0001825590DCA Investment Holdings, LLC2022-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2023

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 814-01366

SL Investment Corp.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or registration)			85-3472615 (I.R.S. Employer Identification No.)

1585 Broadway, New York, NY			10036
(Address of principal executive offices)			(Zip Code)

1 212-761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

Emerging growth company	☒

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 11, 2023, there was no established public market for the registrant’s common stock.

As of May 11, 2023, the Registrant had 25,807,951 shares of common stock, $0.001 par value per share, outstanding.

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SL Investment Corp.

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Consolidated Financial Statements
	Report of Independent Registered Public Accounting Firm	4
	C onsolidated Statements of Assets and Liabilities as of March 31, 2023 (unaudited) and December 31, 2022	5
	C onsolidated Statements of Operations for the three months period ended March 31, 2023 (unaudited) and March 31, 2022 (unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three months period ended March 31, 2023 (unaudited) and March 31, 2022 (unaudited)	7
	Consolidated Statements of Cash Flows for the three months period ended March 31, 2023 (unaudited) and March 31, 2022 (unaudited)	8
	Consolidated Schedule of Investments as of March 31, 2023 (unaudited) and December 31, 2022	9
	Notes to the Consolidated Financial Statements (unaudited)	43
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	65
Part II. Other Information
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	67
Item 6.	Exhibits	67

SIGNATURES

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of SL Investment Corp.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of SL Investment Corp and subsidiaries (the “Company”), including the consolidated schedule of investments as of March 31, 2023, and the related consolidated statements of operations, changes in net assets and cash flows for the three-month period ended March 31, 2023 and 2022, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company including the consolidated schedule of investments as of December 31, 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated March 10, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statements of assets and liabilities as of December 31, 2022, is fairly stated, in all material respects, in relation to the consolidated statements of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, NY

May 11, 2023

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SL Investment Corp.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)


	As of
	March 31, 2023		December 31, 2022
	(unaudited)		(audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,123,224 and $1,103,185 at March 31, 2023 and December 31, 2022, respectively)	$	1,096,868	$	1,078,117
Cash	57,605		25,116
Deferred financing costs	5,002		6,070
Subscription receivable	—		18,597
Interest and dividend receivable from non-controlled/non-affiliated investments	8,350		7,712
Receivable for investments sold/repaid	103		228
Prepaid expenses and other assets	92		17
Total assets	1,168,020		1,135,857

Liabilities
Debt	619,673		591,307
Payable for investments purchased	19		39
Payable to affiliates (Note 3)	780		1,167
Financing costs payable	1,667		1,664
Dividends payable	16,517		14,285
Management fees payable	337		325
Interest payable	11,651		9,710
Accrued expenses and other liabilities	1,257		1,128
Total liabilities	651,901		619,625

Commitments and Contingencies (Note 7)

Net Assets
Series A Preferred stock, par value $0.001 (1,000,000 shares authorized and 521 and 521 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	1		1
Paid-in capital in excess of par value of Series A Preferred Stock	520		520
Common Stock, par value $0.001 per share (100,000,000 shares authorized and 25,807,951 and 25,807,951 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	26		26
Paid-in capital in excess of par value of Common Stock	539,366		539,366
Net distributable earnings (accumulated losses)	(23,794)		(23,681)
Total net assets	516,119		516,232
Total liabilities and net assets	$	1,168,020	$	1,135,857
Net asset value per common share	$	19.98	$	19.98

The accompanying notes are an integral part of these unaudited consolidated financial statements

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SL Investment Corp.

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	30,971	$	15,754
Payment-in-kind interest income	146		59
Dividend income	139		60
Other income	387		455
Total investment income	31,643		16,328

Expenses:
Interest expense and other financing expenses	13,220		4,110
Management fees	337		265

Professional fees	313		278
Directors’ fees	51		51

General and other expenses	54		144
Total expenses	13,975		4,848
Net investment income (loss) before taxes	17,668		11,480
Excise tax expense	23		—
Net investment income (loss) after taxes	17,645		11,480

Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from non-controlled/non-affiliated investments	63		64
Net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments	(1,288)		(799)
Net realized and unrealized gains (losses)	(1,225)		(735)
Net increase (decrease) in net assets resulting from operations	16,420		10,745
Preferred Stock dividend	(16)		(16)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$	16,404	$	10,729
Per common share information—basic and diluted
Net investment income (loss) per common share	$	0.68	$	0.57
Earnings (loss) per common share	$	0.64	$	0.53
Weighted average common shares outstanding (Note 9)	25,807,951		20,244,075

The accompanying notes are an integral part of these unaudited consolidated financial statements

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SL Investment Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands)


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Net assets at beginning of period	$	516,232	$	429,724
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	17,645		11,480
Net realized gain (loss)	63		64
Net change in unrealized appreciation (depreciation)	(1,288)		(799)
Net increase (decrease) in net assets resulting from operations	16,420		10,745

Capital transactions:


Dividends declared on Preferred Stock and Common Stock	(16,533)		(12,567)
Net increase (decrease) in net assets resulting from capital transactions	(16,533)		(12,567)
Total increase (decrease) in net assets	(113)		(1,822)
Net assets at end of period	$	516,119	$	427,902

The accompanying notes are an integral part of these unaudited consolidated financial statements

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SL Investment Corp.

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	16,420	$	10,745
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	1,288		799
Net realized (gain) loss on investments	(63)		(64)
Net accretion of discount and amortization of premium on investments	(968)		(723)
Payment-in-kind interest and dividend capitalized	(219)		(85)
Amortization of deferred financing costs	1,067		402

Purchases of investments and change in payable for investments purchased	(51,584)		(69,324)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold.	32,901		16,656
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	(638)		(313)
(Increase) decrease in prepaid expenses and other assets	(75)		31
(Decrease) increase in payable to affiliates	(387)		(464)
(Decrease) increase in management fee payable	12		51
(Decrease) increase in interest payable	1,941		678
(Decrease) increase in accrued expenses and other liabilities	132		(480)
Net cash provided by (used in) operating activities	(173)		(42,091)

Cash flows from financing activities:
Borrowings on debt	45,000		37,000
Repayments on debt	(16,634)		(18,000)

Proceeds from issuance of Common Stock	18,597		33,190
Deferred financing costs paid	—		3
Dividends paid in cash	(14,301)		(11,289)

Net cash provided by (used in) financing activities	32,662		40,904
Net increase (decrease) in cash	32,489		(1,187)
Cash, beginning of period	25,116		20,232
Cash, end of period	$	57,605	$	19,045


Supplemental information and non-cash activities:

Excise Tax Paid	$	26	$	45

Interest expense paid	$	10,212	$	2,564
Accrued but unpaid dividends	$	16,517	$	12,551

The accompanying notes are an integral part of these unaudited consolidated financial statements

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SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value			Percentage of Net Assets
First Lien Debt
Aerospace and Defense
Jonathan Acquisition Company	(4) (5) (6)	L +	5.00%	10.16%	12/22/2026	12,079	$	11,877	$	11,772		2.28	%
Jonathan Acquisition Company	(4) (6) (12)	L +	5.00%	10.16%	12/22/2025	1,785	1,759		1,736			0.34
Mantech International CP	(4) (5) (7)	S +	5.75%	10.43%	09/14/2029	10,746	10,543		10,572			2.05
Mantech International CP	(4) (7) (12)	S +	5.75%	10.43%	09/14/2029	—	(24)		(42)			(0.01)
Mantech International CP	(4) (7) (12)	S +	5.75%	10.43%	09/14/2028	—	(29)		(26)			(0.01)
PCX Holding Corp.	(4) (5) (6)	L +	6.25%	11.41%	04/22/2027	7,794	7,737		7,576			1.47
PCX Holding Corp.	(4) (5) (6)	L +	6.25%	11.41%	04/22/2027	7,849	7,730		7,630			1.48
PCX Holding Corp.	(4) (6) (12)	L +	6.25%	11.41%	04/22/2027	238	233		216			0.04
Two Six Labs, LLC	(4) (5) (7)	L +	5.50%	10.40%	08/20/2027	4,685	4,612		4,583			0.89
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.40%	08/20/2027	905	884		866			0.17
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.40%	08/20/2027	—	(14)		(20)			—
							45,308		44,863			8.69
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (5) (7)	S +	5.75%	10.79%	06/11/2027	2,382	2,340		2,311			0.45
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	5.00%	10.05%	12/30/2026	14,613	14,499		14,119			2.74
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	10.05%	12/30/2026	1,561	1,542		1,507			0.29
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	10.05%	12/30/2025	—	(10)		(44)			(0.01)
RoadOne IntermodaLogistics	(4) (6)	S +	6.25%	11.12%	12/30/2028	633	615		615			0.12
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.12%	12/30/2028	49	46		46			0.01
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.12%	12/30/2028	28	25		25			—
							19,057		18,579		—	3.60
Automobile Components
Continental Battery Company	(4) (5) (6)	L +	6.75%	11.91%	01/20/2027	6,172	6,073		5,513			1.07
Randy's Holdings, Inc.	(4) (5) (6)	S +	6.50%	11.36%	11/01/2028	2,506	2,434		2,443			0.47
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.36%	11/01/2028	—	(12)		(21)			—
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.36%	11/01/2028	63	54		55			0.01
Sonny's Enterprises, LLC	(4) (5) (6)	S +	6.75%	11.33%	08/05/2026	4,991	4,921		4,820			0.93
Sonny's Enterprises, LLC	(4) (5) (6)	S +	6.75%	11.33%	08/05/2026	13,850	13,659		13,375			2.59
Spectrum Automotive Holdings Corp.	(4) (5) (7)	L +	5.75%	10.91%	06/29/2028	10,110	9,989		9,620			1.86
Spectrum Automotive Holdings Corp.	(4) (7) (12)	L +	5.75%	10.91%	06/29/2028	1,990	1,961		1,854			0.36
Spectrum Automotive Holdings Corp.	(4) (7) (12)	L +	5.75%	10.91%	06/29/2027	—	(4)		(19)			—
							39,075		37,640			7.29
Automobiles
ARI Network Services, Inc.	(4) (5) (7)	S +	5.50%	10.16%	02/28/2025	8,864	8,766		8,671			1.68
ARI Network Services, Inc.	(4) (5) (7)	S +	5.50%	10.16%	02/28/2025	1,552	1,535		1,518			0.29

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SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
ARI Network Services, Inc.	(4) (7) (12)	S +	5.50%	10.16%	02/28/2025	753	$	740	$	725	0.14	%
Summit Buyer, LLC	(4) (5) (6)	S +	5.75%	10.74%	01/14/2026	9,456	9,327		9,131		1.77
Summit Buyer, LLC	(4) (6) (12)	S +	5.75%	10.74%	01/14/2026	12,394	12,215		11,919		2.31
Summit Buyer, LLC	(4) (6) (12)	S +	5.75%	10.74%	01/14/2026	—	(13)		(36)		(0.01)
Turbo Buyer, Inc.	(4) (5) (6)	L +	6.00%	11.15%	12/02/2025	16,219	16,012		15,754		3.05
Turbo Buyer, Inc.	(4) (5) (6)	L +	6.00%	11.15%	12/02/2025	1,485	1,463		1,442		0.28
							50,045		49,124		9.52
Biotechnology
GraphPad Software, LLC	(4) (5) (6)	L +	5.50%	10.48%	04/27/2027	6,394	6,347		6,237		1.21
GraphPad Software, LLC	(4) (6) (12)	L +	5.50%	10.48%	04/27/2027	—	(5)		(18)		—
							6,342		6,219		1.20
Chemicals
V Global Holdings, LLC	(4) (5) (7)	S +	5.75%	10.87%	12/22/2027	1,528	1,502		1,466		0.28
V Global Holdings, LLC	(4) (7) (12)	S +	5.75%	10.87%	12/22/2025	32	29		24		—
							1,531		1,490		0.29
Commercial Services & Supplies
365 Retail Markets, LLC	(4) (5) (6)	L +	4.75%	9.50%	12/23/2026	7,387	7,291		7,279		1.41
365 Retail Markets, LLC	(4) (5) (6)	L +	4.75%	9.48%	12/23/2026	2,370	2,346		2,335		0.45
365 Retail Markets, LLC	(4) (6) (12)	L +	4.75%	9.55%	12/23/2026	514	499		497		0.10
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	11.98%	12/09/2029	840	815		819		0.16
Atlas Us Finco, Inc.	(4) (6) (9) (12)	S +	7.25%	11.98%	12/09/2028	—	(2)		(2)		—
BPG Holdings IV Corp.	(4) (5) (7)	S +	6.00%	10.90%	07/29/2029	9,605	8,997		9,113		1.77
Encore Holdings, LLC	(4) (5) (7)	L +	4.75%	9.91%	11/23/2028	9,225	9,089		9,034		1.75
Encore Holdings, LLC	(4) (5) (7) (12)	L +	4.75%	9.91%	11/23/2028	11,549	11,338		11,179		2.17
Encore Holdings, LLC	(4) (7) (12)	L +	4.75%	9.91%	11/23/2027	—	(37)		(56)		(0.01)
Energy Labs Holdings Corp.	(4) (5) (6)	S +	5.25%	10.08%	04/07/2028	387	382		376		0.07
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	10.08%	04/07/2028	—	—		(1)		—
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	10.09%	04/07/2028	12	11		10		—
FLS Holding, Inc.	(4) (5) (6) (9)	L +	5.25%	10.21%	12/15/2028	16,540	16,257		16,312		3.16
FLS Holding, Inc.	(4) (5) (6) (9)	L +	5.25%	10.25%	12/15/2028	3,596	3,533		3,546		0.69
FLS Holding, Inc.	(4) (6) (9) (12)	L +	5.25%	10.25%	12/17/2027	—	(23)		(20)		—
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.31%	07/15/2027	13,002	12,832		12,598		2.44
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.26%	07/15/2027	4,200	4,133		4,069		0.79
PDFTron Systems, Inc.	(4) (6) (9)	S +	5.50%	10.29%	07/15/2026	3,300	3,257		3,197		0.62
Procure Acquireco, Inc. (Procure Analytics)	(4) (5) (7)	L +	5.00%	9.84%	12/20/2028	15,675	15,407		14,863		2.88
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	L +	5.00%	9.84%	12/20/2028	—	(26)		(164)		(0.03)
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	L +	5.00%	9.84%	12/20/2028	—	(14)		(49)		(0.01)

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SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
QW Holding Corporation	(4) (5) (6)	L +	5.50%	10.32%	08/31/2026	3,290	$	3,250	$	3,290	0.64	%
QW Holding Corporation	(4) (6) (12)	P +	4.50%	12.50%	08/31/2026	761	751		761		0.15
QW Holding Corporation	(4) (6) (12)	P +	4.50%	12.50%	08/31/2026	500	491		500		0.10
Sherlock Buyer Corp.	(4) (5) (7)	L +	5.75%	10.75%	12/08/2028	18,507	18,192		18,209		3.53
Sherlock Buyer Corp.	(4) (7) (12)	L +	5.75%	10.75%	12/08/2028	—	(44)		(87)		(0.02)
Sherlock Buyer Corp.	(4) (7) (12)	L +	5.75%	10.75%	12/08/2027	—	(34)		(35)		(0.01)
Surewerx Purchaser III, Inc.	(4) (5) (7) (9)	S +	6.75%	11.65%	12/28/2029	2,084	2,023		2,045		0.40
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.65%	12/28/2029	—	(8)		(8)		—
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.65%	12/28/2028	—	(12)		(8)		—
Sweep Purchaser, LLC	(4) (5) (6)	L +	5.75%	10.91%	11/30/2026	2,894	2,856		2,764		0.54
Sweep Purchaser, LLC	(4) (5) (6)	L +	5.75%	10.91%	11/30/2026	1,656	1,633		1,582		0.31
Sweep Purchaser, LLC	(4) (5) (6) (12)	L +	5.75%	10.91%	11/30/2026	318	311		299		0.06
Sweep Purchaser, LLC	(4) (12)	P +	4.75%	12.75%	11/30/2026	253	247		232		0.04
Tamarack Intermediate, LLC	(4) (5)	S +	5.50%	10.76%	03/13/2028	5,459	5,365		5,183		1.00
Tamarack Intermediate, LLC	(4) (12)	S +	5.50%	10.58%	03/13/2028	149	134		103		0.02
Valcourt Holdings II, LLC	(4) (5) (6)	S +	5.25%	10.30%	01/07/2027	12,604	12,432		12,510		2.42
Valcourt Holdings II, LLC	(4) (6)	S +	5.25%	10.30%	01/07/2027	2,281	2,251		2,263		0.44
VRC Companies, LLC	(4) (5) (7)	L +	5.75%	10.65%	06/29/2027	24,390	24,114		23,743		4.60
VRC Companies, LLC	(4) (5) (7)	S +	5.75%	10.57%	06/29/2027	2,380	2,348		2,317		0.45
VRC Companies, LLC	(4) (7) (12)	S +	5.75%	10.64%	06/29/2027	2,566	2,529		2,489		0.48
VRC Companies, LLC	(4) (7) (12)	S +	5.75%	10.64%	06/29/2027	—	(8)		(19)		—
							174,906		173,068		33.53
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (5) (7)	L +	5.50%	10.41%	10/19/2028	14,625	14,381		14,024		2.72
KPSKY Acquisition, Inc.	(4) (5) (7)	L +	5.50%	10.41%	10/19/2028	1,684	1,655		1,615		0.31
KPSKY Acquisition, Inc.	(4) (7) (12)	L +	5.50%	10.41%	10/19/2028	425	406		351		0.07
							16,442		15,990		3.10
Containers & Packaging
BP Purchaser, LLC	(4) (5) (7)	L +	5.50%	10.65%	12/11/2028	23,428	23,029		22,111		4.28
Fortis Solutions Group, LLC	(4) (5) (7)	L +	5.50%	10.34%	10/13/2028	8,210	8,073		8,023		1.55
Fortis Solutions Group, LLC	(4) (5) (7)	L +	5.50%	10.63%	10/13/2028	3,365	3,308		3,288		0.64
Fortis Solutions Group, LLC	(4) (5) (7) (12)	L +	5.50%	10.63%	10/15/2028	6	(1)		(17)		—
Fortis Solutions Group, LLC	(4) (7) (12)	L +	5.50%	10.34%	10/15/2027	154	137		128		0.02
							34,546		33,533		6.50
Distributors
48Forty Solutions, LLC	(4) (5) (6)	S +	5.50%	10.32%	11/30/2026	9,918	9,735		9,509		1.84
48Forty Solutions, LLC	(4) (6) (12)	P +	4.50%	12.50%	11/30/2026	151	127		86		0.02

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Avalara, Inc.	(4) (5) (7)	S +	7.25%	12.15%	10/19/2028	2,336	$	2,281	$	2,309	0.45	%
Avalara, Inc.	(4) (7) (12)	S +	7.25%	12.15%	10/19/2028	—	(6)		(3)		—
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.02%	11/01/2028	9,085	9,008		8,474		1.64
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.02%	11/01/2028	6,018	5,968		5,614		1.09
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.02%	11/01/2028	8,404	8,334		7,839		1.52
							35,447		33,828		6.55
Diversified Consumer Services
Apex Service Partners, LLC	(4) (5) (6)	S +	5.50%	10.25%	07/31/2025	3,135	2,962		2,962		0.57
Apex Service Partners, LLC	(4) (6) (12)	S +	5.50%	10.36%	07/31/2025	1,532	1,362		1,362		0.26
Assembly Intermediate, LLC	(4) (5) (6)	L +	6.50%	11.66%	10/19/2027	8,889	8,746		8,573		1.66
Assembly Intermediate, LLC	(4) (6) (12)	L +	6.50%	11.66%	10/19/2027	1,244	1,217		1,166		0.23
Assembly Intermediate, LLC	(4) (6) (12)	L +	6.50%	11.66%	10/19/2027	356	342		324		0.06
FPG Intermediate Holdco, LLC	(4) (6)	S +	6.50%	11.41%	03/05/2027	835	820		801		0.16
FPG Intermediate Holdco, LLC	(4) (6) (12)	S +	6.50%	11.41%	03/05/2027	—	(43)		(104)		(0.02)
Groundworks, LLC	(4) (5) (6)	S +	6.50%	11.36%	03/14/2030	148	144		144		0.03
Groundworks, LLC	(4) (6) (12)	S +	6.50%	11.36%	03/14/2030	—	—		—		—
Groundworks, LLC	(4) (6) (12)	S +	6.50%	11.36%	03/14/2029	—	—		—		—
Heartland Home Services	(4) (7) (12)	L +	5.75%	10.59%	12/15/2026	1,960	1,943		1,905		0.37
Lightspeed Solution, LLC	(4) (5)	S +	6.00%	11.37%	03/01/2028	3,828	3,763		3,699		0.72
Lightspeed Solution, LLC	(4) (12)	S +	6.00%	11.37%	03/01/2028	86	75		44		0.01
LUV Car Wash Group, LLC	(4) (5) (6) (12)	S +	7.00%	11.73%	12/09/2026	371	367		363		0.07
LUV Car Wash Group, LLC	(4) (5) (6)	S +	7.00%	11.73%	12/09/2026	348	345		343		0.07
Magnolia Wash Holdings	(4) (5) (6)	S +	6.50%	11.35%	07/14/2028	1,686	1,655		1,573		0.30
Magnolia Wash Holdings	(4) (6)	S +	6.50%	11.35%	07/14/2028	316	310		295		0.06
Magnolia Wash Holdings	(4) (6) (12)	S +	6.50%	11.35%	07/14/2028	39	38		34		0.01
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00%	10.85%	10/16/2024	3,434	3,418		3,391		0.66
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00%	10.85%	10/16/2024	15,376	15,316		15,186		2.94
Mammoth Holdings, LLC	(4) (6) (12)	S +	6.00%	10.85%	10/16/2024	—	(2)		(5)		—
Spotless Brands, LLC	(4) (5) (6)	S +	6.50%	11.31%	07/25/2028	1,431	1,405		1,382		0.27
Spotless Brands, LLC	(4) (6)	S +	6.50%	11.31%	07/25/2028	271	266		261		0.05
Spotless Brands, LLC	(4) (6) (12)	S +	6.50%	11.31%	07/25/2028	9	8		8		—
							44,457		43,707		8.47
Financial Services
Applitools, Inc.	(4) (5) (7) (9)	S +	6.25% PIK	11.06% PIK	05/25/2029	1,517	1,495		1,443		0.28
Applitools, Inc.	(4) (7) (9) (12)	S +	6.25%	11.06%	05/25/2028	—	(3)		(10)		—
Cerity Partners, LLC	(4) (5) (7)	S +	6.75%	11.54%	12/29/2029	1,733	1,682		1,700		0.33
Cerity Partners, LLC	(4) (7) (12)	S +	6.75%	11.54%	12/29/2029	91	15		41		0.01

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
SitusAMC Holdings Corp.	(4) (5) (7)	L +	5.50%	10.66%	12/22/2027	7,128	$	7,069	$	6,883	1.33	%
Smarsh, Inc.	(4) (5)	S +	6.50%	11.29%	02/16/2029	4,286	4,210		4,138		0.80
Smarsh, Inc.	(4) (12)	S +	6.50%	11.29%	02/16/2029	536	522		499		0.10
Smarsh, Inc.	(4) (12)	S +	6.50%	11.29%	02/16/2029	54	49		44		0.01
							15,039		14,738		2.85
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (5)	P +	4.75%	12.75%	07/06/2028	1,747	1,715		1,684		0.33
Abracon Group Holdings, LLC	(4) (12)	P +	4.75%	12.75%	07/06/2028	—	(3)		(11)		—
Abracon Group Holdings, LLC	(4) (12)	P +	4.75%	12.75%	07/06/2028	—	(2)		(4)		—
Dwyer Instruments, Inc.	(4) (5) (7)	L +	6.00%	11.16%	07/21/2027	2,543	2,498		2,450		0.47
Dwyer Instruments, Inc.	(4) (7) (12)	L +	6.00%	11.16%	07/21/2027	—	(5)		(23)		—
Dwyer Instruments, Inc.	(4) (12)	P +	5.00%	13.00%	07/21/2027	71	66		59		0.01
Infinite Bidco, LLC	(4) (8)	L +	6.25%	10.91%	03/02/2028	4,729	4,591		4,591		0.89
							8,860		8,746		1.69
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)	(4) (5) (6)	S +	7.25% (incl. 1.00% PIK)	12.29%	12/18/2025	3,613	3,571		3,052		0.59
Health Care Equipment & Supplies
Performance Health & Wellness	(4) (5) (6)	L +	6.00%	10.96%	07/12/2027	4,028	3,966		3,874		0.75
PerkinElmer U.S., LLC	(4) (5) (6)	S +	6.75%	11.86%	03/13/2029	583	565		565		0.11
							4,531		4,439		0.86
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.50%	11.30%	04/03/2028	4,724	4,670		4,569		0.89
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.50%	11.30%	04/03/2028	1,182	1,165		1,143		0.22
DCA Investment Holdings, LLC	(4) (7) (12)	S +	6.50%	11.30%	04/03/2028	88	82		77		0.01
Gateway US Holdings, Inc.	(4) (5) (7) (9)	S +	6.50%	11.55%	09/22/2026	752	746		742		0.14
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.55%	09/22/2026	206	204		203		0.04
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.55%	09/22/2026	17	16		16		—
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	9.56%	12/10/2026	3,865	3,836		3,803		0.74
Heartland Veterinary Partners, LLC	(4) (5) (6) (12)	S +	4.75%	9.64%	12/10/2026	8,434	8,369		8,292		1.61
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	4.75%	9.64%	12/10/2026	—	(6)		(13)		—
iCIMS, Inc.	(4) (5) (7)	S +	7.25%	12.05%	08/18/2028	1,433	1,409		1,417		0.27
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	11.41%	08/21/2026	935	911		895		0.17
PPV Intermediate Holdings, LLC	(4) (7)	S +	5.75%	10.58%	08/31/2029	994	954		954		0.18
Promptcare Infusion Buyer, Inc.	(4) (5) (6)	L +	6.00%	10.72%	09/01/2027	3,878	3,818		3,754		0.73
Promptcare Infusion Buyer, Inc.	(4) (6) (12)	L +	6.00%	10.72%	09/01/2027	533	518		488		0.09
Southern Veterinary Partners, LLC	(4) (5) (6)	S +	5.50%	10.36%	10/05/2027	284	279		272		0.05

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value			Percentage of Net Assets
Stepping Stones Healthcare Services, LLC	(4) (5) (7)	L +	5.75%	10.91%	01/02/2029	4,331	$	4,275	$	4,144		0.80	%
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	L +	5.75%	10.91%	01/02/2029	722	710		668			0.13
Stepping Stones Healthcare Services, LLC	(4) (12)	P +	4.75%	12.75%	12/30/2026	400	393		373			0.07
Suveto	(4) (5) (7) (12)	L +	5.00%	9.84%	09/09/2027	4,858	4,815		4,612			0.89
Suveto	(4) (7) (12)	L +	5.00%	9.84%	09/09/2027	243	236		223			0.04
Vardiman Black Holdings, LLC	(4) (5)	S +	7.00%	11.77%	03/18/2027	2,269	2,250		2,176			0.42
Vardiman Black Holdings, LLC	(4) (12)	S +	7.00%	11.61%	03/18/2027	2,652	2,629		2,543			0.49
Vermont Aus Pty Ltd	(4) (5) (7) (9)	S +	5.50%	10.55%	03/23/2028	495	484		473			0.09
							42,763		41,824			8.10
Health Care Technology
Lightspeed Buyer, Inc.	(4) (5) (6)	L +	5.50%	10.43%	02/03/2026	4,212	4,143		4,102			0.79
Lightspeed Buyer, Inc.	(4) (5) (6)	L +	5.50%	10.34%	02/03/2026	3,329	3,268		3,243			0.63
							7,411		7,345		—	1.42
Industrial Conglomerates
Raptor Merger Sub Debt, LLC	(4) (5) (7)	S +	6.75%	11.65%	04/01/2029	13,919	13,523		13,532			2.62
Raptor Merger Sub Debt, LLC	(4) (7) (12)	S +	6.75%	11.65%	04/01/2028	140	111		110			0.02
							13,634		13,642		—	2.64
Insurance Services
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	11.00%	10/30/2028	18,368	18,137		16,889			3.27
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	11.00%	10/30/2028	3,995	3,947		3,673			0.71
Foundation Risk Partners Corp.	(4) (7) (12)	S +	6.00%	11.00%	10/29/2027	—	(22)		(158)			(0.03)
Galway Borrower, LLC	(4) (5) (7)	S +	5.25%	10.24%	09/29/2028	12,089	11,896		11,678			2.26
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.24%	09/29/2028	1,428	1,391		1,365			0.26
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.41%	09/30/2027	479	466		450			0.09
Higginbotham Insurance Agency, Inc.	(4) (5) (7)	L +	5.25%	10.09%	11/25/2026	6,145	6,083		6,028			1.17
High Street Buyer, Inc.	(4) (5) (7)	L +	6.00%	11.05%	04/14/2028	4,271	4,205		4,187			0.81
High Street Buyer, Inc.	(4) (5) (7)	L +	6.00%	11.05%	04/14/2028	17,153	16,883		16,813			3.26
High Street Buyer, Inc.	(4) (7) (12)	L +	6.00%	11.05%	04/16/2027	—	(12)		(18)			—
Integrity Marketing Acquisition, LLC	(4) (5) (6)	L +	6.05%	11.00%	08/27/2025	24,536	24,329		23,940			4.64
Integrity Marketing Acquisition, LLC	(4) (5) (7)	L +	6.05%	11.00%	08/27/2025	7,391	7,330		7,212			1.40
Keystone Agency Investors	(4) (5) (6)	S +	5.75%	10.80%	05/03/2027	2,634	2,601		2,590			0.50
Keystone Agency Investors	(4) (5) (6)	S +	5.75%	10.80%	05/03/2027	3,192	3,153		3,139			0.61
Long Term Care Group, Inc.	(4) (5) (7)	L +	6.00%	10.90%	09/08/2027	1,980	1,946		1,775			0.34
Oakbridge Insurance Agency, LLC	(4) (5) (6)	S +	5.75%	10.66%	12/31/2026	1,077	1,062		1,054			0.20
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.66%	12/31/2026	92	88		83			0.02
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.66%	12/31/2026	24	23		23			—
Patriot Growth Insurance Services, LLC	(4) (7) (12)	L +	5.75%	10.78%	10/16/2028	161	154		136			0.03

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	L +	6.00%	11.21%	11/01/2028	7,395	$	7,333	$	7,108	1.38	%
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	S +	6.00%	11.12%	11/01/2028	284	280		273		0.05
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	L +	6.00%	11.21%	11/01/2028	2,054	2,037		1,974		0.38
Peter C. Foy & Associates Insurance Services, LLC	(4) (7)	S +	6.00%	11.47%	11/01/2028	710	700		682		0.13
Peter C. Foy & Associates Insurance Services, LLC	(4) (7) (12)	L +	6.00%	11.21%	11/01/2027	—	(3)		(14)		—
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.50%	10/30/2026	10,508	10,427		10,261		1.99
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.65%	04/01/2026	14,905	14,646		14,547		2.82
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.65%	04/01/2026	11,623	11,453		11,344		2.20
World Insurance Associates, LLC	(4) (6) (12)	S +	5.75%	10.65%	04/01/2026	631	619		607		0.12
							151,152		147,641		28.60
Interactive Media & Services
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.23%	10/30/2026	9,512	9,379		9,332		1.81
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.23%	10/30/2026	2,233	2,204		2,191		0.42
FMG Suite Holdings, LLC	(4) (5) (6) (12)	S +	5.50%	10.23%	10/30/2026	236	222		215		0.04
Spectrio, LLC	(4) (5) (6)	L +	6.00%	11.00%	12/09/2026	11,291	11,162		11,100		2.15
Spectrio, LLC	(4) (5) (6)	L +	6.00%	11.00%	12/09/2026	4,528	4,510		4,451		0.86
Spectrio, LLC	(4) (6) (12)	L +	6.00%	11.00%	12/09/2026	826	809		803		0.16
Triple Lift, Inc.	(4) (5) (7)	S +	5.50%	10.44%	05/08/2028	11,790	11,607		11,366		2.20
Triple Lift, Inc.	(4) (7) (12)	S +	5.25%	9.58%	05/08/2028	657	632		595		0.12
							40,525		40,053		7.76
IT Services
Atlas Purchaser, Inc.	(5) (7)	L +	5.25%	10.39%	05/08/2028	3,814	3,755		2,609		0.51
Catalis Intermediate, Inc.	(4) (5) (7)	L +	5.50%	10.66%	08/04/2027	16,997	16,670		14,969		2.90
Catalis Intermediate, Inc.	(4) (5) (7) (12)	L +	5.50%	10.66%	08/04/2027	3,824	3,736		3,154		0.61
Catalis Intermediate, Inc.	(4) (7) (12)	L +	5.50%	10.66%	08/04/2027	1,634	1,602		1,418		0.27
Donuts, Inc.	(4) (5)	S +	6.00%	10.97%	12/29/2027	9,468	9,377		9,305		1.80
Donuts, Inc.	(4) (12)	S +	6.00%	10.97%	12/29/2027	—	—		(27)		(0.01)
Redwood Services Group, LLC	(4) (5) (7)	S +	6.00%	11.15%	06/15/2029	1,809	1,775		1,748		0.34
Redwood Services Group, LLC	(4) (7) (12)	S +	6.00%	11.15%	06/15/2029	429	424		415		0.08
Syntax Systems Ltd	(4) (5) (7) (9)	L +	5.75%	10.59%	10/29/2028	15,155	15,029		14,481		2.81
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.75%	10.59%	10/29/2028	—	(32)		(178)		(0.03)
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.75%	10.59%	10/29/2026	1,069	1,058		998		0.19
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	L +	6.00%	11.16%	01/22/2027	7,226	7,124		7,106		1.38
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	L +	6.00%	11.16%	01/22/2027	6,431	6,338		6,324		1.23
Thrive Buyer, Inc. (Thrive Networks)	(4) (12)	P +	5.00%	13.00%	01/22/2027	227	217		215		0.04
UpStack, Inc.	(4) (5) (6)	S +	5.75%	10.90%	08/20/2027	4,169	4,088		4,044		0.78
UpStack, Inc.	(4) (5) (6)	S +	5.75%	10.91%	08/20/2027	1,857	1,822		1,801		0.35

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value			Percentage of Net Assets
UpStack, Inc.	(4) (6) (12)	S +	5.75%	10.91%	08/20/2027	—	$	(7)	$	(11)		—	%
							72,976		68,371			13.24
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.16%	11/16/2026	19,633	19,478		18,331			3.55
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.16%	11/16/2026	1,676	1,660		1,565			0.30
GSM Acquisition Corp. (GSM Outdoors)	(4) (6) (12)	S +	5.00%	10.16%	11/16/2026	—	(14)		(108)			(0.02)
							21,124		19,788			3.83
Machinery
Answer Acquisition, LLC	(4) (5) (6)	L +	5.75%	10.91%	12/30/2026	12,838	12,636		12,436			2.41
Answer Acquisition, LLC	(4) (6) (12)	L +	5.75%	10.91%	12/30/2026	—	(15)		(31)			(0.01)
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	10.91%	07/21/2027	12,137	11,951		11,789			2.28
MHE Intermediate Holdings, LLC	(4) (6)	S +	6.00%	10.91%	12/09/2025	1,673	1,643		1,640			0.32
MHE Intermediate Holdings, LLC	(4) (6)	S +	6.00%	10.91%	07/21/2027	140	136		136			0.03
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.25%	10.91%	07/21/2027	1,586	1,561		1,541			0.30
MHE Intermediate Holdings, LLC	(4) (6) (12)	S +	6.00%	10.82%	07/21/2027	150	135		119			0.02
							28,047		27,630		—	5.35
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (6)	L +	4.75%	9.80%	12/22/2027	12,219	12,082		11,375			2.20
AWP Group Holdings, Inc.	(4) (5) (6)	S +	4.75%	9.63%	12/22/2027	815	758		758			0.15
AWP Group Holdings, Inc.	(4) (5) (6)	L +	4.50%	9.66%	12/22/2027	1,575	1,556		1,466			0.28
AWP Group Holdings, Inc.	(4) (6) (12)	L +	4.75%	9.91%	12/22/2026	647	630		517			0.10
Ground Penetrating Radar Systems, LLC	(4) (5) (6)	S +	4.75%	10.01%	06/26/2026	4,405	4,349		4,314			0.84
Ground Penetrating Radar Systems, LLC	(4) (6) (12)	S +	4.75%	10.01%	06/26/2025	309	302		295			0.06
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	9.34%	11/02/2026	5,402	5,367		5,342			1.03
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	9.66%	11/02/2026	2,928	2,911		2,896			0.56
Vessco Midco Holdings, LLC	(4) (6)	L +	4.50%	9.51%	11/02/2026	591	588		585			0.11
Vessco Midco Holdings, LLC	(4) (12)	P +	3.50%	11.50%	10/18/2026	358	353		348			0.07
							28,896		27,896			5.40
Pharmaceuticals
Caerus US 1, Inc.	(4) (7) (9)	S +	5.75%	10.65%	05/25/2029	1,841	1,806		1,809			0.35
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	10.65%	05/25/2029	—	(2)		(4)			—
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	10.65%	05/25/2029	61	57		57			0.01
							1,861		1,862			0.36
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(4) (5) (6)	L +	6.25%	10.95%	03/10/2027	7,958	7,831		7,914			1.53
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6)	L +	6.25%	10.95%	03/10/2027	834	828		829			0.16
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6) (12)	L +	6.25%	10.95%	03/10/2027	300	291		297			0.06

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value				Percentage of Net Assets
Bridgepointe Technologies, LLC	(4) (6)	S +	6.50%	11.55%	12/31/2027	5,746	$	5,525	$	5,514			1.07	%
Bridgepointe Technologies, LLC	(4) (6) (12)	S +	6.50%	11.41%	12/31/2027	435	286		281				0.05
Bullhorn, Inc.	(4) (5) (6)	L +	5.75%	10.91%	09/30/2026	153	152		150				0.03
Bullhorn, Inc.	(4) (6)	L +	5.75%	10.91%	09/30/2026	17	17		17				—
Bullhorn, Inc.	(4) (6)	L +	5.75%	10.91%	09/30/2026	19	19		19				—
Bullhorn, Inc.	(4) (6) (12)	L +	5.75%	10.91%	09/30/2026	—	—		—				—
Citrin Cooperman Advisors, LLC	(4) (5) (7)	S +	5.00%	9.96%	10/01/2027	8,561	8,425		8,329				1.61
Citrin Cooperman Advisors, LLC	(4) (7) (12)	S +	5.00%	9.96%	10/01/2027	6,338	6,196		6,069				1.18
Citrin Cooperman Advisors, LLC	(4) (5) (7)	L +	5.00%	9.33%	10/01/2027	3,669	3,618		3,570				0.69
KWOR Acquisition, Inc.	(4) (5) (7)	L +	5.25%	10.09%	12/22/2028	871	860		835				0.16
KWOR Acquisition, Inc.	(4) (7) (12)	P +	4.25%	12.25%	12/22/2027	55	54		50				0.01
							34,102		33,874		—		6.56
Real Estate Management & Development
Associations, Inc.	(4) (5) (6)	S +	6.50% (incl. 2.50% PIK)	11.36%	07/02/2027	7,013	6,962		6,758				1.31
Associations, Inc.	(4) (5) (6) (12)	S +	6.50% (incl. 2.50% PIK)	11.36%	07/02/2027	6,459	6,405		6,191				1.20
Associations, Inc.	(4) (6) (12)	S +	6.50% (incl. 2.50% PIK)	11.36%	07/02/2027	—	(6)		(29)				(0.01)
MRI Software, LLC	(4) (6)	L +	5.50%	10.66%	02/10/2026	2,021	2,015		1,994				0.39
MRI Software, LLC	(4) (6) (12)	L +	5.50%	10.66%	02/10/2026	—	(3)		(13)				—
Pritchard Industries, LLC	(4) (5) (7)	S +	5.50%	10.66%	10/13/2027	10,914	10,741		10,458				2.03
Pritchard Industries, LLC	(4) (7)	S +	5.50%	10.56%	10/13/2027	2,609	2,566		2,500				0.48
Zarya Intermediate, LLC	(4) (5) (6) (9)	S +	6.50%	11.31%	07/01/2027	9,533	9,533		9,532				1.85
Zarya Intermediate, LLC	(4) (6) (9) (12)	S +	6.50%	11.31%	07/01/2027	—	—		—		—
							38,213		37,391				7.24
Software
Alert Media, Inc.	(4) (5) (6)	S +	5.00%	9.85%	04/12/2027	16,000	15,806		15,515				3.01
Alert Media, Inc.	(4) (6)	S +	5.00%	9.85%	04/12/2027	10,000	9,865		9,697		$	—	1.88
Alert Media, Inc.	(4) (6) (12)	S +	5.00%	9.85%	04/10/2026	—	(7)		(23)		$	—	—
Anaplan, Inc.	(4) (5) (7)	S +	6.50%	11.31%	06/21/2029	3,900	3,828		3,840		$	—	0.74
Appfire Technologies, LLC	(4) (5) (6)	S +	5.50%	10.33%	03/09/2027	7,784	7,735		7,554		—		1.46
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	10.33%	03/09/2027	—	(2)		(7)				—
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	10.33%	03/09/2027	2	1		1				—
CLEO Communications Holding, LLC	(4) (5) (6)	L +	6.50%	11.22%	06/09/2027	17,142	17,014		16,580				3.21
CLEO Communications Holding, LLC	(4) (6) (12)	L +	6.50%	11.22%	06/09/2027	—	(37)		(176)				(0.03)
Coupa Holdings,LLC	(4) (7)	S +	7.50%	12.29%	02/27/2030	315	308		308				0.06
Coupa Holdings,LLC	(4) (7) (12)	S +	7.50%	12.29%	02/27/2030	—	(2)		(2)				—

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value			Percentage of Net Assets
Coupa Holdings,LLC	(4) (7) (12)	S +	7.50%	10.29%	02/27/2029	—	$	(3)	$	(3)		—	%
GS AcquisitionCo, Inc.	(4) (5) (6)	S +	5.75%	10.80%	05/22/2026	28,228	28,063		27,757			5.38
GS AcquisitionCo, Inc.	(4) (6)	L +	5.75%	10.80%	05/22/2026	336	334		330			0.06
GS AcquisitionCo, Inc.	(4) (6) (12)	S +	5.75%	10.80%	05/22/2026	—	(7)		(15)			—
Gurobi Optimization, LLC	(4) (5) (6)	L +	5.00%	9.84%	12/19/2023	4,353	4,342		4,353			0.84
Gurobi Optimization, LLC	(4) (6) (12)	L +	5.00%	9.84%	12/19/2023	—	(1)		—
LegitScript	(4) (5) (7)	S +	5.25%	10.06%	06/24/2029	4,381	4,301		4,266			0.83
LegitScript	(4) (7) (12)	S +	5.25%	10.06%	06/24/2029	—	(10)		(31)			(0.01)
LegitScript	(4) (7) (12)	S +	5.25%	10.06%	06/24/2028	39	28		22			—
Montana Buyer, Inc.	(4) (5) (7)	S +	5.75%	10.57%	07/22/2029	1,302	1,278		1,262			0.24
Montana Buyer, Inc.	(4) (7) (12)	S +	5.75%	10.57%	07/22/2028	—	(3)		(5)			—
Netwrix Corporation And Concept Searching, Inc.	(4) (5) (7)	S +	5.00%	9.70%	06/11/2029	616	610		588			0.11
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	9.87%	06/11/2029	108	107		94			0.02
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	9.88%	06/11/2029	14	14		12			—
Oak Purchaser, Inc.	(4) (5) (7)	S +	5.50%	10.37%	04/28/2028	931	922		895			0.17
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.37%	04/28/2028	232	227		208			0.04
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.37%	04/28/2028	—	(1)		(5)			—
Pound Bidco, Inc.	(4) (5) (6) (9)	L +	6.50%	11.20%	01/30/2026	3,004	2,966		2,994			0.58
Pound Bidco, Inc.	(4) (5) (8) (9) (12)	L +	6.50%	11.20%	01/30/2026	—	(4)		(1)			—
Project Leopard Holdings, Inc.	(5) (8) (9)	S +	5.25%	9.80%	07/20/2029	1,037	970		955			0.18
Revalize, Inc.	(4) (5) (6)	S +	5.75%	10.66%	04/15/2027	8,737	8,693		8,349			1.62
Revalize, Inc.	(4) (5) (7) (12)	S +	5.75%	10.66%	04/15/2027	—	(1)		(3)			—
Riskonnect Parent, LLC	(4) (5) (7)	S +	5.50%	10.55%	12/07/2028	166	163		161		—	0.03
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	10.55%	12/07/2028	—	(2)		(5)			—
Securonix, Inc.	(4) (5) (7)	S +	6.50%	11.10%	04/05/2028	9,004	8,867		8,613			1.67
Securonix, Inc.	(4) (6) (12)	S +	6.50%	11.10%	04/05/2028	—	(24)		(70)			(0.01)
Skykick, Inc.	(4) (5) (6)	L +	7.25%	12.04%	09/01/2027	2,700	2,647		2,498			0.48
Skykick, Inc.	(4) (6) (12)	L +	7.25%	12.04%	09/01/2027	981	959		897			0.17
Trunk Acquisition, Inc.	(4) (5) (7)	P +	5.25%	13.25%	02/19/2027	4,514	4,479		4,346			0.84
Trunk Acquisition, Inc.	(4) (7) (12)	L +	5.50%	10.66%	02/19/2026	—	(3)		(16)			—
							124,420		121,733			23.58
Total First Lien Debt							$	1,104,281	$	1,078,066		208.83	%
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	9.00%	13.82%	12/30/2027	900	$	876	$	883		0.17	%
Electronic Equipment, Instruments & Components

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Infinite Bidco, LLC	(4) (5) (8)	L +	7.00%	12.16%	03/02/2029	3,000	$	2,989	$	2,909	0.56	%
Infinite Bidco, LLC	(4) (8)	S +	7.00%	11.83%	03/02/2029	1,500	1,500		1,455		0.28
							4,489		4,364		0.85
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	8.00%	12.81%	12/10/2027	360	354		341		0.07
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	8.00%	12.84%	12/10/2027	132	130		124		0.02
							484		465		0.09
Industrial Conglomerates
Aptean, Inc.	(5) (7)	L +	7.00%	11.81%	04/23/2027	1,050	1,050		965		0.19

IT Services
Idera, Inc.	(4) (5) (7)	L +	6.75%	11.51%	03/02/2029	530	527		514		0.10
Red Dawn SEI Buyer, Inc.	(4) (5) (6)	L +	8.50%	13.34%	11/20/2026	1,000	982		965		0.19
							1,509		1,479		0.29
Software
Flexera Software, LLC	(4) (5) (6)	L +	7.00%	11.84%	03/03/2029	1,500	1,476		1,445		0.28
Total Second Lien Debt							$	9,884	$	9,601	1.86	%

Other Securities
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(4) (10)			16.25% PIK	06/18/2026	500	$	500	$	200	0.04	%
Fetch Insurance Services, LLC	(4)			12.75% (incl. 3.75% PIK)	10/31/2027	414	403		403		0.08
Total Other Debt							$	903	$	603	0.12	%

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC	(4) (11)		12.25%	06/24/2022	1,000,000	$	1,073	$	1,060	0.21	%
Integrity Marketing Acquisition, LLC	(4) (11)		10.50%	12/21/2021	750,000	842		840		0.16
Revalize, Inc.	(4) (6) (11)	S +	10.00%	12/14/2021	1,787	1,947		1,957		0.38
RSK Holdings, Inc. (Riskonnect)	(4) (7) (11)	S +	10.50%	07/07/2022	320,600	324		340		0.07
Skykick, Inc.	(4) (11)			08/31/2021	23,665	225		150		0.03
Total Preferred Equity						4,411		4,347		0.84
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)	(4) (11)			7/12/2021	5,196	520		387		0.07
BP Purchaser, LLC	(4) (11)			12/10/2021	1,233,333	1,233		1,283		0.25
CSC Thrive Holdings, LP (Thrive Networks)	(4) (11)			3/1/2021	53,339	137		222		0.04
Encore Holdings, LLC	(4) (11)			11/23/2021	559	70		96		0.02
Frisbee Holdings, LP (Fetch)	(4) (11)			10/31/2022	4,745	60		60		0.01
GSM Equity Investors, LP (GSM Outdoors)	(4) (11)			11/16/2020	500	50		61		0.01
LUV Car Wash	(4) (11)			4/6/2022	116	116		116		0.02
PCX Holding Corp.	(4) (11)			4/22/2021	1,154	115		156		0.03
Pritchard Industries, Inc.	(4) (11)			10/13/2021	300,000	300		348		0.07
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (11)			12/20/2021	500,000	500		750		0.15
Shelby Co-invest, LP. (Spectrum Automotive)	(4) (11)			6/29/2021	1,500	150		211		0.04
Surewerx Topco, LP	(4) (9) (11)			12/28/2022	195	194		194		0.04
Suveto Buyer, LLC	(4) (9) (11)			11/19/2021	3,000	300		367		0.07
Total Common Equity						$	3,745	$	4,251	0.82	%
Total Other Securities						$	9,059	$	9,201	1.78	%
Total Portfolio Investments						$	1,123,224	$	1,096,868	212.48	%

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


(1)			Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)			Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L” or “LIBOR”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2023. As of March 31, 2023, the reference rates for our variable rate loans were the 3-month E at 3.04%, 1-month L at 4.86%, 3-month L at 5.19%, the 6-month L at 5.31%, 1-month S at 4.80%, 3-month S at 4.91%, 6-month S at 4.90%, and the P at 8.00%.
(3)			The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)			These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”) under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)			Assets or a portion thereof are pledged as collateral for the JPM Funding Facility. See Note 6 “Debt”.
(6)			Loan includes interest rate floor of 1.00%.
(7)			Loan includes interest rate floor of 0.75%.
(8)			Loan includes interest rate floor of 0.50%.
(9)			The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2023 non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.
(10)			Investment was on non-accrual status as of March 31, 2023
(11)			Securities exempt from registration under the Securities Act of 1933 and may be deemed to be “restricted securities”. As of March 31, 2023, the aggregate fair value of these securities is $8,598 or 1.67% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(12) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of March 31, 2023:


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
365 Retail Markets, LLC	0.50%	Revolver	12/23/2026	$	686	$	(10)
48Forty Solutions, LLC	0.50%	Revolver	11/30/2026	1,357		(58)
ARI Network Services, Inc.	0.50%	Revolver	02/28/2025	545		(12)
AWP Group Holdings, Inc.	0.50%	Revolver	12/22/2026	1,247		(86)
Abacus Data Holdings, Inc. (AbacusNext)	0.50%	Revolver	03/10/2027	300		(2)
Abracon Group Holdings, LLC	1.00%	Delayed Draw Term Loan	07/06/2024	317		(11)
Abracon Group Holdings, LLC	0.50%	Revolver	07/06/2028	127		(5)
Alert Media, Inc.	0.50%	Revolver	04/10/2026	750		(23)
Answer Acquisition, LLC	0.50%	Revolver	12/30/2026	1,000		(31)
Apex Service Partners, LLC	1.00%	Delayed Draw Term Loan	01/06/2024	1,603		(87)
Appfire Technologies, LLC	0.50%	Delayed Draw Term Loan	06/13/2024	248		(7)
Appfire Technologies, LLC	0.50%	Revolver	03/09/2027	26		(1)
Applitools, Inc.	0.50%	Revolver	05/25/2028	200		(10)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Assembly Intermediate, LLC	1.00%	Delayed Draw Term Loan	10/19/2023	$	978	$	(35)
Assembly Intermediate, LLC	0.50%	Revolver	10/19/2027	533		(19)
Associations, Inc.	1.00%	Delayed Draw Term Loan	06/10/2024	880		(32)
Associations, Inc.	0.50%	Revolver	07/02/2027	797		(29)
Atlas Us Finco, Inc.	0.50%	Revolver	12/09/2028	78		(2)
Avalara, Inc.	0.50%	Revolver	10/19/2028	234		(3)
Bridgepointe Technologies, LLC	0.50%	Delayed Draw Term Loan	12/19/2023	3,405		(137)
Bullhorn, Inc.	0.50%	Revolver	09/30/2026	8		—
CLEO Communications Holding, LLC	0.50%	Revolver	06/09/2027	5,358		(176)
Caerus US 1, Inc.	1.00%	Delayed Draw Term Loan	10/31/2024	266		(5)
Caerus US 1, Inc.	0.50%	Revolver	05/25/2029	133		(2)
Catalis Intermediate, Inc.	1.00%	Delayed Draw Term Loan	08/04/2023	1,794		(214)
Catalis Intermediate, Inc.	0.50%	Revolver	08/04/2027	182		(22)
Cerity Partners, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	2,553		(48)
Citrin Cooperman Advisors, LLC	1.00%	Delayed Draw Term Loan	05/13/2024	3,618		(98)
Coupa Holdings,LLC	1.00%	Delayed Draw Term Loan	08/27/2024	151		(2)
Coupa Holdings,LLC	0.50%	Revolver	02/27/2029	116		(3)
DCA Investment Holdings, LLC	1.00%	Delayed Draw Term Loan	12/28/2023	247		(8)
Donuts, Inc.	0.25%	Delayed Draw Term Loan	08/14/2023	1,583		(27)
Dwyer Instruments, Inc.	1.00%	Delayed Draw Term Loan	07/01/2024	641		(23)
Dwyer Instruments, Inc.	0.50%	Revolver	07/21/2027	250		(9)
Encore Holdings, LLC	0.75%	Delayed Draw Term Loan	11/23/2024	6,341		(131)
Encore Holdings, LLC	0.50%	Revolver	11/23/2027	2,695		(56)
Energy Labs Holdings Corp.	1.00%	Delayed Draw Term Loan	04/13/2023	47		(1)
Energy Labs Holdings Corp.	0.50%	Revolver	04/13/2023	51		(1)
FLS Holding, Inc.	0.50%	Revolver	12/17/2027	1,442		(20)
FMG Suite Holdings, LLC	0.50%	Revolver	10/30/2026	889		(17)
FPG Intermediate Holdco, LLC	0.50%	Delayed Draw Term Loan	08/05/2024	2,500		(104)
Fortis Solutions Group, LLC	0.50%	Delayed Draw Term Loan	06/24/2024	994		(23)
Fortis Solutions Group, LLC	0.50%	Revolver	10/15/2027	1,002		(23)
Foundation Risk Partners Corp.	0.38%	Revolver	10/29/2027	1,959		(158)
GS AcquisitionCo, Inc.	0.50%	Revolver	05/22/2026	907		(15)
GSM Acquisition Corp. (GSM Outdoors)	0.50%	Revolver	11/16/2026	1,633		(108)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	09/29/2023	418		(14)
Galway Borrower, LLC	0.50%	Revolver	09/30/2027	400		(14)
Gateway US Holdings, Inc.	1.00%	Delayed Draw Term Loan	04/15/2024	6		—
Gateway US Holdings, Inc.	0.50%	Revolver	09/22/2026	14		—

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
GraphPad Software, LLC	0.50%	Revolver	04/27/2027	$	750	$	(18)
Ground Penetrating Radar Systems, LLC	0.50%	Revolver	06/26/2025	394		(8)
Groundworks, LLC	1.00%	Delayed Draw Term Loan	09/14/2024	27		—
Groundworks, LLC	0.50%	Revolver	03/14/2029	9		—
Gurobi Optimization, LLC	0.50%	Revolver	12/19/2023	536		—
Heartland Home Services	0.75%	Delayed Draw Term Loan	08/10/2023	524		(12)
Heartland Veterinary Partners, LLC	0.75%	Delayed Draw Term Loan	11/17/2023	338		(5)
Heartland Veterinary Partners, LLC	0.50%	Revolver	12/10/2026	779		(13)
High Street Buyer, Inc.	0.50%	Revolver	04/16/2027	915		(18)
Jonathan Acquisition Company	0.50%	Revolver	12/22/2025	137		(3)
KPSKY Acquisition, Inc.	1.00%	Delayed Draw Term Loan	06/17/2024	1,373		(56)
KWOR Acquisition, Inc.	0.50%	Revolver	12/22/2027	67		(3)
LUV Car Wash Group, LLC	1.00%	Delayed Draw Term Loan	03/14/2024	274		(4)
LegitScript	1.00%	Delayed Draw Term Loan	06/24/2024	1,196		(31)
LegitScript	0.50%	Revolver	06/24/2028	612		(16)
Lightspeed Solution, LLC	0.50%	Delayed Draw Term Loan	03/01/2024	1,134		(38)
MHE Intermediate Holdings, LLC	0.50%	Revolver	07/21/2027	921		(26)
MRI Software, LLC	0.50%	Delayed Draw Term Loan	08/16/2023	968		(13)
Magnolia Wash Holdings	0.50%	Revolver	07/14/2028	32		(2)
Mammoth Holdings, LLC	0.50%	Revolver	10/16/2024	408		(5)
Mantech International CP	0.50%	Delayed Draw Term Loan	09/16/2024	2,600		(42)
Mantech International CP	0.50%	Revolver	09/14/2028	1,600		(26)
Montana Buyer, Inc.	0.50%	Revolver	07/22/2028	147		(5)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Delayed Draw Term Loan	06/09/2024	218		(9)
Netwrix Corporation And Concept Searching, Inc.	0.25%	Revolver	06/11/2029	43		(2)
Oak Purchaser, Inc.	0.50%	Delayed Draw Term Loan	04/28/2024	388		(15)
Oak Purchaser, Inc.	0.50%	Revolver	04/28/2028	124		(5)
Oakbridge Insurance Agency, LLC	1.00%	Delayed Draw Term Loan	03/31/2024	367		(8)
Oakbridge Insurance Agency, LLC	0.50%	Revolver	12/31/2026	31		(1)
Omni Intermediate Holdings, LLC	1.00%	Delayed Draw Term Loan	06/24/2024	28		(1)
Omni Intermediate Holdings, LLC	0.50%	Revolver	12/30/2025	1,318		(45)
PCX Holding Corp.	0.50%	Revolver	04/22/2027	555		(15)
Patriot Growth Insurance Services, LLC	0.75%	Delayed Draw Term Loan	07/08/2024	519		(19)
Peter C. Foy & Associates Insurance Services, LLC	0.50%	Revolver	11/01/2027	347		(14)
Pound Bidco, Inc.	0.50%	Revolver	01/30/2026	388		(1)
Procure Acquireco, Inc. (Procure Analytics)	1.00%	Delayed Draw Term Loan	12/20/2023	3,175		(165)
Procure Acquireco, Inc. (Procure Analytics)	0.50%	Revolver	12/01/2026	952		(49)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Promptcare Infusion Buyer, Inc.	1.00%	Delayed Draw Term Loan	09/01/2023	$	885	$	(28)
QW Holding Corporation	1.00%	Delayed Draw Term Loan	03/11/2024	71		—
QW Holding Corporation	0.50%	Revolver	08/31/2026	333		—
Randy's Holdings, Inc.	1.00%	Delayed Draw Term Loan	11/01/2024	836		(21)
Randy's Holdings, Inc.	0.50%	Revolver	11/01/2028	271		(7)
Raptor Merger Sub Debt, LLC	0.38%	Revolver	04/01/2028	907		(25)
Redwood Services Group, LLC	—%	Delayed Draw Term Loan	12/22/2023	3		—
Revalize, Inc.	0.50%	Revolver	04/15/2027	71		(3)
Riskonnect Parent, LLC	0.50%	Delayed Draw Term Loan	07/07/2024	177		(5)
RoadOne IntermodaLogistics	1.00%	Delayed Draw Term Loan	06/30/2024	112		(2)
RoadOne IntermodaLogistics	0.50%	Revolver	12/30/2028	97		(3)
Securonix, Inc.	0.50%	Revolver	04/05/2028	1,621		(70)
Sherlock Buyer Corp.	1.00%	Delayed Draw Term Loan	12/08/2023	5,392		(87)
Sherlock Buyer Corp.	0.50%	Revolver	12/08/2027	2,157		(35)
Skykick, Inc.	1.00%	Delayed Draw Term Loan	05/01/2023	144		(11)
Smarsh, Inc.	1.00%	Delayed Draw Term Loan	02/18/2024	536		(18)
Smarsh, Inc.	0.50%	Revolver	02/16/2029	214		(7)
Spectrio, LLC	0.50%	Revolver	12/09/2026	490		(8)
Spectrum Automotive Holdings Corp.	1.00%	Delayed Draw Term Loan	06/29/2023	821		(40)
Spectrum Automotive Holdings Corp.	0.50%	Revolver	06/29/2027	378		(18)
Spotless Brands, LLC	0.50%	Revolver	07/25/2028	37		(1)
Stepping Stones Healthcare Services, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	525		(23)
Stepping Stones Healthcare Services, LLC	0.50%	Revolver	12/30/2026	225		(10)
Summit Buyer, LLC	1.00%	Delayed Draw Term Loan	06/23/2023	1,416		(49)
Summit Buyer, LLC	0.50%	Revolver	01/14/2026	1,037		(36)
Surewerx Purchaser III, Inc.	1.00%	Delayed Draw Term Loan	06/28/2024	428		(8)
Surewerx Purchaser III, Inc.	0.50%	Revolver	12/28/2028	405		(8)
Suveto	1.00%	Delayed Draw Term Loan	09/09/2023	2,028		(72)
Suveto	0.50%	Revolver	09/09/2027	312		(11)
Sweep Purchaser, LLC	1.00%	Delayed Draw Term Loan	05/05/2024	91		(4)
Sweep Purchaser, LLC	0.50%	Revolver	11/30/2026	216		(10)
Syntax Systems Ltd	1.00%	Delayed Draw Term Loan	10/29/2023	4,010		(179)
Syntax Systems Ltd	0.50%	Revolver	10/29/2026	535		(24)
Tamarack Intermediate, LLC	0.50%	Revolver	03/13/2028	752		(38)
Thrive Buyer, Inc. (Thrive Networks)	0.38%	Revolver	01/22/2027	453		(8)
Triple Lift, Inc.	0.25%	Revolver	05/08/2028	1,057		(38)
Trunk Acquisition, Inc.	0.50%	Revolver	02/19/2026	429		(16)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2023

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Two Six Labs, LLC	0.50%	Delayed Draw Term Loan	08/20/2023	$	915	$	(20)
Two Six Labs, LLC	0.50%	Revolver	08/20/2027	915		(20)
UpStack, Inc.	0.50%	Revolver	08/20/2027	375		(11)
V Global Holdings, LLC	0.50%	Revolver	12/22/2025	178		(7)
VRC Companies, LLC	0.75%	Delayed Draw Term Loan	01/06/2024	322		(9)
VRC Companies, LLC	0.50%	Revolver	06/29/2027	708		(19)
Vardiman Black Holdings, LLC	1.25%	Delayed Draw Term Loan	03/18/2024	41		(2)
Vessco Midco Holdings, LLC	0.50%	Revolver	10/18/2026	537		(6)
World Insurance Associates, LLC	0.50%	Revolver	04/01/2026	340		(8)
Zarya Intermediate, LLC	0.50%	Revolver	07/01/2027	983		—
Total First Lien Debt Unfunded Commitments				$	112,489	$	(3,640)
Second Lien Debt
Heartland Veterinary Partners, LLC	0.50%	Delayed Draw Term Loan	11/17/2023	8		—
Total Second Lien Debt Unfunded Commitments				$	8	$	—
Total Unfunded Commitments				$	112,497	$	(3,640)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace and Defense
Jonathan Acquisition Company	(4) (5) (6)	L +	5.00%	9.73%	12/22/2026	12,110	$	11,896	$	11,796	2.29	%
Jonathan Acquisition Company	(4) (6) (12)	L +	5.00%	9.73%	12/22/2025	1,304	1,276		1,254		0.24
Mantech International CP	(4) (5) (7)	S +	5.75%	9.58%	09/14/2029	10,773	10,564		10,495		2.03
Mantech International CP	(4) (7) (12)	S +	5.75%	9.58%	09/14/2029	—	(25)		(67)		(0.01)
Mantech International CP	(4) (7) (12)	S +	5.75%	9.58%	09/14/2028	—	(30)		(41)		(0.01)
PCX Holding Corp.	(4) (5) (6)	L +	6.25%	10.98%	04/22/2027	7,814	7,754		7,558		1.46
PCX Holding Corp.	(4) (5) (6)	L +	6.25%	10.98%	04/22/2027	7,869	7,743		7,611		1.47
PCX Holding Corp.	(4) (6) (12)	L +	6.25%	10.98%	04/22/2027	238	232		212		0.04
Two Six Labs, LLC	(4) (5) (7)	S +	5.50%	10.08%	08/20/2027	4,697	4,621		4,583		0.89
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.08%	08/20/2027	908	886		864		0.17
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.08%	08/20/2027	—	(14)		(22)		—
							44,903		44,243		8.57
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (5) (7)	L +	5.75%	10.48%	06/11/2027	2,388	2,344		2,296		0.44
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	5.00%	9.73%	12/30/2026	14,571	14,451		13,954		2.70
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	9.73%	12/30/2026	654	638		587		0.11
Omni Intermediate Holdings, LLC	(4) (6)	S +	5.00%	9.73%	12/30/2026	77	75		73		0.01
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	9.73%	12/30/2025	—	(11)		(56)		(0.01)
RoadOne IntermodaLogistics	(4) (6)	S +	6.25%	10.81%	12/30/2028	635	616		616		0.12
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	10.81%	12/30/2028	—	(2)		(2)		—
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	10.81%	12/30/2028	28	25		25		—
							18,136		17,493		3.39
Automobile Components
Continental Battery Company	(4) (5) (6)	L +	6.75%	11.48%	01/20/2027	6,188	6,083		5,904		1.14
Randy's Holdings, Inc.	(4) (5) (6)	S +	6.50%	10.59%	11/01/2028	2,509	2,435		2,435		0.47
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	10.59%	11/01/2024	—	(12)		(12)		—
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	10.59%	11/01/2027	53	43		43		0.01
Sonny's Enterprises, LLC	(4) (5) (6)	S +	5.95%	10.19%	08/05/2026	5,004	4,929		4,792		0.93
Sonny's Enterprises, LLC	(4) (6)	S +	6.75%	10.19%	08/05/2026	9,120	8,981		8,733		1.69
Sonny's Enterprises, LLC	(4) (5) (6)	S +	6.75%	10.19%	08/05/2026	4,767	4,702		4,565		0.88
Spectrum Automotive Holdings Corp.	(4) (5) (7)	L +	5.75%	10.48%	06/29/2028	10,136	10,010		9,546		1.85
Spectrum Automotive Holdings Corp.	(4) (7) (12)	L +	5.75%	10.48%	06/29/2028	1,996	1,965		1,832		0.35
Spectrum Automotive Holdings Corp.	(4) (7) (12)	L +	5.75%	10.48%	06/29/2027	—	(4)		(22)		—
							39,132		37,816		7.33

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Automobiles
ARI Network Services, Inc.	(4) (5) (7)	S +	5.50%	9.92%	02/28/2025	8,887	$	8,777	$	8,634	1.67	%
ARI Network Services, Inc.	(4) (5) (7)	S +	5.50%	9.92%	02/28/2025	1,556	1,537		1,512		0.29
ARI Network Services, Inc.	(4) (7) (12)	S +	5.50%	9.92%	02/28/2025	390	374		353		0.07
Summit Buyer, LLC	(4) (5) (6)	L +	5.75%	10.13%	01/14/2026	9,480	9,341		9,061		1.76
Summit Buyer, LLC	(4) (6) (12)	L +	5.75%	10.13%	01/14/2026	12,427	12,233		11,815		2.29
Summit Buyer, LLC	(4) (6) (12)	L +	5.75%	10.13%	01/14/2026	—	(14)		(46)		(0.01)
Turbo Buyer, Inc.	(4) (5) (6)	L +	6.00%	11.15%	12/02/2025	16,260	16,036		15,675		3.04
Turbo Buyer, Inc.	(4) (5) (6)	L +	6.00%	11.15%	12/02/2025	1,488	1,465		1,435		0.28
							49,749		48,439		9.38
Biotechnology
GraphPad Software, LLC	(4) (5) (6)	L +	5.50%	10.39%	04/27/2027	6,410	6,361		6,199		1.20
GraphPad Software, LLC	(4) (6) (12)	L +	5.50%	10.39%	04/27/2027	—	(5)		(25)		—
							6,356		6,174		1.20
Chemicals
V Global Holdings, LLC	(4) (5) (7)	S +	5.75%	8.99%	12/22/2027	1,532	1,504		1,456		0.28
V Global Holdings, LLC	(4) (7) (12)	S +	5.75%	8.99%	12/22/2025	—	(3)		(11)		—
							1,501		1,445		0.28
Commercial Services & Supplies
365 Retail Markets, LLC	(4) (5) (6)	L +	4.75%	8.45%	12/23/2026	7,406	7,305		7,239		1.40
365 Retail Markets, LLC	(4) (5) (6)	L +	4.75%	8.45%	12/23/2026	2,376	2,350		2,322		0.45
365 Retail Markets, LLC	(4) (6) (12)	L +	4.75%	8.45%	12/23/2026	686	670		659		0.13
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	11.48%	12/09/2029	840	815		815		0.16
Atlas Us Finco, Inc.	(4) (6) (9) (12)	S +	7.25%	11.48%	12/09/2028	—	(2)		(2)		—
BPG Holdings IV Corp.	(4) (5) (7)	S +	6.00%	10.54%	07/29/2029	9,626	9,001		9,000		1.74
Encore Holdings, LLC	(4) (5) (7)	L +	4.50%	9.23%	11/23/2028	9,248	9,107		9,031		1.75
Encore Holdings, LLC	(4) (5) (7) (12)	L +	4.50%	9.23%	11/23/2028	10,570	10,350		10,149		1.97
Encore Holdings, LLC	(4) (7) (12)	L +	4.50%	9.23%	11/23/2027	—	(38)		(63)		(0.01)
FLS Holding, Inc.	(4) (5) (6) (9)	L +	5.25%	10.40%	12/15/2028	16,581	16,289		16,311		3.16
FLS Holding, Inc.	(4) (5) (6) (9)	L +	5.25%	10.40%	12/15/2028	3,605	3,539		3,546		0.69
FLS Holding, Inc.	(4) (6) (9) (12)	L +	5.25%	10.40%	12/17/2027	—	(24)		(24)		—
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	9.82%	07/15/2027	13,035	12,856		12,601		2.44
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	9.82%	07/15/2027	4,200	4,130		4,060		0.79
PDFTron Systems, Inc.	(4) (6) (9) (12)	S +	5.50%	9.82%	07/15/2026	1,650	1,603		1,540		0.30
Procure Acquireco, Inc. (Procure Analytics)	(4) (5) (7)	L +	5.00%	9.35%	12/20/2028	15,714	15,437		15,021		2.91
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	L +	5.00%	9.35%	12/20/2028	—	(27)		(140)		(0.03)
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	L +	5.00%	9.35%	12/20/2028	—	(15)		(42)		(0.01)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
QW Holding Corporation	(4) (5) (6)	L +	5.50%	9.44%	08/31/2026	3,299	$	3,256	$	3,176	0.62	%
QW Holding Corporation	(4) (6) (12)	L +	5.50%	9.44%	08/31/2026	686	676		655		0.13
QW Holding Corporation	(4) (6) (12)	L +	5.50%	9.44%	08/31/2026	—	(11)		(31)		(0.01)
Sherlock Buyer Corp.	(4) (5) (7)	L +	5.75%	10.48%	12/08/2028	18,554	18,227		18,144		3.51
Sherlock Buyer Corp.	(4) (7) (12)	L +	5.75%	10.48%	12/08/2028	—	(46)		(119)		(0.02)
Sherlock Buyer Corp.	(4) (7) (12)	L +	5.75%	10.48%	12/08/2027	—	(35)		(48)		(0.01)
Surewerx Purchaser III, Inc.	(4) (5) (7) (9)	S +	6.75%	11.30%	12/28/2029	6,656	6,456		6,456		1.25
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.30%	12/28/2029	—	(27)		(27)		(0.01)
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.30%	12/28/2028	91	69		69		0.01
Sweep Purchaser, LLC	(4) (5) (6)	L +	5.75%	10.47%	11/30/2026	2,901	2,861		2,746		0.53
Sweep Purchaser, LLC	(4) (5) (6) (12)	L +	5.75%	10.47%	11/30/2026	1,978	1,948		1,867		0.36
Sweep Purchaser, LLC	(4) (6) (12)	L +	5.75%	10.47%	11/30/2026	84	78		59		0.01
Tamarack Intermediate, LLC	(4) (5) (7)	S +	5.75%	9.23%	03/13/2028	5,473	5,375		5,232		1.01
Tamarack Intermediate, LLC	(4) (7) (12)	S +	5.75%	9.23%	03/13/2028	91	76		52		0.01
Valcourt Holdings II, LLC	(4) (5) (6)	S +	5.25%	9.98%	01/07/2027	12,637	12,455		12,488		2.42
Valcourt Holdings II, LLC	(4) (6) (12)	S +	5.25%	9.98%	01/07/2027	1,913	1,881		1,886		0.37
VRC Companies, LLC	(4) (5) (7)	S +	5.53%	10.43%	06/29/2027	23,317	23,036		22,501		4.36
VRC Companies, LLC	(4) (5) (7)	S +	5.75%	8.52%	06/29/2027	4,493	4,412		4,269		0.83
VRC Companies, LLC	(4) (7) (12)	P +	4.50%	12.25%	06/29/2027	—	(8)		(25)		—
							174,025		171,373		33.20
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (5) (7)	L +	5.50%	9.89%	10/19/2028	14,662	14,409		14,000		2.71
KPSKY Acquisition, Inc.	(4) (5) (7) (12)	P +	4.50%	12.00%	10/19/2028	1,912	1,862		1,753		0.34
							16,271		15,753		3.05
Containers & Packaging
BP Purchaser, LLC	(4) (5) (7)	L +	5.50%	10.24%	12/11/2028	23,487	23,074		21,927		4.25
Fortis Solutions Group, LLC	(4) (5) (7)	L +	5.50%	9.67%	10/13/2028	8,222	8,081		7,955		1.54
Fortis Solutions Group, LLC	(4) (5) (7) (12)	L +	5.50%	9.67%	10/13/2028	3,373	3,314		3,263		0.63
Fortis Solutions Group, LLC	(4) (7) (12)	L +	5.50%	9.67%	10/15/2028	—	(7)		(33)		(0.01)
Fortis Solutions Group, LLC	(4) (7) (12)	L +	5.50%	9.67%	10/15/2027	154	135		117		0.02
							34,597		33,229		6.44
Distributors
48Forty Solutions, LLC	(4) (5) (6)	S +	5.55%	9.76%	11/30/2026	9,946	9,752		9,453		1.83
48Forty Solutions, LLC	(4) (6) (12)	S +	5.50%	9.76%	11/30/2026	—	(26)		(77)		(0.01)
Avalara, Inc.	(4) (5) (7)	S +	7.25%	11.83%	10/19/2028	2,336	2,279		2,279		0.44
Avalara, Inc.	(4) (7) (12)	S +	7.25%	11.83%	10/19/2028	—	(6)		(6)		—
PT Intermediate Holdings III, LLC	(4) (5) (7)	L +	5.50%	10.23%	11/01/2028	15,142	15,010		14,704		2.85

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
PT Intermediate Holdings III, LLC	(4) (5) (7)	L +	5.50%	10.23%	11/01/2028	8,425	$	8,352	$	8,181	1.58	%
Radwell Parent, LLC	(4) (5) (7)	S +	6.75%	11.33%	04/01/2029	13,953	13,546		13,546		2.62
Radwell Parent, LLC	(4) (7) (12)	S +	6.75%	11.33%	04/01/2028	—	(30)		(30)		(0.01)
							48,877		48,050		9.31
Diversified Consumer Services
Assembly Intermediate, LLC	(4) (5) (6)	L +	6.50%	11.23%	10/19/2027	8,889	8,740		8,548		1.66
Assembly Intermediate, LLC	(4) (6) (12)	L +	6.50%	11.23%	10/19/2027	1,244	1,215		1,159		0.22
Assembly Intermediate, LLC	(4) (6) (12)	L +	6.50%	11.23%	10/19/2027	356	341		321		0.06
FPG Intermediate Holdco, LLC	(4) (6)	S +	6.50%	10.92%	03/05/2027	837	822		796		0.15
FPG Intermediate Holdco, LLC	(4) (6) (12)	S +	6.50%	10.92%	03/05/2027	—	(46)		(124)		(0.02)
Heartland Home Services	(4) (7) (12)	L +	5.75%	10.10%	12/15/2026	1,877	1,860		1,802		0.35
Lightspeed Solution, LLC	(4) (5) (7)	S +	6.50%	10.82%	03/01/2028	3,793	3,726		3,654		0.71
Lightspeed Solution, LLC	(4) (7) (12)	S +	6.50%	10.82%	03/01/2028	—	(11)		(45)		(0.01)
LUV Car Wash Group, LLC	(4) (6) (12)	L +	5.50%	9.24%	12/09/2026	372	367		359		0.07
LUV Car Wash Group, LLC	(4) (5) (6)	L +	5.50%	9.24%	12/09/2026	349	346		341		0.07
Magnolia Wash Holdings	(4) (5) (6)	S +	6.50%	10.32%	07/14/2028	1,690	1,658		1,619		0.31
Magnolia Wash Holdings	(4) (6)	S +	6.50%	10.32%	07/14/2028	317	311		303		0.06
Magnolia Wash Holdings	(4) (6) (12)	S +	6.50%	10.32%	07/14/2028	39	38		36		0.01
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00%	9.82%	10/16/2023	3,443	3,432		3,443		0.67
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00%	9.82%	10/16/2023	15,415	15,363		15,415		2.99
Mammoth Holdings, LLC	(4) (6) (12)	S +	6.00%	9.82%	10/16/2023	—	(1)		—
Spotless Brands, LLC	(4) (5) (6)	S +	6.50%	10.71%	07/25/2028	1,439	1,411		1,382		0.27
Spotless Brands, LLC	(4) (6)	S +	6.50%	10.71%	07/25/2028	272	267		261		0.05
Spotless Brands, LLC	(4) (6) (12)	S +	6.50%	10.71%	07/25/2028	—	(1)		(2)		—
							39,838		39,268		7.61
Financial Services
Applitools, Inc.	(4) (5) (7) (9)	S +	6.25%	10.57%	05/25/2029	1,477	1,450		1,451		0.28
Applitools, Inc.	(4) (7) (9) (12)	S +	6.25%	10.57%	05/25/2028	—	(4)		(3)		—
Cerity Partners, LLC	(4) (5) (7)	S +	6.75%	11.32%	12/29/2029	3,272	3,175		3,174		0.61
Cerity Partners, LLC	(4) (7) (12)	S +	6.75%	11.32%	12/29/2029	172	23		23		—
SitusAMC Holdings Corp.	(4) (5) (7)	L +	5.50%	10.23%	12/22/2027	7,146	7,085		6,835		1.32
Smarsh, Inc.	(4) (5) (7)	S +	6.50%	11.29%	02/16/2029	4,286	4,208		4,126		0.80
Smarsh, Inc.	(4) (7) (12)	S +	6.50%	11.29%	02/16/2029	536	521		496		0.10
Smarsh, Inc.	(4) (7) (12)	S +	6.50%	11.29%	02/16/2029	—	(5)		(10)		—
							16,453		16,092		3.12
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (5) (7)	S +	5.75%	10.48%	07/06/2028	1,751	1,719		1,661		0.32

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Abracon Group Holdings, LLC	(4) (7) (12)	S +	5.75%	10.48%	07/06/2028	—	$	(3)	$	(16)	—	%
Abracon Group Holdings, LLC	(4) (7) (12)	S +	5.75%	10.48%	07/06/2028	—	(2)		(7)		—
Dwyer Instruments, Inc.	(4) (5) (7)	L +	6.00%	10.73%	07/21/2027	2,549	2,503		2,434		0.47
Dwyer Instruments, Inc.	(4) (7) (12)	L +	6.00%	10.73%	07/21/2027	—	(6)		(29)		(0.01)
Dwyer Instruments, Inc.	(4) (7) (12)	L +	6.00%	10.73%	07/21/2027	50	44		36		0.01
							4,255		4,079		0.79
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)	(4) (5) (6)	L +	7.25% (incl. 1.00% PIK)	12.29%	12/18/2025	3,604	3,558		3,006		0.58
Health Care Equipment & Supplies
Performance Health Holdings, Inc.	(4) (5) (6)	L +	6.00%	10.73%	07/12/2027	4,028	3,963		3,838		0.74
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.00%	10.39%	04/03/2028	4,737	4,681		4,666		0.90
DCA Investment Holdings, LLC	(4) (5) (7) (12)	S +	6.00%	10.39%	04/03/2028	1,129	1,111		1,111		0.22
DCA Investment Holdings, LLC	(4) (7) (12)	S +	6.00%	10.39%	04/03/2028	—	(5)		(5)		—
Gateway US Holdings, Inc.	(4) (5) (7) (9)	S +	6.50%	11.23%	09/22/2026	750	744		736		0.14
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.23%	09/22/2026	206	204		202		0.04
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.23%	09/22/2026	17	16		16		—
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	9.56%	12/10/2026	3,875	3,844		3,763		0.73
Heartland Veterinary Partners, LLC	(4) (5) (6) (12)	S +	4.75%	9.56%	12/10/2026	6,167	6,098		5,912		1.15
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	4.75%	9.56%	12/10/2026	—	(6)		(22)		—
iCIMS, Inc.	(4) (5) (7)	S +	7.25% (incl. 3.875% PIK)	11.52%	08/18/2028	1,433	1,408		1,408		0.27
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	11.23%	08/21/2026	938	911		917		0.18
Promptcare Infusion Buyer, Inc.	(4) (5) (6)	L +	6.00%	10.22%	09/01/2027	3,888	3,825		3,753		0.73
Promptcare Infusion Buyer, Inc.	(4) (6) (12)	L +	6.00%	10.22%	09/01/2027	378	364		329		0.06
Southern Veterinary Partners, LLC	(4) (5) (6)	S +	5.50%	9.93%	10/05/2027	285	279		270		0.05
Stepping Stones Healthcare Services, LLC	(4) (5) (7)	L +	5.75%	10.48%	01/02/2029	4,342	4,284		4,111		0.80
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	L +	5.75%	10.48%	01/02/2029	511	501		444		0.09
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	P +	4.75%	12.25%	12/30/2026	450	442		417		0.08
Suveto	(4) (5) (7) (12)	L +	5.00%	9.38%	09/09/2027	4,731	4,686		4,483		0.87
Suveto	(4) (7) (12)	L +	5.00%	9.38%	09/09/2027	347	340		327		0.06
Vardiman Black Holdings, LLC	(4) (5) (8)	S +	7.00%	11.22%	03/18/2027	2,274	2,255		2,151		0.42
Vardiman Black Holdings, LLC	(4) (8) (12)	S +	7.00%	11.22%	03/18/2027	2,605	2,581		2,458		0.48
Vermont Aus Pty Ltd	(4) (5) (7) (9)	S +	5.65%	10.23%	03/23/2028	496	485		466		0.09
							39,048		37,913		7.34

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Health Care Technology
Lightspeed Buyer, Inc.	(4) (5) (6)	L +	5.50%	9.98%	02/03/2026	4,223	$	4,147	$	4,099	0.79	%
Lightspeed Buyer, Inc.	(4) (5) (6)	L +	5.50%	9.98%	02/03/2026	3,078	3,018		2,989		0.58
Lightspeed Buyer, Inc.	(4) (6) (12)	L +	5.50%	9.98%	02/03/2026	—	(9)		(39)		(0.01)
							7,156		7,049		1.37
Insurance Services
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	10.68%	10/29/2028	18,414	18,175		18,094		3.51
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	10.68%	10/29/2028	4,005	3,955		3,935		0.76
Foundation Risk Partners Corp.	(4) (7) (12)	S +	6.00%	10.68%	10/29/2027	807	783		773		0.15
Galway Borrower, LLC	(4) (5) (7)	L +	5.25%	9.98%	09/29/2028	12,119	11,920		11,597		2.25
Galway Borrower, LLC	(4) (7) (12)	L +	5.25%	9.98%	09/29/2028	1,428	1,390		1,348		0.26
Galway Borrower, LLC	(4) (7) (12)	L +	5.25%	9.98%	09/30/2027	290	276		252		0.05
Higginbotham Insurance Agency, Inc.	(4) (5) (7)	L +	5.25%	9.63%	11/25/2026	6,161	6,096		5,996		1.16
High Street Buyer, Inc.	(4) (5) (7)	L +	6.00%	10.73%	04/14/2028	4,282	4,214		4,158		0.81
High Street Buyer, Inc.	(4) (5) (7)	L +	6.00%	10.73%	04/14/2028	17,196	16,914		16,698		3.23
High Street Buyer, Inc.	(4) (7) (12)	L +	6.00%	10.73%	04/16/2027	—	(13)		(26)		(0.01)
Integrity Marketing Acquisition, LLC	(4) (5) (7)	L +	6.05%	10.81%	08/27/2025	24,599	24,373		23,900		4.63
Integrity Marketing Acquisition, LLC	(4) (5) (7)	L +	6.05%	10.81%	08/27/2025	7,410	7,342		7,200		1.39
Keystone Agency Investors	(4) (5) (6)	S +	6.25%	10.98%	05/03/2027	2,641	2,606		2,606		0.50
Keystone Agency Investors	(4) (5) (6)	S +	6.25%	10.98%	05/03/2027	3,200	3,158		3,158		0.61
Oakbridge Insurance Agency, LLC	(4) (5) (6)	S +	5.75%	10.17%	12/31/2026	1,078	1,062		1,062		0.21
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.17%	12/31/2026	60	56		56		0.01
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.17%	12/31/2026	19	18		18		—
Patriot Growth Insurance Services, LLC	(4) (7) (12)	L +	5.75%	10.47%	10/16/2028	49	43		17		—
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	L +	6.00%	11.21%	11/01/2028	7,698	7,629		7,325		1.42
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7) (12)	L +	6.00%	11.21%	11/01/2028	2,679	2,653		2,545		0.49
Peter C. Foy & Associates Insurance Services, LLC	(4) (7) (12)	L +	6.00%	11.21%	11/01/2027	—	(3)		(17)		—
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.11%	10/30/2026	5,374	5,331		5,206		1.01
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.11%	10/30/2026	5,176	5,136		5,014		0.97
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.33%	04/01/2026	14,934	14,657		14,467		2.80
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.33%	04/01/2026	11,653	11,470		11,288		2.19
World Insurance Associates, LLC	(4) (6) (12)	S +	5.75%	10.33%	04/01/2026	631	618		600		0.12
							149,859		147,270		28.53
Interactive Media & Services
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	9.34%	10/30/2026	9,512	9,372		9,308		1.80
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	9.34%	10/30/2026	2,239	2,208		2,191		0.42
FMG Suite Holdings, LLC	(4) (5) (6) (12)	S +	5.50%	9.34%	10/30/2026	236	221		212		0.04

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
MSM Acquisitions, Inc.	(4) (5) (6)	L +	6.00%	10.75%	12/09/2026	11,319	$	11,183	$	11,049	2.14	%
MSM Acquisitions, Inc.	(4) (5) (6) (12)	L +	6.00%	10.75%	12/09/2026	4,536	4,442		4,187		0.81
MSM Acquisitions, Inc.	(4) (6) (12)	L +	6.00%	10.75%	12/09/2026	612	594		580		0.11
Triple Lift, Inc.	(4) (5) (7)	S +	5.50%	10.12%	05/08/2028	11,820	11,629		11,213		2.17
Triple Lift, Inc.	(4) (7) (12)	S +	5.25%	10.12%	05/08/2028	657	631		569		0.11
							40,280		39,309		7.61
IT Services
Atlas Purchaser, Inc.	(7)	L +	5.25%	9.81%	05/08/2028	3,824	3,762		2,668		0.52
Donuts, Inc.	(4) (5) (6)	S +	6.00%	10.43%	12/29/2027	6,125	6,036		5,970		1.16
Donuts, Inc.	(4) (5) (6)	S +	6.00%	10.43%	12/29/2027	3,368	3,368		3,282		0.64
Donuts, Inc.	(4) (6) (12)	S +	6.00%	10.43%	12/29/2027	—	—		(40)		(0.01)
Govbrands Intermediate, Inc.	(4) (5) (7)	L +	5.50%	10.23%	08/04/2027	17,040	16,698		16,261		3.15
Govbrands Intermediate, Inc.	(4) (5) (7) (12)	L +	5.50%	10.23%	08/04/2027	3,844	3,750		3,586		0.69
Govbrands Intermediate, Inc.	(4) (7) (12)	L +	5.50%	10.23%	08/04/2027	1,634	1,600		1,551		0.30
Long Term Care Group, Inc.	(4) (5) (7)	L +	6.00%	10.34%	09/08/2027	1,985	1,950		1,907		0.37
Redwood Services Group, LLC	(4) (5) (7)	S +	6.00%	10.68%	06/15/2029	1,813	1,779		1,734		0.34
Redwood Services Group, LLC	(4) (7) (12)	S +	6.00%	10.68%	06/15/2029	312	306		293		0.06
Syntax Systems Ltd	(4) (5) (7) (9)	L +	5.50%	10.13%	10/29/2028	15,194	15,062		14,366		2.78
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.50%	10.13%	10/29/2028	—	(33)		(219)		(0.04)
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.75%	10.13%	10/29/2026	1,069	1,057		982		0.19
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	L +	6.00%	10.73%	01/22/2027	7,244	7,137		7,067		1.37
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	L +	6.00%	10.73%	01/22/2027	6,447	6,347		6,290		1.22
Thrive Buyer, Inc. (Thrive Networks)	(4) (6) (12)	P +	5.00%	12.50%	01/22/2027	91	81		74		0.01
UpStack, Inc.	(4) (5) (6)	L +	5.75%	10.32%	08/20/2027	4,173	4,088		4,048		0.78
UpStack, Inc.	(4) (5) (6) (12)	L +	5.75%	10.32%	08/20/2027	1,411	1,374		1,355		0.26
UpStack, Inc.	(4) (6) (12)	L +	5.75%	10.32%	08/20/2027	—	(8)		(11)		—
							74,354		71,164		13.79
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	9.84%	11/16/2026	19,683	19,518		19,398		3.76
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	9.84%	11/16/2026	1,680	1,664		1,656		0.32
GSM Acquisition Corp. (GSM Outdoors)	(4) (6) (12)	S +	5.00%	9.84%	11/16/2026	—	(14)		(24)		—
							21,168		21,030		4.07
Machinery
Answer Acquisition, LLC	(4) (5) (6)	L +	5.50%	10.23%	12/30/2026	12,870	12,657		12,326		2.39
Answer Acquisition, LLC	(4) (6) (12)	L +	5.50%	10.23%	12/30/2026	—	(16)		(42)		(0.01)
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	9.74%	07/21/2027	12,307	12,110		11,943		2.31
MHE Intermediate Holdings, LLC	(4) (6)	S +	6.00%	9.74%	12/09/2025	1,678	1,644		1,644		0.32

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	9.74%	07/21/2027	1,590	$	1,564	$	1,544	0.30	%
MHE Intermediate Holdings, LLC	(4) (6) (12)	S +	6.00%	9.74%	07/21/2027	150	134		118		0.02
							28,093		27,533		5.33
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (6)	L +	4.75%	9.38%	12/22/2027	12,254	12,111		11,893		2.30
AWP Group Holdings, Inc.	(4) (5) (6)	L +	4.50%	9.38%	12/22/2027	1,575	1,555		1,529		0.30
AWP Group Holdings, Inc.	(4) (6) (12)	L +	4.75%	9.38%	12/22/2026	647	629		592		0.11
Ground Penetrating Radar Systems, LLC	(4) (5) (6)	S +	4.75%	9.39%	06/26/2026	4,417	4,357		4,305		0.83
Ground Penetrating Radar Systems, LLC	(4) (6) (12)	S +	4.75%	9.39%	06/26/2025	197	189		179		0.03
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	8.88%	11/02/2026	5,429	5,393		5,358		1.04
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	8.88%	11/02/2026	3,537	3,514		3,491		0.68
Vessco Midco Holdings, LLC	(4) (6) (12)	P +	3.50%	11.00%	10/18/2026	358	352		346		0.07
							28,100		27,693		5.36
Oil, Gas & Consumable Fuels
Energy Labs Holdings Corp.	(4) (5) (6)	S +	5.25%	9.57%	04/07/2028	388	382		376		0.07
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	9.57%	04/07/2028	—	—		(2)		—
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	9.57%	04/07/2028	18	17		16		—
							399		390		0.08
Pharmaceuticals
Caerus US 1, Inc.	(4) (7) (9)	S +	5.75%	9.83%	05/25/2029	1,841	1,805		1,805		0.35
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	9.83%	05/25/2029	—	(3)		(3)		—
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	9.83%	05/25/2029	48	45		45		0.01
							1,847		1,847		0.36
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(4) (5) (6)	L +	6.25%	9.99%	03/10/2027	7,979	7,844		7,920		1.53
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6)	L +	6.25%	9.99%	03/10/2027	836	829		830		0.16
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6) (12)	L +	6.25%	9.99%	03/10/2027	300	290		296		0.06
Bridgepointe Technologies, LLC	(4) (6)	S +	6.50%	11.23%	12/31/2027	5,760	5,531		5,531		1.07
Bridgepointe Technologies, LLC	(4) (6) (12)	S +	6.50%	11.23%	12/31/2027	—	(153)		(153)		(0.03)
Bullhorn, Inc.	(4) (5) (6)	L +	5.75%	10.48%	09/30/2026	171	170		166		0.03
Bullhorn, Inc.	(4) (6)	L +	5.75%	10.48%	09/30/2026	19	19		19		—
Bullhorn, Inc.	(4) (6) (12)	L +	5.75%	10.48%	09/30/2026	4	4		3		—
Citrin Cooperman Advisors, LLC	(4) (5) (7)	L +	5.00%	9.21%	10/01/2027	8,582	8,441		8,326		1.61
Citrin Cooperman Advisors, LLC	(4) (5) (7)	L +	5.00%	9.21%	10/01/2027	9,444	9,247		9,037		1.75
KWOR Acquisition, Inc.	(4) (5) (7)	L +	5.25%	9.63%	12/22/2028	876	864		830		0.16
KWOR Acquisition, Inc.	(4) (7) (12)	P +	4.25%	11.75%	12/22/2027	—	(1)		(6)		—
							33,085		32,799		6.35

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Real Estate Management & Development
Associations, Inc.	(4) (5) (6)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	6,968	$	6,915	$	6,652	1.29	%
Associations, Inc.	(4) (5) (6) (12)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	6,190	6,135		5,859		1.13
Associations, Inc.	(4) (6) (12)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	—	(6)		(36)		(0.01)
MRI Software, LLC	(4) (6)	L +	5.50%	10.23%	02/10/2026	957	952		937		0.18
MRI Software, LLC	(4) (6) (12)	L +	5.50%	10.23%	02/10/2026	461	457		420		0.08
Pritchard Industries, LLC	(4) (5) (7)	L +	5.50%	10.54%	10/13/2027	10,942	10,760		10,334		2.00
Pritchard Industries, LLC	(4) (7) (12)	L +	5.50%	10.54%	10/13/2027	2,320	2,278		2,174		0.42
Zarya Intermediate, LLC	(4) (5) (6) (9)	S +	6.50%	10.90%	07/01/2027	9,533	9,533		9,516		1.84
Zarya Intermediate, LLC	(4) (6) (9) (12)	S +	6.50%	10.90%	07/01/2027	—	—		(2)		—
							37,024		35,854		6.95
Software
Alert Media, Inc.	(4) (5) (6)	S +	5.00%	9.26%	04/12/2027	16,000	15,797		15,467		3.00
Alert Media, Inc.	(4) (6)	S +	5.00%	9.26%	04/12/2027	10,000	9,859		9,667		1.87
Alert Media, Inc.	(4) (6) (12)	S +	5.00%	9.26%	04/10/2026	—	(7)		(25)		—
Anaplan, Inc.	(4) (5) (7)	S +	6.50%	10.82%	06/21/2029	3,900	3,826		3,831		0.74
Appfire Technologies, LLC	(4) (5) (6)	S +	5.50%	9.92%	03/09/2027	6,255	6,225		6,018		1.17
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	9.92%	03/09/2027	1,530	1,513		1,461		0.28
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	9.92%	03/09/2027	2	1		1		—
CLEO Communications Holding, LLC	(4) (5) (6)	L +	6.50%	10.74%	06/09/2027	17,142	17,008		16,532		3.20
CLEO Communications Holding, LLC	(4) (6) (12)	L +	6.50%	10.74%	06/09/2027	—	(40)		(191)		(0.04)
GS AcquisitionCo, Inc.	(4) (5) (6)	L +	5.75%	9.92%	05/22/2026	28,301	28,125		27,628		5.35
GS AcquisitionCo, Inc.	(4) (6)	L +	5.75%	9.92%	05/22/2026	337	335		329		0.06
GS AcquisitionCo, Inc.	(4) (6) (12)	L +	5.75%	9.92%	05/22/2026	—	(7)		(21)		—
Gurobi Optimization, LLC	(4) (5) (6)	L +	5.00%	9.38%	12/19/2023	4,364	4,349		4,364		0.85
Gurobi Optimization, LLC	(4) (6) (12)	L +	5.00%	9.38%	12/19/2023	—	(2)		—
LegitScript	(4) (5) (7)	S +	5.25%	9.57%	06/24/2029	4,392	4,309		4,309		0.83
LegitScript	(4) (7) (12)	S +	5.25%	9.57%	06/24/2029	—	(11)		(11)		—
LegitScript	(4) (7) (12)	S +	5.25%	9.57%	06/24/2028	39	27		27		0.01
Montana Buyer, Inc.	(4) (5) (7)	S +	5.75%	8.70%	07/22/2029	1,306	1,281		1,262		0.24
Montana Buyer, Inc.	(4) (7) (12)	S +	5.75%	8.70%	07/22/2028	—	(3)		(5)		—
Netwrix Corporation And Concept Searching, Inc.	(4) (5) (7)	S +	5.00%	9.70%	06/11/2029	614	608		581		0.11
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	9.70%	06/11/2029	108	107		91		0.02
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	9.70%	06/11/2029	—	(1)		(3)		—
Oak Purchaser, Inc.	(4) (5) (7)	S +	5.50%	9.48%	04/28/2028	931	922		917		0.18

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	9.48%	04/28/2028	208	$	203	$	200	0.04	%
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	9.48%	04/28/2028	—	(1)		(2)		—
Pound Bidco, Inc.	(4) (5) (6) (9)	L +	6.50%	10.67%	01/30/2026	3,004	2,963		2,990		0.58
Pound Bidco, Inc.	(4) (5) (6) (9) (12)	L +	6.50%	10.67%	01/30/2026	—	(5)		(2)		—
Project Leopard Holdings, Inc.	(5)(8)(9)	S +	5.25%	9.80%	07/20/2029	1,040	971		943		0.18
Revalize, Inc.	(4) (5) (6)	S +	5.75%	10.48%	04/15/2027	8,638	8,590		8,235		1.60
Revalize, Inc.	(4) (6)	S +	5.75%	10.48%	04/15/2027	121	121		116		0.02
Revalize, Inc.	(4) (6) (12)	S +	5.75%	10.48%	04/15/2027	—	(1)		(3)		—
Riskonnect Parent, LLC	(4) (5) (7)	S +	5.50%	10.08%	12/07/2028	141	138		135		0.03
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	10.08%	12/07/2028	25	23		17		—
Securonix, Inc.	(4) (5) (7)	S +	6.50%	10.10%	04/05/2028	9,004	8,862		8,678		1.68
Securonix, Inc.	(4) (7) (12)	S +	6.50%	10.10%	04/05/2028	—	(25)		(59)		(0.01)
Skykick, Inc.	(4) (5) (6)	L +	7.25%	11.00%	09/01/2027	2,700	2,645		2,633		0.51
Skykick, Inc.	(4) (6) (12)	L +	7.25%	11.00%	09/01/2027	630	612		602		0.12
Trunk Acquisition, Inc.	(4) (5) (6)	L +	5.50%	10.23%	02/19/2027	4,526	4,488		4,319		0.84
Trunk Acquisition, Inc.	(4) (6) (12)	L +	5.50%	10.23%	02/19/2026	—	(3)		(20)		—
							$	123,802	$	121,011	23.44	%
Total First Lien Debt							$	1,085,829	$	1,061,160	205.56	%

Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5)(6)	S +	9.00%	13.69%	12/30/2027	900	$	875	$	864	0.17	%
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(4) (5) (8)	L +	7.00%	11.73%	03/02/2029	3,000	2,989		2,905		0.56
Infinite Bidco, LLC	(4) (8) (12)	L +	7.00%	11.73%	03/02/2029	—	—		(47)		(0.01)
							2,989		2,858		0.55
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	8.00%	12.81%	12/10/2027	360	354		330		0.06
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	8.00%	12.81%	12/10/2027	132	129		120		0.02
							483		450		0.09
Industrial Conglomerates
Aptean, Inc.		L +	7.00%	11.74%	04/23/2027	1,050	1,050		963		0.19

IT Services
Idera, Inc.	(4) (5) (7)	L +	6.75%	10.50%	03/02/2029	530	527		497		0.10

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Red Dawn SEI Buyer, Inc.	(4) (5) (6)	L +	8.50%	12.67%	11/20/2026	1,000	$	982	$	942	0.18	%
							1,509		1,439		0.28
Software
Flexera Software, LLC	(4) (5) (6)	L +	7.00%	11.39%	03/03/2029	1,500	1,475		1,398		0.27
Total Second Lien Debt							$	8,381	$	7,972	1.54	%

Other Securities


Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(4) (10)			16.25% PIK	06/18/2026	500	$	500	$	124	0.02	%
Fetch Insurance Services, LLC	(4)			12.75% (incl. 3.75% PIK)	10/31/2027	411	398		398		0.08
Total Other Debt							$	898	$	522	0.10	%

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC	(4) (11)		12.25%	06/24/2022	1,000,000	$	1,041	$	1,024	0.20	%
Integrity Marketing Acquisition, LLC	(4) (11)		10.50%	12/21/2021	750,000	820		730		0.14
Revalize, Inc.	(4) (6) (11)	S +	10.00%	12/14/2021	1,787	1,937		1,807		0.35
Riskonnect Parent, LLC	(4) (11)	S +	10.50%	07/07/2022	320,600	323		333		0.06
Skykick, Inc.	(4) (11)			08/31/2021	23,665	225		170		0.03
Total Preferred Equity						$	4,346	$	4,064	0.79	%
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)	(4) (11)			7/12/2021	5,196	$	520	$	387	0.07	%
BP Purchaser, LLC	(4) (11)			12/10/2021	1,233,333	1,233		1,468		0.28
CSC Thrive Holdings, LP (Thrive Networks)	(4) (11)			3/1/2021	53,339	137		213		0.04
Encore Holdings, LLC	(4) (11)			11/23/2021	478	55		90		0.02
Frisbee Holdings, LP (Fetch)	(4) (11)			10/31/2022	4,745	60		60		0.01
GSM Equity Investors, LP (GSM Outdoors)	(4) (11)			11/16/2020	500	50		102		0.02
LUV Car Wash	(4) (11)			4/6/2022	116	116		116		0.02
PCX Holding Corp.	(4) (11)			4/22/2021	1,154	115		132		0.03
Pritchard Industries, Inc.	(4) (11)			10/13/2021	300,000	300		390		0.08
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (11)			12/20/2021	500,000	500		690		0.13
Shelby Co-invest, LP. (Spectrum Automotive)	(4) (11)			6/29/2021	1,500	150		211		0.04
Surewerx Topco, LP	(4) (9) (11)			12/28/2022	195	195		194		0.04
Suveto Buyer, LLC	(4) (9) (11)			11/19/2021	3,000	300		346		0.07
Total Common Equity						$	3,731	$	4,399	0.85	%
Total Other Securities						$	8,975	$	8,985	1.74	%
Total Portfolio Investments						$	1,103,185	$	1,078,117	208.84	%

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


(1)			Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.
(2)			Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13%, 1-month L at 4.39%, 3- month L at 4.77%, the 6-month L at 5.14%; the reference rates for our SOFR-based loans were the 1-month S at 4.36% , 3-month S at 4.59%, 6-month S at 4.78% and the P at 7.50%.
(3)			The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)			These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)			Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined in Note 6). See Note 6 “Debt”.
(6)			Loan includes interest rate floor of 1.00%.
(7)			Loan includes interest rate floor of 0.75%.
(8)			Loan includes interest rate floor of 0.50%.
(9)			The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022 non-qualifying assets represented 7.0% of total assets as calculated in accordance with regulatory requirements.
(10)			Investment was on non-accrual status as of December 31, 2022.
(11)			Securities exempt from registration under the Securities Act of 1933 as amended, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $8,463 or 1.6% of the Company’s net assets. The initial acquisition dates have been included for such securities.


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
365 Retail Markets, LLC	0.50%	Revolver	12/23/2026	$	514	$	(12)
48Forty Solutions, LLC	0.50%	Revolver	11/30/2026	1,508		(77)
ARI Network Services, Inc.	0.50%	Revolver	02/28/2025	909		(26)
AWP Group Holdings, Inc.	0.50%	Revolver	12/22/2026	1,247		(37)
Abacus Data Holdings, Inc. (AbacusNext)	0.50%	Revolver	03/10/2027	300		(2)
Abracon Group Holdings, LLC	1.00%	Delayed Draw Term Loan	07/06/2024	317		(16)
Abracon Group Holdings, LLC	0.50%	Revolver	07/06/2028	127		(7)
Alert Media, Inc.	0.50%	Revolver	04/10/2026	750		(25)
Answer Acquisition, LLC	0.50%	Revolver	12/30/2026	1,000		(42)
Appfire Technologies, LLC	0.50%	Delayed Draw Term Loan	06/13/2024	277		(11)
Appfire Technologies, LLC	0.50%	Revolver	03/09/2027	26		(1)
Applitools, Inc.	0.50%	Revolver	05/25/2028	200		(3)
Assembly Intermediate, LLC	1.00%	Delayed Draw Term Loan	10/19/2023	978		(38)
Assembly Intermediate, LLC	0.50%	Revolver	10/19/2027	533		(20)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Associations, Inc.	1.00%	Delayed Draw Term Loan	06/10/2024	$	1,109	$	(50)
Associations, Inc.	0.50%	Revolver	07/02/2027	797		(36)
Atlas Us Finco, Inc.	0.50%	Revolver	12/09/2028	78		(2)
Avalara, Inc.	0.50%	Revolver	10/19/2028	234		(6)
Bridgepointe Technologies, LLC	0.50%	Delayed Draw Term Loan	09/23/2024	3,840		(153)
Bullhorn, Inc.	0.50%	Revolver	09/30/2026	4		—
CLEO Communications Holding, LLC	0.50%	Revolver	06/09/2027	5,358		(191)
Caerus US 1, Inc.	—%	Delayed Draw Term Loan	10/31/2024	266		(3)
Caerus US 1, Inc.	0.50%	Revolver	05/25/2029	145		(3)
Cerity Partners, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	4,823		(145)
Citrin Cooperman Advisors, LLC	1.00%	Delayed Draw Term Loan	05/13/2024	4,206		(125)
DCA Investment Holdings, LLC	1.00%	Delayed Draw Term Loan	03/02/2023	389		(6)
Donuts, Inc.	0.25%	Delayed Draw Term Loan	08/14/2023	1,583		(40)
Dwyer Instruments, Inc.	1.00%	Delayed Draw Term Loan	07/01/2024	641		(29)
Dwyer Instruments, Inc.	0.50%	Revolver	07/21/2027	271		(12)
Encore Holdings, LLC	0.75%	Delayed Draw Term Loan	11/23/2024	7,347		(173)
Encore Holdings, LLC	0.50%	Revolver	11/23/2027	2,695		(63)
Energy Labs Holdings Corp.	1.00%	Delayed Draw Term Loan	04/13/2023	47		(1)
Energy Labs Holdings Corp.	0.50%	Revolver	04/07/2028	45		(1)
FLS Holding, Inc.	0.50%	Revolver	12/17/2027	1,442		(24)
FMG Suite Holdings, LLC	0.50%	Revolver	10/30/2026	889		(19)
FPG Intermediate Holdco, LLC	0.50%	Delayed Draw Term Loan	08/05/2024	2,500		(125)
Fortis Solutions Group, LLC	0.50%	Delayed Draw Term Loan	06/24/2024	1,000		(33)
Fortis Solutions Group, LLC	0.50%	Revolver	10/15/2027	1,002		(33)
Foundation Risk Partners Corp.	0.38%	Revolver	10/29/2027	1,152		(20)
GS AcquisitionCo, Inc.	0.50%	Revolver	05/22/2026	907		(22)
GSM Acquisition Corp. (GSM Outdoors)	0.50%	Revolver	11/16/2026	1,633		(24)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	09/30/2023	418		(18)
Galway Borrower, LLC	0.50%	Revolver	09/30/2027	589		(25)
Gateway US Holdings, Inc.	1.00%	Delayed Draw Term Loan	04/15/2024	6		—
Gateway US Holdings, Inc.	0.50%	Revolver	09/22/2024	14		—
Govbrands Intermediate, Inc.	1.00%	Delayed Draw Term Loan	08/04/2023	1,794		(82)
Govbrands Intermediate, Inc.	0.50%	Revolver	08/04/2027	182		(8)
GraphPad Software, LLC	0.50%	Revolver	04/27/2027	750		(25)
Ground Penetrating Radar Systems, LLC	0.50%	Revolver	06/26/2025	506		(13)
Gurobi Optimization, LLC	0.50%	Revolver	12/19/2023	536		—
Heartland Home Services	0.75%	Delayed Draw Term Loan	08/10/2023	612		(18)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Heartland Veterinary Partners, LLC	1.00%	Delayed Draw Term Loan	11/17/2023	$	2,606	$	(76)
Heartland Veterinary Partners, LLC	0.50%	Revolver	12/10/2026	779		(23)
High Street Buyer, Inc.	0.50%	Revolver	04/16/2027	915		(27)
Jonathan Acquisition Company	0.50%	Revolver	12/22/2025	618		(16)
KPSKY Acquisition, Inc.	1.00%	Delayed Draw Term Loan	06/17/2024	1,575		(71)
KWOR Acquisition, Inc.	0.50%	Revolver	12/22/2027	122		(6)
LUV Car Wash Group, LLC	1.00%	Delayed Draw Term Loan	03/14/2024	257		(5)
LegitScript	1.00%	Delayed Draw Term Loan	06/24/2024	1,196		(11)
LegitScript	0.50%	Revolver	06/24/2028	612		(11)
Lightspeed Buyer, Inc.	1.00%	Delayed Draw Term Loan	02/28/2023	1,350		(39)
Lightspeed Solution, LLC	0.50%	Delayed Draw Term Loan	03/01/2024	1,220		(45)
MHE Intermediate Holdings, LLC	0.50%	Revolver	07/21/2027	921		(27)
MRI Software, LLC	0.50%	Delayed Draw Term Loan	08/16/2023	1,576		(32)
Magnolia Wash Holdings	0.50%	Revolver	07/14/2028	32		(1)
Mammoth Holdings, LLC	0.50%	Revolver	10/16/2023	408		—
Mantech International CP	0.50%	Delayed Draw Term Loan	09/14/2024	2,600		(67)
Mantech International CP	0.50%	Revolver	09/14/2028	1,600		(41)
Montana Buyer, Inc.	0.50%	Revolver	07/22/2028	147		(5)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Delayed Draw Term Loan	06/09/2024	220		(12)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Revolver	06/11/2029	57		(3)
Oak Purchaser, Inc.	0.50%	Delayed Draw Term Loan	04/28/2024	412		(6)
Oak Purchaser, Inc.	0.50%	Revolver	04/28/2028	124		(2)
Oakbridge Insurance Agency, LLC	1.00%	Delayed Draw Term Loan	03/31/2024	399		(4)
Oakbridge Insurance Agency, LLC	0.50%	Revolver	12/31/2026	36		—
Omni Intermediate Holdings, LLC	1.00%	Delayed Draw Term Loan	06/24/2024	941		(39)
Omni Intermediate Holdings, LLC	0.50%	Revolver	12/30/2025	1,318		(56)
PCX Holding Corp.	0.50%	Revolver	04/22/2027	555		(18)
PDFTron Systems, Inc.	0.50%	Revolver	07/15/2026	1,650		(55)
Patriot Growth Insurance Services, LLC	0.75%	Delayed Draw Term Loan	07/08/2024	632		(29)
Peter C. Foy & Associates Insurance Services, LLC	1.00%	Delayed Draw Term Loan	12/14/2023	91		(4)
Peter C. Foy & Associates Insurance Services, LLC	0.50%	Revolver	11/01/2027	347		(17)
Pound Bidco, Inc.	0.50%	Revolver	01/30/2026	388		(2)
Pritchard Industries, LLC	1.00%	Delayed Draw Term Loan	10/13/2023	296		(16)
Procure Acquireco, Inc. (Procure Analytics)	1.00%	Delayed Draw Term Loan	02/20/2023	3,175		(140)
Procure Acquireco, Inc. (Procure Analytics)	0.50%	Revolver	12/01/2026	952		(42)
Promptcare Infusion Buyer, Inc.	1.00%	Delayed Draw Term Loan	09/01/2023	1,042		(36)
QW Holding Corporation	1.00%	Delayed Draw Term Loan	08/31/2026	146		(5)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
QW Holding Corporation	0.50%	Revolver	08/31/2026	$	833	$	(31)
Randy's Holdings, Inc.	1.00%	Delayed Draw Term Loan	11/01/2024	836		(12)
Randy's Holdings, Inc.	0.50%	Revolver	10/31/2027	282		(8)
Radwell Parent, LLC	0.38%	Revolver	04/01/2028	1,047		(30)
Redwood Services Group, LLC	1.00%	Delayed Draw Term Loan	12/22/2023	121		(5)
Revalize, Inc.	0.50%	Revolver	04/15/2027	71		(3)
Riskonnect Parent, LLC	0.50%	Delayed Draw Term Loan	07/07/2024	177		(7)
RoadOne IntermodaLogistics	1.00%	Delayed Draw Term Loan	06/30/2024	162		(2)
RoadOne IntermodaLogistics	0.50%	Revolver	12/30/2028	97		(3)
Securonix, Inc.	0.50%	Revolver	04/05/2028	1,621		(59)
Sherlock Buyer Corp.	1.00%	Delayed Draw Term Loan	02/08/2023	5,392		(119)
Sherlock Buyer Corp.	0.50%	Revolver	12/08/2027	2,157		(48)
Skykick, Inc.	1.00%	Delayed Draw Term Loan	03/01/2023	495		(12)
Smarsh, Inc.	1.00%	Delayed Draw Term Loan	02/18/2024	536		(20)
Smarsh, Inc.	0.50%	Revolver	02/16/2029	268		(10)
Spectrio, LLC	1.00%	Delayed Draw Term Loan	01/30/2023	10,045		(240)
Spectrio, LLC	0.50%	Revolver	12/09/2026	704		(17)
Spectrum Automotive Holdings Corp.	1.00%	Delayed Draw Term Loan	06/29/2023	821		(48)
Spectrum Automotive Holdings Corp.	0.50%	Revolver	06/29/2027	378		(22)
Spotless Brands, LLC	0.50%	Revolver	07/25/2028	46		(2)
Stepping Stones Healthcare Services, LLC	1.00%	Delayed Draw Term Loan	01/14/2024	738		(39)
Stepping Stones Healthcare Services, LLC	0.50%	Revolver	12/30/2026	175		(9)
Summit Buyer, LLC	1.00%	Delayed Draw Term Loan	06/23/2023	1,416		(63)
Summit Buyer, LLC	0.50%	Revolver	01/14/2026	1,037		(46)
Surewerx Purchaser III, Inc.	1.00%	Delayed Draw Term Loan	06/27/2024	1,368		(27)
Surewerx Purchaser III, Inc.	0.50%	Revolver	12/28/2028	638		(19)
Suveto	1.00%	Delayed Draw Term Loan	09/09/2023	2,178		(78)
Suveto	0.50%	Revolver	09/09/2027	208		(8)
Sweep Purchaser, LLC	1.00%	Delayed Draw Term Loan	05/05/2024	91		(5)
Sweep Purchaser, LLC	0.50%	Revolver	11/30/2026	384		(21)
Syntax Systems Ltd	1.00%	Delayed Draw Term Loan	10/29/2023	4,010		(219)
Syntax Systems Ltd	0.50%	Revolver	10/29/2026	535		(29)
Tamarack Intermediate, LLC	0.50%	Revolver	03/13/2028	809		(36)
Thrive Buyer, Inc. (Thrive Networks)	0.50%	Revolver	01/22/2027	589		(14)
Triple Lift, Inc.	0.25%	Revolver	05/08/2028	1,057		(54)
Trunk Acquisition, Inc.	0.50%	Revolver	02/19/2026	429		(20)
Two Six Labs, LLC	0.50%	Delayed Draw Term Loan	08/20/2023	915		(22)

Table of Contents

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Two Six Labs, LLC	1.00%	Revolver	08/20/2027	$	915	$	(22)
UpStack, Inc.	1.00%	Delayed Draw Term Loan	08/26/2023	450		(14)
UpStack, Inc.	0.50%	Revolver	08/20/2027	375		(11)
V Global Holdings, LLC	0.50%	Revolver	12/22/2025	210		(10)
VRC Companies, LLC	0.75%	Delayed Draw Term Loan	01/06/2024	1,917		(67)
VRC Companies, LLC	0.50%	Revolver	06/29/2027	708		(25)
Valcourt Holdings II, LLC	1.00%	Delayed Draw Term Loan	01/07/2023	374		(4)
Vardiman Black Holdings, LLC	1.25%	Delayed Draw Term Loan	03/18/2024	95		(5)
Vessco Midco Holdings, LLC	0.50%	Revolver	10/18/2026	537		(7)
World Insurance Associates, LLC	0.50%	Revolver	04/01/2026	340		(11)
Zarya Intermediate, LLC	0.50%	Revolver	07/01/2027	983		(2)
Total First Lien Debt Unfunded Commitments				$	139,381	$	(4,419)
Second Lien Debt
Heartland Veterinary Partners, LLC	0.50%	Delayed Draw Term Loan	11/17/2023	$	8	$	(1)
Infinite Bidco, LLC	1.00%	Delayed Draw Term Loan	03/14/2023	1,500		(47)
Total Second Lien Debt Unfunded Commitments				$	1,508	$	(48)
Total Unfunded Commitments				$	140,889	$	(4,467)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

SL Investment Corp.

Notes to Consolidated Financial Statements

March 31, 2023

(In thousands, except shares and per share amounts)

(1) Organization

SL Investment Corp. (the “Company”) is a non-diversified externally managed specialty finance company that is focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley. The Company was formed as a Delaware corporation on August 24, 2020 and commenced investment operations in October 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors.

On September 24, 2020, the Company filed an amended and restated certificate of incorporation in the State of Delaware to, among other things, authorize additional shares of its common stock, par value $0.001 per share (the “Common Stock”), and to authorize shares of preferred stock having a par value of $0.001 per share (the “Series A Preferred Stock”) such that the Company has authorized stock consisting of 100,000,000 shares of Common Stock and 1,000,000 shares of Series A Preferred Stock.

On October 19, 2020, the Company sold 521 shares of its Series A Preferred Stock for $1,000 per share to a select group of individual investors who are “accredited investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act.

On February 1, 2021, the Company filed its Second Amended and Restated Certificate of Incorporation, which amended and restated the Amended and Restated Certificate of Incorporation to clarify that the Company may be subject to provisions of the Employee Retirement Income Security Act of 1971, as amended (“ERISA”), during all periods when its assets are treated as “plan assets” for purposes of ERISA.

The Company has conducted and from time to time may conduct private offerings (the “Private Offerings”) of shares of Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (“the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company (each, a “Subscription Agreement”). Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the Subscription Agreement, the Adviser extended the Investment Period (as defined in the Subscription Agreement) for an additional one-year period such that the Investment Period will expire on October 9, 2024. In addition, the Adviser exercised its discretion to extend the Company's term, such that the term will expire on October 9, 2028.

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of March 31, 2023, the Company's wholly-owned subsidiaries were formed as Delaware limited liability companies and included: SLIC Financing SPV LLC (“SLIC SPV”), SLIC CA SPV LLC (“SLIC CA”) and SLIC Equity Holdings LLC (“SLIC Equity Holdings,” and collectively with SLIC SPV and SLIC CA, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

(2)Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023.

Table of Contents

The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost,

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including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock and Series A Preferred Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call and preferred stock issuance date, respectively, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock, and issuance of its Series A Preferred Stock.

Expenses

The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, will be reimbursed by the Company, subject to contractual thresholds.

The Company pays the Investment Adviser a base management fee (the “Base Management Fee”) under the Investment Advisory Agreement between the Company and the Investment Adviser (“the Investment Advisory Agreement”) as described in Note 3 below. The fee is recorded on the Consolidated Statements of Operations.

Deferred Financing Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities as Deferred Financing Costs. These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Company’s Consolidated Statements of Operations as interest expense and other financing expenses.

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Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

For the three months ended March 31, 2023 and March 31, 2022, the Company accrued $23 and $0 of U.S. federal excise taxes.

New Accounting Standards

In March 2020, the FASB issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company adopted the accounting relief on January 1, 2022, and noted no material impact on the consolidated financial statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period.

(3)Related Party Transactions

Investment Advisory Agreement

On February 1, 2021, the Company entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Investment Advisory Agreement in August 2022. The Company pays the Investment Adviser a Base Management Fee for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf. The Investment Adviser is an indirect, wholly owned subsidiary, of Morgan Stanley.

The Company pays the Investment Adviser a Base Management Fee for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf.

Base Management Fee

The Base Management Fee is calculated at an annual rate of 0.25% of the Company’s average Capital Under Management, at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, Capital Under Management as of such quarter-end). “Capital Under Management” means cumulative capital called, less cumulative distributions categorized as returned capital. Capital Under Management does not include capital acquired through the use of leverage. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn capital commitments.

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For the three months ended March 31, 2023 and March 31, 2022, $337 and $265 respectively, of Base Management Fee was accrued to the Investment Adviser. As of March 31, 2023 and December 31, 2022, $337 and $325, respectively, were payable to the Investment Adviser relating to Base Management Fees.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an amended and restated administration agreement dated February 1, 2021 (the “Administration Agreement”).The Administrator is an indirect, wholly ownedsubsidiary of Morgan Stanley.

Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company equal to an amount that reimburses the Administrator for certain expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the applicable administration agreement. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by our Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2022.

For the three months ended March 31, 2023 and March 31, 2022, no expenses were incurred under the Administration Agreement. There were no amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of March 31, 2023 and December 31, 2022.

Expense Support and Waiver Agreement

On February 1, 2021, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceed the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate will bear the excess costs. The Company shall reimburse the Investment Adviser for payments of any excess costs borne by the Investment Adviser on the Company’s behalf within three years of October 9, 2020 (the “Initial Closing Date”).

For the three months ended March 31, 2023 and March 31, 2022, the Company incurred no organization costs and amortization of offering costs. These costs did not exceed the Investment Adviser reimbursement threshold, and as a result, no excess organization and offering costs were waived.

As of March 31, 2023 and December 31, 2022, no organization and offering costs were included in payable to affiliates and accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

Indemnification Agreements

The Company has entered into indemnification agreements with our directors and officers. The indemnification agreements are intended to provide our directors and officers the maximum indemnification permitted under Delaware law, and the 1940 Act and, if applicable, ERISA. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law, and the 1940 Act, and, if applicable ERISA.

Adviser Investment

On September 10, 2020, the Investment Adviser purchased all 1,000 of the Company’s then issued and outstanding shares of Common Stock at a price per share of $20.00 for an aggregate purchase price of $20 (the “Seed Capital”).

(4) Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

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	March 31, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,104,281	$	1,078,066	98.3	%	$	1,085,829	$	1,061,160	98.5	%
Second Lien Debt	9,884		9,601		0.9		8,381		7,972		0.7
Other Securities	9,059		9,201		0.8		8,975		8,985		0.8
Total	$	1,123,224	$	1,096,868	100.0	%	$	1,103,185	$	1,078,117	100.0	%

The industry composition of investments at fair value was as follows:


	March 31, 2023		December 31, 2022		(1)
Aerospace and Defense	4.1	%	4.1	%
Air Freight and Logistics	1.8		1.7
Automobile Components	3.5		3.5
Automobiles	4.5		4.5
Biotechnology	0.6		0.6
Chemicals	0.1		0.1
Commercial Services & Supplies	15.9		16.0
Construction and Engineering	1.5		1.5
Containers & Packaging	3.3		3.3
Distributors	3.1		4.5
Diversified Consumer Services	4.0		3.6
Electronic Equipment, Instruments & Components	1.2		0.6
Financial Services	1.3		1.5
Food Products	0.3		0.3
Health Care Equipment & Supplies	0.4		0.4
Health Care Providers & Services	3.9		3.6
Health Care Technology	0.7		0.6
Industrial Conglomerates	1.3		0.1
Insurance Services	13.6		13.8
Interactive Media & Services	3.7		3.6
IT Services	6.4		6.8
Leisure Products	1.7		2.0
Machinery	2.5		2.5
Multi-Utilities	2.5		2.6
Oil, Gas & Consumable Fuels	—		—		(2)
Pharmaceuticals	0.2		0.2
Professional Services	3.1		3.1
Real Estate Management & Development	3.3		3.3
Software	11.5		11.6
Total	100.0	%	100.0	%


(1)			The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.
(2)			Amounts rounds to 0.0%

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The geographic composition of investments at cost and fair value were as follows:


	March 31, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	1,297	$	1,290	0.1	%	$	1,298	$	1,279	0.1	%
Canada	43,313		42,237		3.9		46,200		44,881		4.2
United Kingdom	1,861		1,862		0.2		1,847		1,847		0.2
United States	1,076,753		1,051,479		95.8		1,053,840		1,030,110		95.5
Total	$	1,123,224	$	1,096,868	100.0	%	$	1,103,185	$	1,078,117	100.0	%

(5) Fair Value Measurements

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a

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discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

(1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;

(2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;

(3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will be reviewed by an independent valuation firm at least once on a rolling twelve month basis) including review of management’s preliminary valuation and conclusion of fair value;

(4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provide the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and

(5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.

The fair value is generally determined based on the assessment of the following factors, as relevant:

• the nature and realizable value of any collateral;

• call features, put features and other relevant terms of debt;

• the portfolio company’s leverage and ability to make payments;

• the portfolio company’s public or private letter credit ratings;

• the portfolio company’s actual and expected earnings and discounted cash flow;

• prevailing interest rates for like securities and expected volatility in future interest rates;

• the markets in which the issuer does business and recent economic and/or market events; and

• comparisons to publicly traded securities.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present the fair value hierarchy of investments as of March 31, 2023 and December 31, 2022:


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	3,564	$	1,074,502	$	1,078,066	$	—	$	3,611	$	1,057,549	$	1,061,160
Second Lien Debt	—		965		8,636		9,601		—		963		7,009		7,972
Other Securities	—		—		9,201		9,201		—		—		8,985		8,985
Total	$	—	$	4,529	$	1,092,339	$	1,096,868	$	—	$	4,574	$	1,073,543	$	1,078,117

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023:

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	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,057,549	$	7,009	$	8,985	$	1,073,543
Purchases of investments	50,051		1,500		15		51,566
Proceeds from principal repayments and sales of investments	(32,764)		—		—		(32,764)
Accretion of discount/amortization of premium	960		3		—		963
Payment-in-kind	150		—		69		219
Net change in unrealized appreciation (depreciation)	(1,507)		124		132		(1,251)
Net realized gains (losses)	63		—		—		63
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,074,502	$	8,636	$	9,201	$	1,092,339

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	(1,507)	$	124	$	132	$	(1,251)

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2022:


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	867,855	$	7,485	$	6,412	$	881,752
Purchases of investments	69,324		—		—		69,324
Proceeds from principal repayments and sales of investments	(13,265)		—		(8)		(13,273)
Accretion of discount/amortization of premium	714		6		—		720
Payment-in-kind	85		—		—		85
Net change in unrealized appreciation (depreciation)	(757)		(18)		18		(757)
Net realized gains (losses)	59		—		8		67
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	924,015	$	7,473	$	6,430	$	937,918

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022	$	(696)	$	(15)	$	18	$	(693)

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

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	March 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,069,951	Yield Analysis	Discount Rate	8.97	%	20.19	%	10.93	%
Investments in first lien debt	4,551		Recent Transaction	Recent Transaction	100.00	%	100.00	%	100.00	%
Total investments in first lien debt	1,074,502
Investments in second lien debt	8,636		Yield Analysis	Discount Rate	11.66	%	14.30	%	12.42	%
Investments in other securities:
Other debt	200		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	403		Income Approach	Discount Rate	14.50	%	14.50	%	14.50	%
Preferred equity	4,197		Income Approach	Discount Rate	12.19	%	15.54	%	14.07	%
Preferred equity	150		Market Approach	Revenue Multiple	7.50x		7.50x		7.50x
Common equity	4,251		Market Approach	EBITDA Multiple	8.10x		19.60x		14.48x
Total investments in other securities	9,201
Total investments	$	1,092,339


	December 31, 2022
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,038,692	Yield Analysis	Discount Rate	9.20	%	20.44	%	11.07	%
Investments in first lien debt	18,857		Recent Transaction	Recent Transaction	100.00	%	100.00	%	100.00	%
Total investments in first lien debt	1,057,549
Investments in second lien debt	7,009		Yield Analysis	Discount Rate	12.14	%	15.30	%	13.36	%
Investments in other securities:
Other debt	124		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	399		Yield Analysis	Discount Rate	16.60	%	16.60	%	16.60	%
Preferred equity	3,894		Income Approach	Discount Rate	12.20	%	15.54	%	14.10	%
Preferred equity	170		Market Approach	Revenue Multiple	8.78x		8.78x		8.78x
Common equity	4,398		Market Approach	EBITDA Multiple	8.10x		18.70x		13.90x
Total investments in other securities	8,985
Total investments	$	1,073,543

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying cost on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s credit facility is estimated using Level 3 inputs by discounting remaining payments using the appropriate discount rates, if available. The carrying value and fair value of the Company’s debt were as follows:


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
JPM Funding Facility	$	619,673	$	619,673	$	591,307	$	591,307
Total	$	619,673	$	619,673	$	591,307	$	591,307

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The carrying amounts of the Company’s other assets and liabilities approximates their fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6)Debt

JPM Funding Facility

On June 3, 2021, SLIC SPV entered into an Amended and Restated Loan and Security Agreement, which was subsequently amended on August 18, 2021, November 24, 2021, June 10, 2022 and March 31, 2023, by and among SLIC SPV, as the borrower, the Company, as the parent and as the servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, and JP Morgan Chase Bank, NA (“JPM”), as the administrative agent and arranger, the lenders party thereto, and the issuing banks party thereto (as amended, the “JPM Funding Facility”). Pursuant to the JPM Funding Facility, JPM has agreed to extend credit to SLIC SPV in an aggregate principal amount, as of March 31, 2023, of up to $900,000 at any one time outstanding, subject to the satisfaction of various conditions, including availability under the borrowing base, which is based on a combination of unfunded capital commitments and loan collateral.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending December 3, 2023 (or upon the occurrence of certain events as specified therein) and a final maturity date of December 3, 2025. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of March 31, 2023, the interest charged on the JPM Funding Facility is based on SOFR, SONIA, EURIBOR or CDOR, as applicable (or, if SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), plus a margin of 2.325% prior to the transition date, and 2.475% subsequent to the transition date, as set forth in the JPM Funding Facility.

The summary information of the JPM Funding Facility is as follows:


	For the Three Months Ended
	March 31, 2023			March 31, 2022
Borrowing interest expense	$	10,879		$	3,242
Facility unused commitment fees	1,274			466
Amortization of deferred financing costs	1,067			402
Total	$	13,220		$	4,110
Weighted average interest rate (excluding unused fees and financing costs)	7.04		%	2.59		%
Weighted average outstanding balance	$	618,224		$	501,189

For the three months ended March 31, 2023 and March 31, 2022, the Company borrowed $45,000 and $37,000, respectively, under the JPM Funding Facility. For the three months ended March 31, 2023 and March 31, 2022, the Company repaid $16,634 and $18,000, respectively, under the JPM Funding Facility.

The Company’s outstanding debt obligations were as follows:


	March 31, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	619,673	$	280,327	$	1,000,000	$	591,307	$	408,693
Total	$	900,000	$	619,673	$	280,327	$	1,000,000	$	591,307	$	408,693

As of March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

(7)Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

As of March 31, 2023 and December 31, 2022, the Company had $112,497 and $140,889 of unfunded commitments to fund delayed draw and revolving senior secured loans.

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As of March 31, 2023 and December 31, 2022, the Company had $668,800 and $668,800 in total capital commitments from common stockholders, of which $129,300 and $129,300 were unfunded, respectively.

(8)Net Assets

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities:


	As of
	March 31, 2023		December 31, 2022
Net distributable earnings (accumulated losses), beginning of period	$	(23,681)	$	4,807
Net investment income (loss) after taxes	17,645		52,004
Accumulated realized gain (loss)	63		202
Net unrealized appreciation (depreciation)	(1,288)		(28,306)
Dividends declared	(16,533)		(52,392)
Tax reclassifications to equity of holders of Common Stock	—		4
Net distributable earnings (accumulated losses), end of period	$	(23,794)	$	(23,681)

For the three months ended March 31, 2023 and for the three months ended March 31, 2022, the Company did not issue any shares or call any capital.

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2023 to the holders of Common Stock:


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	$	16,517
Total Distributions			$	0.64	$	16,517

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2022 to the holders of Common Stock:


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 25, 2022	March 25, 2022	April 22, 2022	$	0.62	$	12,551
Total Distributions			$	0.62	$	12,551

During the three months ended March 31, 2023, the Company accrued $16 of dividends to holders of the Series A Preferred Stock, of which $0 was unpaid and included in dividends payable on the Consolidated Statements of Assets and Liabilities. During the three months ended March 31, 2022, the Company accrued $16 of dividends to holders of the Series A Preferred Stock of which $0 was unpaid and included in dividends payable on the Consolidated Statements of Assets and Liabilities.

(9)Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share:


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock	$	16,404	$	10,729
Weighted average shares outstanding	25,807,951		20,244,075
Basic and diluted earnings (loss) per common share	$	0.64	$	0.53

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(10)Consolidated Financial Highlights

The following are the financial highlights (dollar amounts in thousands, except per share amounts):


	For the Three Months Ended
	March 31, 2023			March 31, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	19.98		$	21.20
Net investment income (loss)	0.68			0.57
Net unrealized and realized gain (loss)(2)	(0.04)			(0.04)
Net increase (decrease) in net assets resulting from operations	0.64			0.53
Dividends declared	(0.64)			(0.62)
Issuance of common stock	—			—
Total increase (decrease) in net assets	—			(0.09)
Net asset value per common share, end of period	$	19.98		$	21.11
Common shares outstanding, end of period	25,807,951			20,244,075
Total return based on net asset value(3)	3.20		%	2.50		%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets attributable to the holders of Common Stock, end of period	$	515,598		$	427,381
Weighted average common shares outstanding	25,807,951			20,244,075
Ratio of total expenses to average net assets(4)	10.84		%	4.55		%

Ratio of net investment income to average net assets(4)	13.66		%	10.77		%
Ratio of total contributed capital to total committed capital, end of period	80.67		%	65.10		%
Asset coverage ratio	183.13		%	181.73		%
Portfolio turnover rate	2.99		%	1.84		%


(1)			The per common share data was derived by using the weighted average common shares outstanding during the period, except otherwise noted.
(2)			The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)			Total return (not annualized) is calculated as the change in net asset value per common share plus dividends declared during the period divided by the beginning net asset value per common share.
(4)			Ratios are calculated using the average net assets of the Company attributable to the holders of Common Stock.

(11)Subsequent Events

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued.

On May 3, 2023, in connection with the extension of the Investment Period, the reinvestment period and termination date of the JPM Funding Facility was each extended one year to December 3, 2024 and December 3, 2026, respectively.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per share amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to SL Investment Corp. and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events, such as COVID-19, also referred to as the “Coronavirus” pandemic;

•uncertainty and changes in the general interest rate environment, including as a result of recent rate increases by the Federal Reserve System (“Federal Reserve”);

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•the impact of interruptions in the supply chain on our portfolio companies

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”), and its affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing and amount of cash flows, if any, from the operations of our portfolio companies;

•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•our ability to maintain our qualification as a business development company (“BDC” and as a regulated investment company (a “RIC”), under the Internal Revenue Code of 1986, as amended (the “Code”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•the effect of changes in tax laws and regulations and interpretations thereof; and

•the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors,” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

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OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criteria.

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and, to a lesser extent, second lien senior secured term loans, higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Under normal market circumstances, we expect that investments other than first lien senior secured term loans would not exceed 10% of our gross assets at the time of acquisition of any such investments. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (historically the London Interbank Offer Rate, or LIBOR, and currently the Secured Overnight Financing Rate, or SOFR).

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order) in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies.

Recent Market Developments

The current inflationary environment and uncertainty as to the probability of, and length and depth of a global recession could affect our portfolio companies. Government spending, government policies, including recent increases in certain interest rates by the Federal Reserve and other global central banks, recent events in the regional bank sector and the potential for disruptions in the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described elsewhere in this Report and in other filings we have made with the SEC could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market environment. In these circumstances, developments outside our control could require us to adjust our plan of operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current environment.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as LIBOR or SOFR. Interest on these debt investments is generally

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paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees, to our Investment Adviser pursuant to the Investment Advisory Agreement between us and our Investment Adviser (the “Investment Advisory Agreement”) ; (ii) costs and other expenses and our allocable portion of certain expenses incurred by our Administrator in performing its administrative obligations under the Administration Agreement (“the “Administration Agreement”) between us and MS Private Credit Administrative Services LLC (the “Administrator”); and (iii) other operating expenses as detailed below:

•initial organization costs and offering costs incurred prior to the filing of our election to be regulated as a BDC (subject to the expense waiver described below);

•costs associated with our initial private offering;

•costs of any other offerings of our Common Stock, Series A Preferred Stock and other securities, if any;

•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•out of pocket expenses, including travel expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, performing due diligence on prospective portfolio companies and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•base management fees under the Investment Advisory Agreement;

•certain costs and expenses relating to distributions paid by us;

•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•debt service and other costs of borrowings or other financing arrangements;

•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, making or holding investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•transfer agent and custodial fees;

•costs of hedging;

•commissions and other compensation payable to brokers or dealers;

•any fees payable to rating agencies;

•federal and state registration fees;

•U.S. federal, state and local taxes, including any excise taxes;

•Independent Director fees and expenses;

•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•any fidelity bond required by applicable law;

•any necessary insurance premiums;

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•indemnification payments;

•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by us), provided that we will not bear such expenses to the extent, but only to the extent, that the relevant conduct is not indemnifiable under applicable law, including, if applicable, ERISA);

•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•cost of winding up; and

•all other expenses incurred by either the Administrator or us in connection with administering our business.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO, INVESTMENT ACTIVITY AND RESULTS OF OPERATIONS

Portfolio as of March 31, 2023

As of March 31, 2023 we had investments in 131 portfolio companies across 28 industries. Based on fair value, approximately 99.9% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors. The weighted average total yield of investments in debt securities at amortized cost was 11.2%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2023.

Portfolio as of December 31, 2022

As of December 31, 2022 we had investments in 126 portfolio companies across 29 industries. Based on fair value, approximately 100.0% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors. The weighted average total yield of investments in debt securities at amortized cost was 10.7%. Weighted average yields include the

effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2022.

Our portfolio as of March 31, 2023 and December 31, 2022 is presented below:


	As of
	March 31, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,104,281	$	1,078,066	98.3	%	$	1,085,829	$	1,061,160	98.5	%
Second Lien Debt	9,884		9,601		0.9		8,381		7,972		0.7
Other Securities	9,059		9,201		0.8		8,975		8,985		0.8
Total	$	1,123,224	$	1,096,868	100.0	%	$	1,103,185	$	1,078,117	100.0	%

Our investment activities for the three months ended March 31, 2023 and March 31, 2022 are presented below (information presented herein is at amortized cost unless otherwise indicated):

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	As of and for the three months ended
	March 31, 2023			March 31, 2022
New Investments Committed
Gross Principal Balance(1)	$	42,434		$	50,792
Less: Syndications	—			—
Net New Investments Committed	42,434			50,792
Investments, at Cost
Investments, beginning of period	1,103,185			885,827
New investments purchased	51,564			69,324
Net accretion of discount on investments	968			723
Payment-in-kind	219			85
Net realized gain (loss) on investments	63			64
Investments sold or repaid	(32,775)			(16,813)
Investments, end of period	1,123,224			939,210
Amount of investments funded, at principal
First lien debt investments	51,844			70,197
Second lien debt investments	1,500			—
Other securities(2)	15			—
Total	53,359			70,197
Amount of investments sold/fully repaid, at principal
First lien debt investments	25,388			10,907


Total	$	25,388		$	10,907
Weighted average yield on debt investments, at cost(3)	11.2		%	7.0		%
Weighted average yield on debt investments, at fair value(3)	11.5		%	7.0		%
Number of portfolio companies	131			91
Percentage of debt investments bearing a floating rate, at fair value	99.9		%	100.0		%
Percentage of debt investments bearing a fixed rate, at fair value	0.1		%	—		%


(1)			Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
(2)			Represents dollar amount of other securities funded.
(3)			Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable, on accruing debt securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Category 1 — In the opinion of our Investment Adviser, investments in Category 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Category 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

Category 2 — In the opinion of our Investment Adviser, investments in Category 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Category 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Category 2.

Category 3 — In the opinion of our Investment Adviser, investments in Category 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Category 4 — In the opinion of our Investment Adviser, investments in Category 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt

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covenants are out of compliance and payments are substantially delinquent. For Category 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System as of March 31, 2023 and December 31, 2022 was as follows:


	March 31, 2023					December 31, 2022
	Fair Value		% of Portfolio		Number of Portfolio Companies	Fair Value		% of Portfolio		Number of Portfolio Companies
Risk rating 1	$	—	—	%	—	$	—	—	%	—
Risk rating 2	1,091,841		99.5		129	1,074,987		99.7		125
Risk rating 3	5,027		0.5		2	3,130		0.3		1
Risk rating 4	—		—		—	—		—		—
	$	1,096,868	100.0	%	131	$	1,078,117	100.0	%	126

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Total investment income	$	31,643	$	16,328
Less: Net expenses	13,975		4,848
Net investment income (loss)	17,668		11,480
Less: Excise tax expense	23		—
Net investment income (loss) after taxes	17,645		11,480
Net change in unrealized appreciation (depreciation)	(1,288)		(799)
Net realized gain (loss)	63		64
Net increase (decrease) in net assets resulting from operations	16,420		10,745
Preferred Stock dividend	(16)		(16)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$	16,404	$	10,729

Investment Income

Investment income was as follows:


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Investment income:
Interest income	$	30,971	$	15,754
Payment-in-kind interest income	146		59
Dividend income	139		60
Other income	387		455
Total investment income	$	31,643	$	16,328

The increase in total investment income from $16,328 for the three months ended March 31, 2022 to $31,643 for the three months ended March 31, 2023 was primarily driven by our deployment of capital and rising LIBOR and SOFR rates of our floating-rate debt investments. The size of our investment portfolio at fair value increased from $941,649 as of March 31, 2022 to $1,096,868 as of March 31, 2023. As of such dates, all of our senior secured debt investments were income-producing. The amortized cost of an unsecured debt investment on non-accrual status as of March 31, 2023 was $500.

Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2023 and March 31, 2022, and for the periods then ended, all of our first and second lien debt investments were performing and current on their interest payments.

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Expenses

The Company is responsible for investment expenses, professional fees, and other general and administrative expenses related to the Company’s operations. Expenses were as follows:


	For the Three Months Ended
	March 31, 2023		March 31, 2022
Expenses:
Interest expense and other financing expenses	$	13,220	$	4,110
Management fees	337		265

Professional fees	313		278
Directors’ fees	51		51

General and other expenses	54		144
Total expenses	$	13,975	$	4,848
Excise tax expense	$	23	$	—

Interest Expense

Interest expense and other financing expenses increased from $4,110 for the three months ended March 31, 2022 to $13,220 for the three months ended March 31, 2023. The increase was primarily driven by approximately $618,224 of average borrowings at an average effective interest rate of 7.04% during the three months ended March 31, 2023 as compared to approximately $501,189 of average borrowings at an average effective interest rate, of 2.59% for the three months ended March 31, 2022.

Management Fees

Management fees, were $337 and $265 for the three months ended March 31, 2023 and March 31, 2022, respectively. The increase year-over-year was primarily due to an increase in capital called.

Professional Fees and Other Expenses

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of the Company. Administrative service fees represent fees paid to the Administrator for our allocable portion of certain expenses incurred by our Administrator in performing its administrative obligations under the Administration Agreement. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs. Organization costs and offering costs include expenses incurred in our initial formation and our offering of Common Stock and Series A Preferred Stock.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our stockholders, which generally relieve us from corporate-level U.S. federal income taxes.

For the three months ended March 31, 2023 and March 31, 2022, the Company accrued $23 and $0, respectively, of U.S. federal excise taxes.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

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	For the Three Months Ended
	March 31, 2023		March 31, 2022
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	63	$	64
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(1,288)		(799)
Net realized and unrealized gains (losses)	$	(1,225)	$	(735)

.For the three months ended March 31, 2023 and March 31, 2022, net realized gain on our investments was $63 and $64, respectively, driven by the sale of debt investments in our portfolio.

We determine the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. For the three months ended March 31, 2023, net change in unrealized depreciation on our investments of $1,288 was primarily driven by the net decreases of valuations of our debt and equity investments as a result of the volatile credit environment. For the three months ended March 31, 2022, net change in unrealized depreciation on our investments of $799, respectively, was primarily driven by the net decreases of valuations of our debt and equity investments in a largely widening credit spread environment. See “Item 8. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 5. Fair Value Measurements” for additional information.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Stock, net borrowings from our credit facility, and through cash flows from operations, including investment sales and repayments as well as income earned on investments and cash equivalents. As of March 31, 2023, we had one revolving credit facility outstanding, as described in “Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2023, we had approximately $57,605 of cash, which taken together with our approximately $280,327 of availability under the JPM Funding Facility (subject to borrowing base availability), and our approximately $129,300 of uncalled capital commitments to purchase shares of Common Stock, or capital commitments, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2023, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments.

Equity

As of March 31, 2023, we had received aggregate capital commitments of approximately $668,800. For the three months ended March 31, 2023 and March 31, 2022, the Company did not issue any shares or call any capital.

In accordance with the terms of the Subscription Agreement, the Adviser extended the Investment Period for an additional one-year period such that the Investment Period will expire on October 9, 2024. In addition, the Adviser exercised its discretion to extend the Company's term, such that the Term will expire on October 9, 2028.

Distributions

Common Stock

The following table summarizes our distributions declared and payable to holders of the Common Stock for the three months ended March 31, 2023 and March 31, 2022 (dollar amounts in thousands):


Date Declared	Record Date	Payment Date	Per Share Amount		Dividend Yield(1)		Total Amount
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	12.8	%	$	16,517
Total Distributions			$	0.64			$	16,517


Date Declared	Record Date	Payment Date	Per Share Amount		Dividend Yield(1)		Total Amount
March 25, 2022	March 25, 2022	April 22, 2022	$	0.62	11.5	%	$	12,551
Total Distributions			$	0.62			$	12,551


(1)			Annualized dividend yield is calculated by dividing the declared dividend by the weighted average of the net asset value attributable to the holders of Common Stock at the beginning of the quarter and the capital called during the quarter and annualizing over four quarterly period.

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Preferred Stock

For the three months ended March 31, 2023 and March 31, 2022, we accrued $16 and $16, respectively, of dividends to holders of the Series A Preferred Stock, respectively.

Debt

Our outstanding debt obligations were as follows:


	March 31, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	619,673	$	280,327	$	1,000,000	$	591,307	$	408,693
Total	$	900,000	$	619,673	$	280,327	$	1,000,000	$	591,307	$	408,693

For additional information on our debt obligations, see “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 6. Debt.”

RECENT DEVELOPMENTS

Subsequent to March 31, 2023 through May 11, 2023, we have closed approximately $9.2 million of new/add-on investments. Of these new commitments, approximately $9.2 million were first lien senior secured loans. We remain highly focused on conducting extensive due diligence and leveraging the Morgan Stanley platform. We continue to seek to invest in companies that are led by strong management teams, generate substantial free cash flow, have leading market positions, benefit from sustainable business models, and are well positioned to perform well despite recent market volatility. We believe the current market environment offers opportunities to seek compelling risk adjusted returns. Our investment pace will depend on several factors including the market environment, deal flow, and the impact of inflation on valuations and the operations of potential portfolio companies.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio should be read in connection with our financial statements in Part I, Item 1A of this Report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies” in Part II, Item 7 of our Form 10-K, and “Risk Factors” in Part I, Item 1A of our Form 10-K.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying unaudited financial statements if not defined herein):

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the Expense Support and Waiver Agreement.

See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Related Party Transactions.”

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Recent Market Developments.” Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Board, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and

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circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I. Item1A. Risk Factors—We are operating in a period of capital markets disruption and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” in the Form 10-K.

Interest Rate Risk

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2023, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of March 31, 2023, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2023) (dollar amounts in thousands):


		Interest		Interest		Net
Basis Point Change - Interest Rates		Income		Expense		Income
Up 300 basis points	$	33,938	$	(18,590)	$	15,348
Up 200 basis points	$	22,625	$	(12,393)	$	10,232
Up 100 basis points	$	11,313	$	(6,197)	$	5,116
Down 100 basis points	$	(11,313)	$	6,197	$	(5,116)
Down 200 basis points	$	(22,625)	$	12,393	$	(10,232)
Down 300 basis points	$	(33,938)	$	18,590	$	(15,348)

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2023 (the end of the period covered by this report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the three months ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Other Information

Item 1. Legal Proceedings

The Company, the Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser and the Administrator, is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors set forth below and the risk factors previously disclosed under Item 1A of the Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

We and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Cash held by us and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us or our portfolio companies, the financial institutions with which we, or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us or our portfolio companies to acquire financing on acceptable terms or at all.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

There were no issuances of our Common Stock during the quarter ended March 31, 2023, as part of our Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

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Not applicable.

Item 5. Other Information

On May 8, 2023, Thomas P. Torrisi notified the Board of Directors of his resignation as the Company’s interim Chief Compliance Officer, effective as of the close of business on May 8, 2023. Mr. Torrisi’s resignation is not a result of any disagreement with the Company.

On May 8, 2023, the Board of Directors appointed Gauranga Pal as Chief Compliance Officer of the Company effective immediately.

Effective May 8, 2023, the Company amended and restated its bylaws (the “Amended and Restated Bylaws”) to conform to recent changes to the Delaware General Corporation Law that eliminated the requirements for Delaware corporations to make stockholder lists available for inspection during a meeting of stockholders. The Amended and Restated Bylaws were approved by the Board of Directors.

Item 6. Exhibits

(b) Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit			Description
3.1*			Amended and Restated Bylaws
31.1*			Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*			Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*			Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*			Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		SL Investment Corp.

May 11, 2023	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (principal executive officer)

May 11, 2023	By:	/s/ Venugopal Rathi
		Venugopal Rathi Chief Financial Officer (principal financial officer)