. Intense Competition and Challenges in Sourcing Attractive Deals: The business development company industry is subject to robust competition from both public and non-public entities. This heightened competition can lead to a reduction in investment yields. Furthermore, in certain market conditions, it can become increasingly difficult for private lenders like SLR Investment to identify and secure attractive new lending opportunities, potentially pressuring the company to accept less favorable underwriting criteria.

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SLR Investment (SLRC) primarily focuses on providing private credit solutions to U.S. middle-market companies through various strategies, including senior secured loans (cash flow lending), asset-based lending, equipment finance, and other specialty finance investments. The addressable markets for these main products and services are substantial, particularly within the United States.

Addressable Markets for SLR Investment's Main Products or Services:

• Middle Market Direct Lending (Senior Secured Loans/Cash Flow Lending)
  • The U.S. middle market comprises nearly 200,000 companies.
  • Globally, the private credit market, which includes direct lending to middle-market companies, has seen significant growth, reaching $1.7 trillion in 2024, now roughly one-third of the overall leveraged credit market.
  • Total outstanding private credit loan volumes have increased to over $1.2 trillion today, with more than 87% of this total originated in the U.S.
  • The private credit market is projected to grow to $2.8 trillion globally by 2028 from $1.6 trillion at the end of 2023.
  • The broader U.S. loan market was valued at USD 1.12 trillion in 2024 and is expected to reach USD 1.87 trillion by 2030, growing at a CAGR of 16.23%.
• Asset-Based Lending (ABL)
  • The global Asset-Based Lending Market was estimated at USD 696.13 billion in 2024 and is projected to reach USD 1641.64 billion by 2032, exhibiting a CAGR of 11.32%.
  • Another estimate places the global ABL market at USD 700.49 billion in 2024, projected to grow to USD 2234.22 billion by 2035 with a CAGR of 11.12%.
  • North America leads the global ABL market, holding a 37.8% market share in 2024 and is expected to maintain its dominance. The U.S. alone holds approximately 70% of the North American market share. The USA asset-based lending market is projected to grow at a CAGR of 9.4% during 2025-2035.
• Equipment Finance
  • The U.S. equipment finance industry expanded to an estimated $1.34 trillion in 2023. This figure represents 58% of the $2 trillion invested annually by American businesses, nonprofits, and government agencies in capital goods and software.
  • The global equipment finance services market was valued at $1.2 trillion in 2022 and is projected to reach $3.1 trillion by 2032, growing at a CAGR of 9.7%.
• Specialty Finance
  • The broader asset-based finance market, sometimes referred to as specialty finance, is estimated to reach nearly US$10 trillion by 2028 globally.
  • Commercial specialty finance in the U.S., encompassing areas like equipment finance, asset-based lending, invoice factoring, and small business lending, has a market size of $5.0 trillion for commercial entities.
  • Assets of specialty finance funds in the U.S. grew from $28.0 billion in 2008 to $275.8 billion in 2023.

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Here are 3-5 expected drivers of future revenue growth for SLR Investment (SLRC) over the next 2-3 years:

1. Continued Expansion in Specialty Finance and Asset-Based Lending (ABL): SLR Investment is strategically shifting its portfolio towards specialty finance strategies due to their attractive risk-adjusted returns. This includes strong performance and originations in asset-based lending, with over $300 million in new ABL investments at a weighted average yield of 13.4% reported in Q3 2025. The company has also expanded its personnel to bolster its ABL platform.
2. Deployment of Available Capital and Increased Portfolio Leverage: The company maintains a strong liquidity position, with over $850 million available for deployment, which positions it to capitalize on various economic conditions. Furthermore, management has indicated the ability to expand portfolio leverage from 1.13x to 1.25x as a mechanism to potentially offset declines in base rates, thereby increasing investment capacity and revenue generation.
3. Diversification and Growth in Key Investment Segments: SLR Investment's strategy includes broadening its portfolio, with a particular focus on resilient sectors such as healthcare within its cash flow book. While facing some industry headwinds, there is an increasing pipeline of opportunities in the life science sector. The company has also pivoted towards its investment-grade leasing portfolio within equipment finance, contributing to overall portfolio diversification and potential for sustained growth.

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Share Repurchases

• SLR Investment Corp. reported minor share repurchases, with $3.04 million in repurchases as of December 31, 2022.
• An additional $10.46 thousand in share repurchases was reported as of March 31, 2023.
• The company's buyback yield was reported as 0.00% and 0.39% in recent periods, indicating limited activity.

Share Issuance

• SLRC issued shares of common stock as part of its merger with SLR Senior Investment Corp. (SUNS), which closed on April 1, 2022. Based on NAVs as of September 30, 2021, approximately 0.7763 shares of SLRC Common Stock were to be issued for each share of SUNS Common Stock outstanding.
• In July 2025, the company completed a private offering of $50 million of 3-year unsecured notes with a fixed interest rate of 5.96%.
• In August 2025, an additional $75 million of 3-year unsecured notes were issued at a fixed interest rate of 5.95%.

Inbound Investments

• In October 2022, SLR Capital Partners, the external investment adviser to SLRC, secured strategic minority investments from Petershill and HPC to support its growth initiatives.

Outbound Investments

• SLR Investment Corp.'s Comprehensive Investment Portfolio had a fair value of $3.272 billion as of September 30, 2025.
• The company originated $447 million of new investments across its comprehensive portfolio during the third quarter of 2025.
• SLRC has strategically shifted its portfolio, with specialty finance investments comprising close to 85% of its portfolio fair value as of September 30, 2025, primarily focused on senior secured loans.

Capital Expenditures

• SLR Investment Corp. has reported minimal to no traditional capital expenditures over the last several years.