0001825590Stepping Stones Healthcare Services, LLC 12022-01-012022-12-31
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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, 2021

September 30, 2023
OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from _____ to _____


Commission File Number 814-01366

SL Investment Corp.
(Exact name of registrant as specified in its charter)
Delaware
85-3472615
(State or other jurisdiction of incorporation or organization) (I.R.S.
85-3472615
(I.R.S. Employer Identification No.)
1585 Broadway,10036
New York, NY(Zip Code)
10036

(Address of principal executive offices)

(Zip Code)

1 (212) 761-4000212-761-4000
(Registrant'sRegistrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNoneNone


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.days:    Yes  ☒    No ☐

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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”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, 2021,November 6, 2023, there was no established public market for the registrant’s common stock.
As of November 6, 2023, the Registrant had 6,667,03727,281,428 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 StatementStatements of Operations for the three and nine months ended March 31, 2021September 30, 2023 (unaudited) and September 30, 2022 (unaudited)
Consolidated StatementStatements of Changes in Net Assets for the three and nine months ended March 31, 2021September 30, 2023 (unaudited) and September 30, 2022 (unaudited)
Consolidated StatementStatements of Cash Flows for the threenine months ended March 31, 2021September 30, 2023 (unaudited) and September 30, 2022 (unaudited)
Item 2.Management's
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
5068
Item 3.
5069
Item 4.
Item 5.
Item 6.Exhibits



SIGNATURES





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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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


Results of Review of Interim Financial Information


We have reviewed the accompanying consolidated statementsstatement of assets and liabilities of SL Investment Corp. and subsidiarysubsidiaries (the "Company"“Company”), including the consolidated schedule of investments as of March 31, 2021,September 30, 2023, and the related consolidated statements of operations, changes in net assets for the three-month and nine-month periods ended September 30, 2023, and 2022, and cash flows for the three-monthnine-month periods ended March 31, 2021,September 30, 2023 and 2022, and the related notes (collectively referred to as the "interim“interim financial information"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 statementsstatement of assets and liabilities of the Company including the consolidated schedule of investments as of December 31, 2020,2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the period from August 24, 2020 (inception) to December 31, 2020year then ended (not presented herein); and in our report dated March 22, 2021,10, 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, 2020,2022, is fairly stated, in all material respects, in relation to the consolidated statements of assets and liabilities from which it has been derived.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, 2021


November 6, 2023
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SL Investment Corp.
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share data)

amounts)
As of
September 30, 2023December 31, 2022
As of
March 31, 2021
As of
December 31, 2020
(unaudited)(audited)
AssetsAssets(unaudited)Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $189,410 and $108,117 at March 31, 2021 and December 31, 2020, respectively)$191,387 $108,222 
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,160,448 and $1,103,185 at September 30, 2023 and December 31, 2022, respectively)Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,160,448 and $1,103,185 at September 30, 2023 and December 31, 2022, respectively)$1,148,648 $1,078,117 
CashCash21,646 25,877 Cash47,678 25,116 
Deferred financing costsDeferred financing costs2,890 3,033 Deferred financing costs6,266 6,070 
Deferred offering costs43 62 
Interest receivable from non-controlled/non-affiliated investments578 302 
Receivable for investments sold28 11 
Subscription receivableSubscription receivable— 18,597 
Interest and dividend receivable from non-controlled/non-affiliated investmentsInterest and dividend receivable from non-controlled/non-affiliated investments9,711 7,712 
Receivable for investments sold/repaidReceivable for investments sold/repaid195 228 
Prepaid expenses and other assetsPrepaid expenses and other assets53 77 Prepaid expenses and other assets5,524 17 
Total assetsTotal assets$216,625 $137,584 Total assets1,218,022 1,135,857 
LiabilitiesLiabilitiesLiabilities
DebtDebt$109,900 $57,500 Debt621,173 591,307 
Payable to affiliate (Note 3)658 549 
Payable for investments purchasedPayable for investments purchased— 39 
Payable to affiliatesPayable to affiliates566 1,167 
Financing costs payableFinancing costs payable1,611 1,611 Financing costs payable960 1,664 
Dividends payableDividends payable791 83 Dividends payable19,643 14,285 
Management fee payable55 27 
Management fees payableManagement fees payable356 325 
Interest payableInterest payable526 38 Interest payable12,202 9,710 
Accrued expenses and other liabilitiesAccrued expenses and other liabilities829 380 Accrued expenses and other liabilities1,670 1,128 
Total liabilitiesTotal liabilities$114,370 $60,188 Total liabilities656,570 619,625 
Commitments and Contingencies (Note 7)
Commitments and ContingenciesCommitments and Contingencies
Net AssetsNet AssetsNet 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, 2021 and December 31, 2020, respectively)$1 $1 
Series A Preferred stock, par value $0.001 (1,000,000 shares authorized and 521 and 521 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)Series A Preferred stock, par value $0.001 (1,000,000 shares authorized and 521 and 521 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)1 1 
Paid-in capital in excess of par value of Series A Preferred StockPaid-in capital in excess of par value of Series A Preferred Stock520 520 Paid-in capital in excess of par value of Series A Preferred Stock520 520 
Common stock, par value $0.001 per share (100,000,000 shares authorized and 4,987,574 and 3,874,264 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)5 4 
Paid-in capital in excess of par value of Common stock99,499 77,000 
Net distributable earnings (losses)2,230 (129)
Common Stock, par value $0.001 per share (100,000,000 shares authorized and 27,281,428 and 25,807,951 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)Common Stock, par value $0.001 per share (100,000,000 shares authorized and 27,281,428 and 25,807,951 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)27 26 
Paid-in capital in excess of par value of Common StockPaid-in capital in excess of par value of Common Stock569,365 539,366 
Net distributable earnings (accumulated losses)Net distributable earnings (accumulated losses)(8,461)(23,681)
Total net assetsTotal net assets$102,255 $77,396 Total net assets561,452 516,232 
Total liabilities and net assetsTotal liabilities and net assets$216,625 $137,584 Total liabilities and net assets$1,218,022 $1,135,857 
Net asset value per common shareNet asset value per common share$20.40 $19.84 Net asset value per common share$20.56 $19.98 





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

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SL Investment Corp.
Consolidated StatementStatements of Operations (Unaudited)
(In thousands, except share and per share data)amounts)

Three
months ended
March 31, 2021
Investment income:
From non-controlled/non-affiliated investments:
Interest income$2,565 
Payment-in-kind interest income21 
Other income146 
Total investment income2,732 
Expenses:
Interest expense928 
Management fees55 
Organization and offering costs129 
Professional fees181 
Directors’ fees50 
Administrative service fees15 
General and other expenses96 
Total expenses1,454 
Net investment income (loss)1,278 
Net change in unrealized appreciation (depreciation) of non-controlled/non-affiliated investments1,872 
Net increase (decrease) in net assets resulting from operations3,150 
Preferred stock dividend(16)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common stock$3,134 
Per common share information—basic and diluted
Net investment income (loss) per common share (basic and diluted):$0.31 
Earnings per common share (basic and diluted):$0.76 
Weighted average common shares outstanding (basic and diluted) (Note 9):4,121,667 
Dividend declared per common share$0.20 
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income$33,439 $21,884 $95,654 $55,084 
Payment-in-kind interest income308 144 671 263 
Dividend income163 115 440 241 
Other income713 440 1,467 1,332 
Total investment income34,623 22,583 98,232 56,920 
Expenses:
Interest expense and other financing expenses13,219 8,030 38,929 17,680 
Management fees356 301 1,040 844 
Professional fees608 370 1,301 886 
Directors’ fees51 51 154 154 
General and other expenses24 155 152 601 
Total expenses14,258 8,907 41,576 20,165 
Net investment income (loss) before taxes20,365 13,676 56,656 36,755 
Excise tax expense— — 23 — 
Net investment income (loss) after taxes20,365 13,676 56,633 36,755 
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from non-controlled/non-affiliated investments13 — 77 215 
Net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments10,322 (6,986)13,268 (22,081)
Net realized and unrealized gains (losses)10,335 (6,986)13,345 (21,866)
Net increase (decrease) in net assets resulting from operations30,700 6,690 69,978 14,889 
Preferred Stock dividend(16)(16)(47)(47)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock$30,684 $6,674 $69,931 $14,842 
Per common share information—basic and diluted
Net investment income (loss) per common share$0.75 $0.59 $2.13 $1.70 
Earnings (loss) per common share$1.12 $0.29 $2.63 $0.69 
Weighted average common shares outstanding27,281,428 23,309,565 26,574,375 21,611,998 















The accompanying notes are an integral part of these unaudited consolidated financial statements
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SL Investment Corp.
Consolidated StatementStatements of Changes in Net Assets (Unaudited)
(In thousands, except share data)thousands)
Three
months ended
March 31, 2021
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)$1,278 
Net change in unrealized appreciation (depreciation)1,872 
Net increase (decrease) in net assets resulting from operations3,150 
Capital transactions:
Issuance of common stock22,500 
Dividends declared on Preferred stock and Common stock (Note 8)(791)
Net increase (decrease) in net assets resulting from capital transactions21,709 
Total increase (decrease) in net assets24,859 
Net assets at beginning of period77,396 
Net assets at end of period$102,255 
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Net assets at beginning of period$550,410 $453,180 $516,232 $429,724 
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)20,365 13,676 56,633 36,755 
Net realized gain (loss)13 — 77 215 
Net change in unrealized appreciation (depreciation)10,322 (6,986)13,268 (22,081)
Net increase (decrease) in net assets resulting from operations30,700 6,690 69,978 14,889 
Capital transactions:
Issuance of Common Stock— 35,000 30,000 75,000 
Dividends declared on Preferred Stock and Common Stock(19,658)(13,348)(54,758)(38,091)
Net increase (decrease) in net assets resulting from capital transactions(19,658)21,652 (24,758)36,909 
Total increase (decrease) in net assets11,042 28,342 45,220 51,798 
Net assets at end of period$561,452 $481,522 $561,452 $481,522 























































The accompanying notes are an integral part of these unaudited consolidated financial statements
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SL Investment Corp.
Consolidated StatementStatements of Cash Flows (Unaudited)
(In thousands, except share and per share data)thousands)
Three months ended March 31, 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$3,150 
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(1,872)
Net accretion of discount and amortization of premium(185)
Payment-in-kind interest capitalized(21)
Amortization of deferred financing cost172 
Amortization of offering cost19 
Purchases of investments and change in payable for investments purchased(81,608)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold504 
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable from non-controlled/non-affiliated investments(276)
(Increase) decrease in prepaid expenses and other assets24 
(Decrease) increase in payable to affiliate109 
(Decrease) increase in management fee payable28 
(Decrease) increase in interest payable488 
(Decrease) increase in accrued expenses and other liabilities449 
Net cash provided by (used in) operating activities(79,019)
Cash flows from financing activities:
Borrowings on credit facility57,400 
Repayments on credit facility(5,000)
Deferred financing costs paid(29)
Dividends paid in cash(83)
Proceeds from issuance of common shares22,500 
Net cash provided by (used in) financing activities74,788 
Net increase (decrease) in cash and cash equivalents(4,231)
Cash and cash equivalents, beginning of period25,877 
Cash and cash equivalents, end of period$21,646 
Supplemental information and non-cash activities:
Interest paid during the period$53 
Accrued but unpaid deferred financing costs during the period$28 
Dividends payable$791 
Excise tax paid (Note 2)$— 
For the Nine Months Ended
September 30, 2023September 30, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$69,978 $14,889 
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(13,268)22,081 
Net realized (gain) loss on investments(77)(215)
Net accretion of discount and amortization of premium on investments(2,736)(3,466)
Payment-in-kind interest and dividend capitalized(990)(333)
Amortization of deferred financing costs2,058 1,276 
Purchases of investments and change in payable for investments purchased(120,531)(243,662)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold.67,066 94,798 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments(1,999)(2,676)
(Increase) decrease in prepaid expenses and other assets(5,507)85 
(Decrease) increase in payable to affiliates(601)(546)
(Decrease) increase in management fee payable31 87 
(Decrease) increase in interest payable2,492 4,669 
(Decrease) increase in accrued expenses and other liabilities542 (249)
Net cash provided by (used in) operating activities(3,542)(113,262)
Cash flows from financing activities:
Borrowings on debt92,000 165,000 
Repayments on debt(62,135)(111,000)
Proceeds from issuance of Common Stock and change in subscription receivable48,597 108,190 
Deferred financing costs paid(2,958)(1,917)
Dividends paid in cash(49,400)(36,031)
Net cash provided by (used in) financing activities26,104 124,242 
Net increase (decrease) in cash22,562 10,980 
Cash, beginning of period25,116 20,232 
Cash, end of period$47,678 $31,212 







Supplemental information and non-cash activities:
Excise Tax Paid$26 $45 
Interest expense paid$34,379 $11,734 
Accrued but unpaid dividends$19,643 $13,333 
Accrued but unpaid deferred financing costs$— $636 
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, 2021September 30, 2023
(In thousands)

Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ Shares
Cost(3)
Fair ValuePercentage of Net Assets
First Lien Debt
Aerospace and Defense
Jonathan Acquisition Company(4) (5) (8)L + 5.00%6.00 %12/22/202012/22/202612,326$12,028 $12,319 12.05 %
Jonathan Acquisition Company(4) (5) (11)L + 5.00%6.00 %12/22/202012/22/2025275229 274 0.27 
12,257 12,593 12.32
Auto Components
Sonny's Enterprises, Inc.(4) (5) (8)L + 7.00%8.00 %12/28/202008/05/20262,0781,994 2,078 2.03 
Sonny's Enterprises, Inc.(4) (5) (11)L + 7.00%8.00 %12/28/202008/05/20261,8181,783 1,818 1.78 
3,777 3,896 3.81
Commercial Services & Supplies
Capstone Acquisition Holdings, Inc.(4) (5) (8)L + 4.75%5.75 %11/13/202011/12/20275,6395,585 5,639 5.51 
Capstone Acquisition Holdings, Inc.(4) (5) (11)L + 4.75%5.75 %11/13/202011/12/2027—(5)— — 
Sweep Purchaser LLC(4) (5) (8)L + 5.75%6.75 %11/30/202011/30/20262,9532,897 2,897 2.83 
Sweep Purchaser LLC(4) (5) (8)L + 5.75%6.75 %11/30/202011/30/2026750734 734 0.72 
Sweep Purchaser LLC(4) (5) (11)L + 5.75%6.75 %11/30/202011/30/2026—(7)(7)(0.01)
Sweep Purchaser LLC(4) (5) (11)L + 5.75%6.75 %02/12/202111/30/2026—(9)(9)(0.01)
Valcourt Holdings II LLC(4) (5) (8)L + 5.50%6.50 %01/07/202101/07/20278,5318,366 8,362 8.18 
Valcourt Holdings II LLC(4) (5) (8)L + 5.50%6.50 %03/15/202101/07/20274,3314,245 4,245 4.15 
Valcourt Holdings II LLC(4) (5) (11)L + 5.50%6.50 %01/07/202101/07/2027—(44)(46)(0.04)
Vessco Midco Holdings LLC(4) (5) (8)L + 4.50%5.50 %10/30/202011/02/20265,5125,460 5,512 5.39 
Vessco Midco Holdings LLC(4) (5) (11)L + 4.50%5.50 %10/30/202011/02/20261,7381,705 1,738 1.70 
Vessco Midco Holdings LLC(4) (5) (11)L + 4.50%5.50 %10/30/202010/18/2026358350 358 0.35 
VRC Companies LLC(4) (5) (8)L + 6.50%7.50 %02/11/202103/31/20231,4401,384 1,384 1.35 
30,661 30,807 30.13
Containers & Packaging
Brook and Whittle Holding Corp.(4) (5) (8)L + 5.75%6.75 %10/27/202010/17/20244,2944,236 4,294 4.20 
Diversified Consumer Services
Mammoth Holdings LLC(4) (5) (8)L + 6.00%7.00 %03/23/202110/16/20233,5053,470 3,470 3.39 
Mammoth Holdings LLC(4) (5) (11)L + 6.00%7.00 %03/23/202110/16/2023—(76)(76)(0.07)
Mammoth Holdings LLC(4) (5) (11)L + 6.00%7.00 %03/23/202110/16/2023—(4)(4)— 
3,390 3,390 3.32
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)(4) (5) (8)L + 6.25%7.25 %12/18/202012/18/20253,7413,669 3,741 3.66 
Health Care Providers & Services
Bearcat Buyer, Inc.(4) (5) (8)L + 4.75%5.75 %11/18/202007/09/20266,9126,748 6,912 6.76 
Bearcat Buyer, Inc.(4) (5) (11)L + 4.75%5.75 %11/18/202007/09/20266,3126,151 6,312 6.17 

Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company(4) (5) (6)S +5.00%10.49%12/22/202612,017 $11,839 $11,869 2.11 %
Jonathan Acquisition Company(4) (6) (12)S +5.00%10.49%12/22/20251,236 1,214 1,212 0.22 
Mantech International CP(4) (5) (7)S +5.75%11.12%09/14/202910,692 10,501 10,692 1.90 
Mantech International CP(4) (7) (12)S +5.75%11.12%09/14/2029923 892 923 0.16 
Mantech International CP(4) (7) (12)S +5.75%11.12%09/14/2028— (26)— — 
PCX Holding Corp.(4) (5) (6)S +6.25%11.79%04/22/20277,754 7,703 7,684 1.37 
PCX Holding Corp.(4) (5) (6)S +6.25%11.79%04/22/20277,809 7,703 7,739 1.38 
PCX Holding Corp.(4) (6) (12)S +6.25%11.79%04/22/2027370 365 363 0.06 
Two Six Labs, LLC(4) (5) (7)S +5.50%10.89%08/20/20274,661 4,596 4,613 0.82 
Two Six Labs, LLC(4) (7) (12)S +5.50%10.89%08/20/2027901 882 882 0.16 
Two Six Labs, LLC(4) (7) (12)S +5.50%10.89%08/20/2027— (12)(9)— 
45,657 45,968 8.19 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4) (5) (7)S +5.75%11.29%06/11/20272,370 2,332 2,345 0.42 
Omni Intermediate Holdings, LLC(4) (5) (6)S +5.00%10.42%12/30/202614,543 14,441 14,543 2.59 
Omni Intermediate Holdings, LLC(4) (6) (12)S +5.00%10.42%12/30/20261,549 1,533 1,549 0.28 
Omni Intermediate Holdings, LLC(4) (6) (12)P +4.00%9.42%12/30/2025330 321 330 0.06 
RoadOne IntermodaLogistics(4) (6)S +6.25%11.72%12/29/2028630 613 618 0.11 
RoadOne IntermodaLogistics(4) (6) (12)S +6.25%11.72%12/29/202849 47 46 0.01 
RoadOne IntermodaLogistics(4) (6) (12)S +6.25%11.72%12/29/20288 4 5 — 
19,291 19,436 3.46 
Automobile Components
Continental Battery Company(4) (5) (6)S +6.75%12.04%01/20/20276,141 6,053 5,467 0.97 
Randy's Holdings, Inc.(4) (5) (6)S +6.50%11.88%11/01/20282,493 2,427 2,476 0.44 
Randy's Holdings, Inc.(4) (6) (12)S +6.50%11.88%11/01/2028— (11)(6)— 
Randy's Holdings, Inc.(4) (6) (12)S +6.50%11.88%11/01/202897 88 94 0.02 
Sonny's Enterprises, LLC(4) (5) (6)S +6.75%12.27%08/05/202819,903 19,634 19,885 3.54 
Sonny's Enterprises, LLC(4) (6) (12)S +6.75%12.27%08/05/2028— (6)— 
Sonny's Enterprises, LLC(4) (6) (12)S +6.75%12.27%08/05/2027— (5)— 
Spectrum Automotive Holdings Corp.(4) (5) (7)S +5.75%11.18%06/29/202810,059 9,947 9,794 1.74 
Spectrum Automotive Holdings Corp.(4) (7) (12)S +5.75%11.18%06/29/20282,305 2,276 2,232 0.40 
Spectrum Automotive Holdings Corp.(4) (7) (12)S +5.75%11.18%06/29/2027— (3)(10)— 
40,400 39,932 7.11 

89
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments (Continued)(Unaudited)
March 31, 2021
(In thousands)

Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ Shares
Cost(3)
Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
DCA Investment Holdings LLC(4) (5) (8)L + 6.25%7.00 %03/12/202103/12/20274,814$4,742 $4,742 4.64 %
DCA Investment Holdings LLC(4) (7) (11)L + 6.25%7.00 %03/12/202103/12/2027—(9)(9)(0.01)
Stepping Stones Healthcare Services LLC(4) (5) (8)L + 6.25%7.25 %03/09/202103/09/20276,3316,236 6,236 6.10 
Stepping Stones Healthcare Services LLC(4) (5) (11)L + 6.25%7.25 %03/09/202103/09/2027—(13)(13)(0.01)
Stepping Stones Healthcare Services LLC(4) (5) (11)L + 6.25%7.25 %03/09/202103/09/2026—(11)(11)(0.01)
23,844 24,169 23.64
Health Care Technology
Lightspeed Buyer, Inc.(4) (5) (8)L + 5.50%6.50 %11/09/202002/03/20263,1173,030 3,117 3.05 
Lightspeed Buyer, Inc.(4) (5) (11)L + 5.50%6.50 %11/09/202002/03/2026—(58)— — 
2,972 3,117 3.05
Insurance
Higginbotham Insurance Agency, Inc.(4) (5) (8)L + 5.75%6.50 %11/25/202011/25/20264,8774,808 4,877 4.77 
Higginbotham Insurance Agency, Inc.(4) (7) (11)L + 5.75%6.50 %11/25/202011/25/2026—(10)— — 
High Street Insurance Partners, Inc.(4) (5) (11)L + 6.50%7.50 %03/03/202112/03/2025698609 609 0.60 
Integrity Marketing Acquisition LLC(4) (5) (11)L + 6.25%7.25 %02/05/202108/27/2025—(363)(363)(0.35)
Patriot Growth Insurance Services LLC(4) (5) (11)L + 5.50%6.50 %01/07/202101/02/2025—(294)(294)(0.29)
Propel Insurance Agency LLC(4) (5) (8)L + 5.00%6.00 %12/09/202006/01/20246,1276,070 6,127 5.99 
Propel Insurance Agency LLC(4) (5) (11)L + 5.00%6.00 %12/09/202006/01/2024—(6)— — 
World Insurance Associates LLC(4) (5) (8)L + 5.75%6.75 %12/23/202004/01/202611,88211,541 11,644 11.39 
World Insurance Associates LLC(4) (5) (11)L + 5.75%6.75 %12/23/202004/01/20261,3921,328 1,331 1.30 
23,683 23,931 23.40
Interactive Media & Services
MSM Acquisitions, Inc.(4) (5) (8)L + 6.00%7.00 %12/09/202012/09/20267,8757,724 7,875 7.70 
MSM Acquisitions, Inc.(4) (5) (11)L + 6.00%7.00 %12/09/202012/09/20261,6601,620 1,660 1.62 
MSM Acquisitions, Inc.(4) (5) (11)L + 6.00%7.00 %12/09/202012/09/2026—(25)— — 
9,319 9,535 9.32
IT Services
Donuts, Inc.(4) (5) (8)L + 6.00%7.00 %01/20/202112/29/20266,2346,112 6,112 5.98 
Government Brands LLC(4) (5) (8)L + 6.00%7.00 %01/08/202107/09/20255,4245,333 5,334 5.22 
Government Brands LLC(4) (5) (11)L + 6.00%7.00 %01/08/202107/09/2025—(91)(91)(0.09)
Government Brands LLC(4) (5) (11)L + 6.00%7.00 %01/08/202107/09/2024—(10)(10)(0.01)
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (8)L + 6.00%7.00 %02/01/202101/22/20275,1455,045 5,045 4.93 
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (11)L + 6.00%7.00 %02/01/202101/22/2027177152 152 0.15 
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (11)L + 6.00%7.00 %02/01/202101/22/2027—(9)(9)(0.01)
16,532 16,533 16.17
9

SL Investment Corp
Consolidated Schedule of Investments (Continued)
March 31, 2021September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ Shares
Cost(3)
Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (8)L + 5.00%6.00 %11/16/202011/16/202610,444$10,308 $10,343 10.11 %
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (11)L + 5.00%6.00 %11/16/202011/16/2026659642 647 0.63 
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (11)L + 5.00%6.00 %11/16/202011/16/2026—(16)(11)(0.01)
10,934 10,979 10.74
Multi-Utilities
AWP Group Holdings, Inc.(4) (5) (8)L + 4.75%5.75 %12/22/202012/22/20278,5058,382 8,505 8.32 
AWP Group Holdings, Inc.(4) (5) (11)L + 4.75%5.75 %12/22/202012/22/2027—(11)— — 
AWP Group Holdings, Inc.(4) (5) (11)L + 4.75%5.75 %12/22/202012/22/2026—(27)— — 
Ground Penetrating Radar Systems LLC(4) (5) (8)L + 4.75%5.75 %03/10/202106/26/20263,7873,712 3,712 3.63 
Ground Penetrating Radar Systems LLC(4) (5) (11)L + 4.75%5.75 %03/10/202106/26/2025141127 127 0.12 
12,183 12,344 12.07
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(4) (5) (8)L + 6.25%7.25 %03/17/202103/10/20278,1007,919 7,919 7.74 
Abacus Data Holdings, Inc. (AbacusNext)(4) (5) (11)L + 6.25%7.25 %03/17/202103/10/2027—(17)(17)(0.02)
Abacus Data Holdings, Inc. (AbacusNext)(4) (5) (11)L + 6.25%7.25 %03/17/202103/10/2027—(14)(14)(0.01)
7,888 7,888 7.71
Software
GS AcquisitionCo, Inc.(4) (5) (8)L + 5.75%6.75 %12/04/202005/24/20247,8717,763 7,793 7.62 
GS AcquisitionCo, Inc.(4) (5) (11)L + 5.75%6.75 %12/04/202005/24/20242,2772,220 2,217 2.17 
GS AcquisitionCo, Inc.(4) (5) (11)L + 5.75%6.75 %12/04/202005/24/2024203197 198 0.19 
Gurobi Optimization LLC(4) (5) (8)L + 5.25%6.25 %11/12/202012/19/20234,4424,403 4,442 4.34 
Gurobi Optimization LLC(4) (5) (11)L + 5.25%6.25 %11/12/202012/19/2023—(5)— — 
Pound Bidco, Inc.(4) (5) (8) (9)L + 6.50%7.50 %01/28/202102/01/20262,1322,090 2,090 2.04 
Pound Bidco, Inc.(4) (5) (8) (9) (11)L + 6.50%7.50 %01/28/202102/01/2026—(7)(7)(0.01)
16,661 16,733 16.36
Total First Lien Debt$182,006 $183,950 $179.89 %
Second Lien Debt
Software
Flexera Software LLC(4) (5) (8)L + 7.00%8.00 %03/03/202103/03/20291,500$1,470 $1,470 1.44 %
IT Services
Idera, Inc.(7) (8)L + 6.75%7.50 %02/04/202103/02/2029530526 527 0.52 
Red Dawn SEI Buyer Inc.(4) (5) (8)L + 8.50%9.50 %01/27/202111/20/20261,000976 976 0.95 
1,502 1,503 1.47
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Automobiles
ARI Network Services, Inc.(4) (5) (7)S +5.25%10.67%02/28/20258,819 $8,745 $8,734 1.56 %
ARI Network Services, Inc.(4) (5) (7)S +5.25%10.67%02/28/20251,544 1,531 1,529 0.27 
ARI Network Services, Inc.(4) (7) (12)S +5.25%10.67%02/28/2025753 743 741 0.13 
Summit Buyer, LLC(4) (5) (6)S +5.75%11.24%01/14/20269,408 9,300 9,295 1.66 
Summit Buyer, LLC(4) (6) (12)S +5.75%11.24%01/14/202613,741 13,576 13,574 2.42 
Summit Buyer, LLC(4) (12)P +4.75%13.25%01/14/2026242 231 231 0.04 
Turbo Buyer, Inc.(4) (5) (6)S +6.00%11.40%12/02/202516,137 15,965 15,936 2.84 
Turbo Buyer, Inc.(4) (5) (6)S +6.00%11.40%12/02/20251,477 1,460 1,459 0.26 
51,551 51,499 9.17 
Biotechnology
GraphPad Software, LLC(4) (5) (6)S +5.50%10.94%04/27/20276,362 6,319 6,317 1.13 
GraphPad Software, LLC(4) (12)P +5.00%13.50%04/27/2027375 371 370 0.07 
6,690 6,687 1.19 
Chemicals
V Global Holdings, LLC(4) (5) (7)S +5.75%11.43%12/22/20271,521 1,497 1,491 0.27 
V Global Holdings, LLC(4) (7) (12)S +5.75%11.43%12/22/202570 67 66 0.01 
1,564 1,557 0.28 
Commercial Services & Supplies
365 Retail Markets, LLC(4) (5) (6)S +4.75%10.15%12/23/20267,350 7,265 7,350 1.31 
365 Retail Markets, LLC(4) (5) (6)S +4.75%10.15%12/23/20262,358 2,337 2,358 0.42 
365 Retail Markets, LLC(4) (6) (12)S +4.75%10.15%12/23/2026— (13)— — 
Atlas Us Finco, Inc.(4) (5) (6) (9)S +7.25%12.58%12/09/2029840 817 831 0.15 
Atlas Us Finco, Inc.(4) (6) (9) (12)S +7.25%12.58%12/09/2028— (2)(1)— 
BPG Holdings IV Corp.(4) (5) (7)S +6.00%11.39%07/29/20299,553 8,982 9,291 1.65 
Encore Holdings, LLC(4) (5) (7)S +4.50%9.99%11/23/20289,178 9,052 9,178 1.63 
Encore Holdings, LLC(4) (5) (7) (12)S +4.50%9.99%11/23/202811,520 11,325 11,520 2.05 
Encore Holdings, LLC(4) (7) (12)S +4.50%9.99%11/23/2027— (33)— — 
Energy Labs Holdings Corp.(4) (5) (6)S +5.25%10.68%04/07/2028385 380 379 0.07 
Energy Labs Holdings Corp.(4) (6)S +5.25%10.68%04/07/202837 36 36 0.01 
Energy Labs Holdings Corp.(4) (6) (12)S +5.25%10.68%04/07/202830 29 29 0.01 
FLS Holding, Inc.(4) (5) (6) (9)S +5.25%10.79%12/15/202815,259 15,015 15,075 2.69 
FLS Holding, Inc.(4) (5) (6) (9)S +5.25%10.79%12/15/20283,578 3,521 3,535 0.63 
FLS Holding, Inc.(4) (6) (9) (12)S +5.25%10.79%12/17/2027— (20)(17)— 
Helios Service Partners, LLC(4) (6)S +6.25%11.88%03/19/2027244 238 238 0.04 
Helios Service Partners, LLC(4) (6) (12)S +6.25%11.88%03/19/2027— (6)(6)— 
Helios Service Partners, LLC(4) (6) (12)S +6.25%11.88%03/19/202717 15 15 — 
10
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments (Continued)(Unaudited)
March 31, 2021September 30, 2023
(In thousands)

Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
PDFTron Systems, Inc.(4) (5) (6) (9)S +5.50%10.83%07/15/202712,903 $12,750 $12,658 2.25 %
PDFTron Systems, Inc.(4) (5) (6) (9)S +5.50%10.83%07/15/20274,179 4,119 4,100 0.73 
PDFTron Systems, Inc.(4) (6) (9) (12)S +5.50%10.83%07/15/20261,650 1,613 1,587 0.28 
Procure Acquireco, Inc. (Procure Analytics)(4) (5) (7)S +5.00%10.57%12/20/202815,595 15,347 15,077 2.69 
Procure Acquireco, Inc. (Procure Analytics)(4) (7) (12)S +5.00%10.57%12/20/2028— (24)(105)(0.02)
Procure Acquireco, Inc. (Procure Analytics)(4) (7) (12)S +5.00%10.57%12/20/2028— (12)(32)(0.01)
Sherlock Buyer Corp.(4) (5) (6)S +5.75%11.24%12/08/202818,414 18,121 18,351 3.27 
Sherlock Buyer Corp.(4) (6) (12)S +5.75%11.24%12/08/2028— (40)(18)— 
Sherlock Buyer Corp.(4) (6) (12)S +5.75%11.24%12/08/2027— (30)(7)— 
Surewerx Purchaser III, Inc.(4) (5) (7) (9)S +6.75%12.14%12/28/20292,074 2,016 2,074 0.37 
Surewerx Purchaser III, Inc.(4) (7) (9) (12)S +6.75%12.14%12/28/2029— (8)— — 
Surewerx Purchaser III, Inc.(4) (7) (9) (12)S +6.75%12.14%12/28/2028233 222 233 0.04 
Sweep Purchaser, LLC(4) (5) (6)S +5.75%11.22%11/30/20262,879 2,846 2,651 0.47 
Sweep Purchaser, LLC(4) (5) (6) (12)S +5.75%11.22%11/30/20261,963 1,939 1,801 0.32 
Sweep Purchaser, LLC(4) (6) (12)S +5.75%11.22%11/30/2026459 455 422 0.08 
Tamarack Intermediate, LLC(4) (5) (7)S +5.75%11.17%03/13/20285,431 5,345 5,189 0.92 
Tamarack Intermediate, LLC(4) (7) (12)S +5.75%11.17%03/13/2028149 135 108 0.02 
Valcourt Holdings II, LLC(4) (5) (6)S +5.25%10.79%01/07/202712,540 12,388 12,465 2.22 
Valcourt Holdings II, LLC(4) (6)S +5.25%10.79%01/07/20271,022 1,010 1,016 0.18 
VRC Companies, LLC(4) (5) (6)S +5.75%11.13%06/29/202726,634 26,358 26,516 4.72 
VRC Companies, LLC(4) (6) (12)S +5.75%11.13%06/29/20272,712 2,679 2,699 0.48 
VRC Companies, LLC(4) (6) (12)S +5.50%10.83%06/29/2027— (7)(3)— 
166,160 166,593 29.67 
Construction & Engineering
KPSKY Acquisition, Inc.(4) (5) (7)S +5.25%10.72%10/19/202814,550 14,324 14,294 2.55 
KPSKY Acquisition, Inc.(4) (5) (7) (12)S +5.25%10.72%10/19/20282,939 2,887 2,879 0.51 
Superman Holdings, LLC(4) (6)S +5.75%11.52%08/31/2027403 393 398 0.07 
Superman Holdings, LLC(4) (6) (12)S +5.75%11.52%08/31/2027— (1)(1)— 
17,603 17,570 3.13 
Containers & Packaging
BP Purchaser, LLC(4) (5) (7)S +5.50%11.17%12/11/202823,309 22,938 22,552 4.02 
FORTIS Solutions Group, LLC(4) (5) (7)S +5.50%11.04%10/15/20288,169 8,042 8,159 1.45 
FORTIS Solutions Group, LLC(4) (5) (7) (12)S +5.50%11.04%10/15/20283,348 3,295 3,344 0.60 
FORTIS Solutions Group, LLC(4) (5) (7) (12)S +5.50%11.04%10/15/202864 58 63 0.01 
FORTIS Solutions Group, LLC(4) (7) (12)S +5.50%11.04%10/15/2027— (15)(2)— 
34,318 34,116 6.08 
Distributors
11
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ Shares
Cost(3)
Fair ValuePercentage of Net Assets
Second Lien Debt (continued)
Electronic Equipment, Instruments & Components
Infinite Bidco LLC(4) (6) (8)L + 7.00%7.50 %02/24/202103/02/20293,000$2,987 $2,987 2.92 %
Infinite Bidco LLC(4) (6) (11)L + 7.00%7.50 %03/18/202103/02/2029—(4)(4)— 
2,983 2,983 2.92
Total Second Lien Debt$5,955 $5,956 5.82%
Other Securities
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(4) (10)16.25% PIK12/18/202006/18/2026531$524 $524 0.51 %
Total Unsecured Debt524 524 0.51
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(4)4,500450 450 0.44 
CSC Thrive Holdings, LP (Thrive Networks)(4)50,000125 125 0.12 
GSM Equity Investors, LP (GSM Outdoors)(4)50050 82 0.08 
SSG Holdco LLC (Stepping Stones Healthcare Services LLC)(4)2,017300 300 0.29 
Total Common Equity925 957 0.94
Total Other Securities$1,449 $1,481 1.45%
Total Portfolio Investments$189,410 $191,387 187.17%
Table of Contents
(1)Unless otherwise indicated, issuers of debt and equity investments held by the SL Investment Corp. (the “Company”) are denominated in dollars. For the purpose of this
Consolidated Schedule of Investments the term "Company" shall include the Company and its consolidated subsidiary. 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(Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
48Forty Solutions, LLC(4) (5) (6)S +6.00%11.43%11/30/20269,868 $9,709 $9,687 1.73 %
48Forty Solutions, LLC(4) (6) (12)S +6.00%11.43%11/30/2026603 582 575 0.10 
Avalara, Inc.(4) (5) (7)S +7.25%12.64%10/19/20282,563 2,510 2,563 0.46 
Avalara, Inc.(4) (7) (12)S +7.25%12.64%10/19/2028— (5)— 
PT Intermediate Holdings III, LLC(4) (5) (7)S +5.98%11.52%11/01/202815,027 14,909 14,340 2.55 
PT Intermediate Holdings III, LLC(4) (5) (7)S +5.98%11.52%11/01/20288,361 8,297 7,979 1.42 
36,002 35,144 6.26 
Diversified Consumer Services
Apex Service Partners, LLC(4) (5) (6)S +5.50%10.90%07/31/20253,127 2,988 2,994 0.53 
Apex Service Partners, LLC(4) (6)S +5.50%10.90%07/31/20253,127 2,984 2,994 0.53 
Assembly Intermediate, LLC(4) (5) (6)S +6.00%11.49%10/19/20278,889 8,758 8,664 1.54 
Assembly Intermediate, LLC(4) (6) (12)S +6.00%11.49%10/19/20271,244 1,219 1,188 0.21 
Assembly Intermediate, LLC(4) (6) (12)S +6.00%11.49%10/19/2027— (12)(23)— 
FPG Intermediate Holdco, LLC(4) (6)S +6.50%12.07%03/05/2027708 696 692 0.12 
FPG Intermediate Holdco, LLC(4) (6) (12)S +6.50%12.07%03/05/2027— (37)(56)(0.01)
Groundworks, LLC(4) (5) (6)S +6.50%11.81%03/14/2030148 144 146 0.03 
Groundworks, LLC(4) (6) (12)S +6.50%11.81%03/14/20308 7 8 — 
Groundworks, LLC(4) (6) (12)S +6.50%11.81%03/14/2029— — — — 
Heartland Home Services(4) (7)S +5.75%11.07%12/15/20261,950 1,936 1,942 0.35 
Lightspeed Solution, LLC(4) (5) (7)S +6.50% (incl. 2.17% PIK)11.82%03/01/20283,902 3,842 3,821 0.68 
Lightspeed Solution, LLC(4) (7) (12)S +6.50% (incl. 2.17% PIK)11.82%03/01/2028125 115 99 0.02 
LUV Car Wash Group, LLC(4) (5) (6) (12)S +7.00%12.40%12/09/2026716 709 711 0.13 
Magnolia Wash Holdings(4) (5) (6)S +6.50%12.01%07/14/20281,464 1,439 1,317 0.23 
Magnolia Wash Holdings(4) (6)S +6.50%12.01%07/14/2028314 309 283 0.05 
Magnolia Wash Holdings(4) (6) (12)S +6.50%12.01%07/14/202839 38 32 0.01 
Mammoth Holdings, LLC(4) (5) (6)S +6.50%12.01%10/16/202418,714 18,662 18,641 3.32 
Mammoth Holdings, LLC(4) (6) (12)S +6.50%12.01%10/16/2024— (1)(2)— 
Spotless Brands, LLC(4) (5) (6)S +6.50%12.00%07/25/20281,428 1,403 1,410 0.25 
Spotless Brands, LLC(4) (6)S +6.50%12.00%07/25/2028270 266 267 0.05 
Spotless Brands, LLC(4) (6) (12)S +6.50%12.00%07/25/2028— (1)(1)— 
45,464 45,127 8.04 
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC(4) (5) (7)S +5.75%11.21%07/06/20281,836 1,806 1,590 0.28 
Abracon Group Holdings, LLC(4) (7) (12)S +5.75%11.21%07/06/202884 80 54 0.01 
12
Table of Contents
SL Investment Company ActCorp.
Consolidated Schedule 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%Investments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Abracon Group Holdings, LLC(4) (7)S +5.75%11.21%07/06/2028127 $125 $110 0.02 %
Dwyer Instruments, Inc.(4) (5) (7)S +5.75%11.33%07/21/20272,530 2,490 2,474 0.44 
Dwyer Instruments, Inc.(4) (7) (12)S +5.75%11.33%07/21/2027— (4)(15)— 
Dwyer Instruments, Inc.(4) (7) (12)S +5.75%11.33%07/21/202782 77 75 0.01 
Infinite Bidco, LLC(4) (8)S +6.25%11.27%03/02/20284,705 4,579 4,661 0.83 
9,153 8,949 1.59 
Financial Services
Applitools, Inc.(4) (5) (7) (9)S +6.25% PIK11.35%05/25/20291,607 1,586 1,559 0.28 
Applitools, Inc.(4) (7) (9) (12)S +6.25%11.35%05/25/2028— (3)(6)— 
Cerity Partners, LLC(4) (5) (7)S +6.75%12.13%07/30/20291,815 1,764 1,815 0.32 
Cerity Partners, LLC(4) (7) (12)S +6.75%12.13%07/30/2029637 569 637 0.11 
GC Waves Holdings, Inc.(4) (7)S +6.00%11.42%08/11/2028229 225 225 0.04 
GC Waves Holdings, Inc.(4) (7) (12)S +6.00%11.42%08/11/20281 (15)(15)— 
GC Waves Holdings, Inc.(4) (7) (12)S +6.00%11.42%08/11/2028— (1)(1)— 
SitusAMC Holdings Corp.(4) (5) (7)S +5.50%10.99%12/22/20276,674 6,621 6,601 1.18 
Smarsh, Inc.(4) (5) (7)S +6.50%11.84%02/16/20294,286 4,215 4,201 0.75 
Smarsh, Inc.(4) (7) (12)S +6.50%11.84%02/16/2029536 523 514 0.09 
Smarsh, Inc.(4) (7) (12)S +6.50%11.84%02/16/2029— (4)(5)— 
Trintech, Inc.(4) (5) (6)S +6.50%11.82%07/25/202914,961 14,668 14,668 2.61 
Trintech, Inc.(4) (6) (12)S +6.50%11.82%07/25/2029367 342 342 0.06 
30,490 30,535 5.44 
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)(4) (5) (6)S +7.25% (incl. 1.00% PIK)12.84%12/18/20253,612 3,577 3,247 0.58 
Health Care Equipment & Supplies
Performance Health & Wellness(4) (5) (6)S +6.00%11.57%07/12/20274,028 3,972 3,963 0.71 
PerkinElmer U.S., LLC(4) (5) (6)S +6.75%12.16%03/13/2029581 565 574 0.10 
4,537 4,537 0.81 
Health Care Providers & Services
DCA Investment Holdings, LLC(4) (5) (7)S +6.50%11.89%04/03/202814,602 14,266 14,166 2.52 
DCA Investment Holdings, LLC(4) (5) (7) (12)S +6.50%11.89%04/03/20281,506 1,481 1,460 0.26 
Gateway US Holdings, Inc.(4) (5) (7) (9)S +6.50%12.04%09/22/2026752 746 752 0.13 
Gateway US Holdings, Inc.(4) (7) (9) (12)S +6.50%12.04%09/22/2026206 205 206 0.04 
Gateway US Holdings, Inc.(4) (7) (9) (12)S +6.50%12.04%09/22/2026— — — — 
Heartland Veterinary Partners, LLC(4) (5) (6)S +4.75%10.17%12/10/20263,846 3,820 3,788 0.67 
Heartland Veterinary Partners, LLC(4) (5) (6)S +4.75%10.17%12/10/20268,707 8,650 8,577 1.53 
Heartland Veterinary Partners, LLC(4) (6) (12)S +4.75%10.17%12/10/2026— (5)(12)— 
13
Table of such portfolio company's outstanding voting securities and/or held the power to exercise control over the management or policiesContents
SL Investment Corp.
Consolidated Schedule of such portfolio company. AsInvestments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
iCIMS, Inc.(4) (5) (7)S +6.75%12.14%08/18/20281,621 $1,598 $1,621 0.29 %
iCIMS, Inc.(4) (7) (12)S +6.75%12.14%08/18/2028— — — — 
iCIMS, Inc.(4) (7) (12)S +6.75%12.14%08/18/20283 3 3 — 
Intelerad Medical Systems Incorporated(4) (6) (9)S +6.50%12.01%08/21/2026930 909 877 0.16 
Intelerad Medical Systems Incorporated(4) (6) (9) (12)S +6.50%12.01%05/31/202844 43 40 0.01 
Pareto Health Intermediate Holdings, Inc.(4) (7)S +6.50%11.97%06/03/20301,047 1,026 1,035 0.18 
Pareto Health Intermediate Holdings, Inc.(4) (7) (12)S +6.50%11.97%06/01/2029— (2)(1)— 
PPV Intermediate Holdings, LLC(4) (7)S +5.75%11.17%08/31/2029994 956 979 0.17 
PPV Intermediate Holdings, LLC(4) (7) (12)S +5.75%11.17%08/31/2029— (31)(31)(0.01)
Promptcare Infusion Buyer, Inc.(4) (5) (6)S +6.00%11.43%09/01/20273,859 3,804 3,798 0.68 
Promptcare Infusion Buyer, Inc.(4) (6) (12)S +6.00%11.43%09/01/2027601 591 585 0.10 
Stepping Stones Healthcare Services, LLC(4) (5) (7)S +5.75%11.24%01/02/20294,309 4,257 4,239 0.76 
Stepping Stones Healthcare Services, LLC(4) (7) (12)S +5.75%11.24%01/02/2029820 808 800 0.14 
Stepping Stones Healthcare Services, LLC(4) (7) (12)S +5.75%11.24%12/30/202688 81 77 0.01 
Suveto(4) (5) (7)S +4.25%9.67%09/09/20275,086 5,048 4,966 0.88 
Suveto(4) (7) (12)S +4.25%9.67%09/09/202774 67 61 0.01 
Vardiman Black Holdings, LLC(4) (5) (8) (10)S +7.00%12.40%03/18/20272,257 2,240 1,907 0.34 
Vardiman Black Holdings, LLC(4) (8) (10)S +7.00%12.40%03/18/20272,680 2,658 2,263 0.40 
Vermont Aus Pty Ltd(4) (5) (7) (9)S +5.65%11.04%03/23/2028493 482 481 0.09 
53,701 52,637 9.38 
Health Care Technology
Lightspeed Buyer, Inc.(4) (5) (6)S +5.25%10.70%02/03/20264,191 4,132 4,162 0.74 
Lightspeed Buyer, Inc.(4) (5) (6)S +5.25%10.70%02/03/20263,312 3,261 3,289 0.59 
7,393 7,451 1.33 
Industrial Conglomerates
Raptor Merger Sub Debt, LLC(4) (5) (7)S +6.75%12.14%04/01/202913,849 13,479 13,785 2.46 
Raptor Merger Sub Debt, LLC(4) (7) (12)S +6.75%12.14%04/01/2028209 183 205 0.04 
13,662 13,990 2.49 
Insurance Services
Foundation Risk Partners Corp.(4) (5) (7)S +6.00%11.49%10/29/202818,275 18,061 17,290 3.08 
Foundation Risk Partners Corp.(4) (5) (7)S +6.00%11.49%10/29/20283,975 3,931 3,760 0.67 
Foundation Risk Partners Corp.(4) (7) (12)S +6.75%11.87%10/29/2027— (20)(106)(0.02)
Galway Borrower, LLC(4) (5) (7)S +5.25%10.85%09/29/202815,896 15,647 15,408 2.74 
Galway Borrower, LLC(4) (7) (12)S +5.25%10.85%09/29/2028128 94 77 0.01 
Galway Borrower, LLC(4) (7) (12)S +5.25%10.85%09/30/2027— (13)(29)(0.01)
Higginbotham Insurance Agency, Inc.(4) (5) (6)S +5.50%10.92%11/25/20286,114 6,052 6,084 1.08 
Higginbotham Insurance Agency, Inc.(4) (6) (12)S +5.50%10.92%11/25/2028— (1)(1)— 
14
Table of March 31, 2021, the Company does not “control” anyContents
SL Investment Corp.
Consolidated Schedule of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person”Investments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
High Street Buyer, Inc.(4) (5) (7)S +6.00%11.54%04/14/20284,250 $4,189 $4,250 0.76 %
High Street Buyer, Inc.(4) (5) (7)S +6.00%11.54%04/14/202817,066 16,820 17,066 3.04 
High Street Buyer, Inc.(4) (7) (12)S +6.00%11.54%04/16/2027— (11)— — 
Integrity Marketing Acquisition, LLC(4) (5) (7)S +6.05%11.50%08/27/2026393 386 385 0.07 
Integrity Marketing Acquisition, LLC(4) (5) (7) (12)S +6.00%11.45%08/27/202631,767 31,506 31,131 5.54 
Integrity Marketing Acquisition, LLC(4) (5) (7) (12)S +6.00%11.45%08/27/202699 96 94 0.02 
Integrity Marketing Acquisition, LLC(4) (7) (12)S +6.50%11.95%08/27/2026— (2)(1)— 
Keystone Agency Investors(4) (5) (6)S +5.50%11.04%05/03/20272,621 2,591 2,573 0.46 
Keystone Agency Investors(4) (5) (6)S +5.50%11.04%05/03/20273,177 3,141 3,118 0.56 
Long Term Care Group, Inc.(4) (5) (7)S +7.00% (incl. 6.00% PIK)12.58%09/08/20272,015 1,985 1,674 0.30 
Oakbridge Insurance Agency, LLC(4) (5) (6)S +5.75%11.17%12/31/20261,074 1,060 1,062 0.19 
Oakbridge Insurance Agency, LLC(4) (6) (12)S +5.75%11.17%12/31/2026176 172 171 0.03 
Oakbridge Insurance Agency, LLC(4) (6) (12)S +5.75%11.17%12/31/202626 26 26 — 
Patriot Growth Insurance Services, LLC(4) (7) (12)S +5.75%11.27%10/16/2028441 433 432 0.08 
Peter C. Foy & Associates Insurance Services, LLC(4) (5) (7)S +6.00%11.43%11/01/20287,939 7,873 7,799 1.39 
Peter C. Foy & Associates Insurance Services, LLC(4) (5) (7) (12)S +6.00%11.43%11/01/20282,750 2,722 2,699 0.48 
Peter C. Foy & Associates Insurance Services, LLC(4) (7) (12)S +6.00%11.43%11/01/2027— (2)(6)— 
RSC Acquisition, Inc.(4) (5) (7)S +5.50%11.04%10/30/202610,455 10,384 10,305 1.84 
RSC Acquisition, Inc.(4) (7) (12)S +6.00%11.54%10/30/2026— — — — 
World Insurance Associates, LLC(4) (5) (6)S +6.75%12.14%04/03/202815,819 15,508 15,049 2.68 
World Insurance Associates, LLC(4) (5) (6)S +5.75%11.15%04/03/202811,594 11,412 11,014 1.96 
World Insurance Associates, LLC(4) (6) (12)S +5.75%11.15%04/03/2028— (10)(49)(0.01)
154,030 151,275 26.94 
Interactive Media & Services
FMG Suite Holdings, LLC(4) (5) (6)S +5.50%10.71%10/30/20269,267 9,138 9,148 1.63 
FMG Suite Holdings, LLC(4) (5) (6)S +5.50%10.71%10/30/20261,963 1,941 1,941 0.35 
FMG Suite Holdings, LLC(4) (5) (6) (12)S +5.50%10.71%10/30/2026383 371 372 0.07 
Spectrio, LLC(4) (5) (6)S +6.00%11.50%12/09/202611,233 11,120 10,725 1.91 
Spectrio, LLC(4) (5) (6)S +6.00%11.50%12/09/20264,508 4,492 4,304 0.77 
Spectrio, LLC(4) (6) (12)S +6.00%11.50%12/09/20261,309 1,295 1,250 0.22 
Triple Lift, Inc.(4) (5) (7)S +5.75%11.30%05/05/202811,730 11,574 10,843 1.93 
Triple Lift, Inc.(4) (7) (12)S +5.75%11.30%05/05/2028657 635 528 0.09 
40,566 39,111 6.97 
IT Services
Atlas Purchaser, Inc.(5) (7)S +5.25%10.88%05/08/20283,795 3,740 2,674 0.48 
Catalis Intermediate, Inc.(4) (5) (7)S +5.50%11.04%08/04/202716,910 16,616 15,405 2.74 
15
Table of a portfolio company if the Company owns 5% or moreContents
SL Investment Corp.
Consolidated Schedule of such portfolio company’s outstanding voting securities. AsInvestments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Catalis Intermediate, Inc.(4) (5) (7)S +5.50%11.04%08/04/20273,805 $3,747 $3,466 0.62 %
Catalis Intermediate, Inc.(4) (7) (12)S +5.50%11.04%08/04/2027626 597 464 0.08 
Donuts, Inc.(4) (5) (6)S +6.00%11.57%12/29/20279,420 9,337 9,383 1.67 
Redwood Services Group, LLC(4) (5) (7)S +6.00%11.75%06/15/20291,799 1,768 1,768 0.31 
Redwood Services Group, LLC(4) (7) (12)S +6.00%11.75%06/15/2029431 420 420 0.07 
Syntax Systems Ltd(4) (5) (7) (9)S +5.75%11.17%10/29/202815,078 14,961 14,750 2.63 
Syntax Systems Ltd(4) (7) (9) (12)S +5.75%11.17%10/29/2028— (29)(88)(0.02)
Syntax Systems Ltd(4) (7) (9) (12)S +5.75%11.17%10/29/20261,069 1,059 1,034 0.18 
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (6)S +6.50%12.10%01/22/20278,128 8,013 7,934 1.41 
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (6)S +6.00%11.60%01/22/20276,396 6,315 6,245 1.11 
Thrive Buyer, Inc. (Thrive Networks)(4) (12)P +5.00%13.50%01/22/2027227 219 211 0.04 
UpStack, Inc.(4) (5) (6)S +6.25%11.65%08/20/20273,554 3,492 3,465 0.62 
UpStack, Inc.(4) (5) (6) (12)S +6.25%11.65%08/20/20271,650 1,615 1,604 0.29 
UpStack, Inc.(4) (6) (12)S +6.25%11.65%08/20/2027— (7)(9)— 
71,863 68,726 12.24 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (6)S +5.00%10.65%11/16/202619,533 19,397 19,117 3.40 
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (6)S +5.00%10.65%11/16/20261,667 1,654 1,632 0.29 
GSM Acquisition Corp. (GSM Outdoors)(4) (6) (12)S +5.00%10.65%11/16/2026— (12)(35)(0.01)
21,039 20,714 3.69 
Machinery
Answer Acquisition, LLC(4) (5) (6)S +5.75%11.29%12/30/202612,773 12,594 12,547 2.23 
Answer Acquisition, LLC(4) (6) (12)S +5.75%11.29%12/30/2026520 507 502 0.09 
Chase Intermediate, LLC(4) (7) (12)S +5.25%11.00%10/30/2028— (7)(7)— 
Chase Intermediate, LLC(4) (7) (12)S +5.25%11.00%10/30/202812 11 11 — 
MHE Intermediate Holdings, LLC(4) (5) (6)S +6.00%11.52%07/21/202713,879 13,680 13,705 2.44 
MHE Intermediate Holdings, LLC(4) (5) (6)S +6.00%11.52%07/21/20271,578 1,556 1,557 0.28 
MHE Intermediate Holdings, LLC(4) (6) (12)S +6.00%11.52%07/21/2027579 565 564 0.10 
28,906 28,879 5.14 
Multi-Utilities
AWP Group Holdings, Inc(4) (5) (6)S +5.50%10.99%12/22/202915,145 14,724 14,724 2.62 
AWP Group Holdings, Inc(4) (6) (12)S +5.50%10.99%12/22/202915 (16)(16)— 
AWP Group Holdings, Inc(4) (6) (12)S +5.50%10.99%12/22/2029815 797 797 0.14 
Ground Penetrating Radar Systems, LLC(4) (5) (6)S +4.50%10.06%06/26/20264,383 4,335 4,334 0.77 
Ground Penetrating Radar Systems, LLC(4) (6) (12)S +4.50%10.06%06/26/2025394 388 386 0.07 
Vessco Midco Holdings, LLC(4) (5) (6)S +4.50%9.95%11/02/20265,388 5,358 5,388 0.96 
Vessco Midco Holdings, LLC(4) (5) (6)S +4.50%9.95%11/02/20263,511 3,492 3,511 0.63 
16
Table of March 31, 2021, the Company is not an “affiliated person”Contents
SL Investment Corp.
Consolidated Schedule of anyInvestments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Vessco Midco Holdings, LLC(4) (6) (12)S +4.50%9.95%11/02/2026— $(5)$— — %
29,073 29,124 5.19 
Pharmaceuticals
Caerus US 1, Inc.(4) (7) (9)S +5.75%11.14%05/25/20291,832 1,799 1,832 0.33 
Caerus US 1, Inc.(4) (7) (9) (12)S +5.75%11.14%05/25/2029118 115 118 0.02 
Caerus US 1, Inc.(4) (7) (9) (12)S +5.75%11.14%05/25/202951 48 51 0.01 
1,962 2,001 0.36 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(4) (5) (6)S +6.25%11.72%03/10/20277,918 7,804 7,918 1.41 
Abacus Data Holdings, Inc. (AbacusNext)(4) (6)S +6.25%11.72%03/10/2027829 824 829 0.15 
Abacus Data Holdings, Inc. (AbacusNext)(4) (6)S +6.25%11.72%03/10/2027600 592 600 0.11 
Bridgepointe Technologies, LLC(4) (6)S +6.50%12.04%12/31/20275,815 5,635 5,672 1.01 
Bridgepointe Technologies, LLC(4) (6) (12)S +6.50%12.04%12/31/20273,840 3,679 3,723 0.66 
Bullhorn, Inc.(4) (5) (6)S +5.75%11.24%09/30/2026179 177 177 0.03 
Bullhorn, Inc.(4) (6)S +5.75%11.24%09/30/202610 10 10 — 
Bullhorn, Inc.(4) (6) (12)S +5.75%11.24%09/30/2026— — — — 
Citrin Cooperman Advisors, LLC(4) (5) (7)S +5.75%10.79%10/01/20278,517 8,395 8,347 1.49 
Citrin Cooperman Advisors, LLC(4) (5) (7) (12)S +5.75%10.79%10/01/202711,419 11,233 11,148 1.99 
KENG Acquisition, Inc(4) (5) (6)S +6.25%11.64%08/01/2029192 173 175 0.03 
KENG Acquisition, Inc(4) (6) (12)S +6.25%11.64%08/01/2029— (2)(2)— 
KENG Acquisition, Inc(4) (6) (12)S +6.25%11.64%08/01/20296 5 5 — 
KWOR Acquisition, Inc.(4) (5) (6)S +5.25%10.67%12/22/2028869 859 853 0.15 
KWOR Acquisition, Inc.(4) (12)P +4.25%12.75%12/22/202767 66 65 0.01 
39,450 39,520 7.04 
Real Estate Management & Development
Associations, Inc.(4) (5) (6)S +6.50% (incl. 2.50% PIK)12.03%07/02/20277,101 7,056 6,995 1.25 
Associations, Inc.(4) (5) (6) (12)S +6.50% (incl. 2.50% PIK)12.03%07/02/20277,172 7,124 7,061 1.26 
Associations, Inc.(4) (6) (12)S +6.50% (incl. 2.50% PIK)12.03%07/02/2027— (5)(12)— 
MRI Software, LLC(4) (6)S +5.50%10.99%02/10/20262,583 2,576 2,561 0.46 
MRI Software, LLC(4) (6)S +5.50%10.99%02/10/2026625 621 620 0.11 
MRI Software, LLC(4) (6) (12)S +5.50%10.99%02/10/2026— — — — 
Pritchard Industries, LLC(4) (5) (7)S +5.50%11.09%10/13/202710,859 10,702 10,632 1.89 
Pritchard Industries, LLC(4) (7)S +5.50%11.09%10/13/20272,596 2,557 2,542 0.45 
Zarya Intermediate, LLC(4) (5) (6) (9)S +6.50%11.92%07/01/20279,533 9,533 9,533 1.70 
Zarya Intermediate, LLC(4) (6) (9) (12)S +6.50%11.92%07/01/2027421 421 421 0.07 
17
Table of its portfolio companies.Contents
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the London Interbank Offered Rate ( "LIBOR" or “L”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), 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 asSL Investment Corp.
Consolidated Schedule of March 31, 2021. AsInvestments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
$40,585 $40,353 7.19 %
Software
Alert Media, Inc.(4) (5) (6)S +7.75% (incl. 6.75% PIK)11.56%04/12/202716,256 16,077 15,927 2.84 
Alert Media, Inc.(4) (6)S +7.75% (incl 6.75% PIK)11.56%04/12/202710,000 9,879 9,796 1.74 
Alert Media, Inc.(4) (6) (12)S +6.25%11.66%04/10/2026— (11)(21)— 
Anaplan, Inc.(4) (5) (7)S +6.50%11.82%06/21/20294,125 4,056 4,125 0.73 
Appfire Technologies, LLC(4) (5) (6)S +5.50%11.02%03/09/20277,755 7,712 7,590 1.35 
Appfire Technologies, LLC(4) (6) (12)S +5.50%11.02%03/09/202752 50 46 0.01 
Appfire Technologies, LLC(4) (6) (12)S +5.50%11.02%03/09/2027— — (1)— 
CLEO Communications Holding, LLC(4) (5) (6)S +6.50%11.93%06/09/202717,142 17,026 16,827 3.00 
CLEO Communications Holding, LLC(4) (6) (12)S +6.50%11.93%06/09/2027— (33)(99)(0.02)
Coupa Holdings, LLC(4) (7)S +7.50%12.82%02/27/2030315 308 311 0.06 
Coupa Holdings, LLC(4) (7) (12)S +7.50%12.82%02/27/2030— (2)(2)— 
Coupa Holdings, LLC(4) (7) (12)S +7.50%12.82%02/27/2029— (3)(2)— 
Cyara AcquisitionCo, LLC(4) (6)S +6.75% (incl. 2.75% PIK)12.57%06/28/2029943 918 923 0.16 
Cyara AcquisitionCo, LLC(4) (6) (12)S +6.75% (incl. 2.75% PIK)12.57%06/28/2029— (2)(1)— 
E-Discovery AcquireCo, LLC(4) (5) (6)S +6.50%11.90%08/29/2029458 447 447 0.08 
E-Discovery AcquireCo, LLC(4) (6) (12)S +6.50%11.90%08/29/2029— (1)(1)— 
GS AcquisitionCo, Inc.(4) (5) (6)S +5.75%11.29%05/22/202628,417 28,274 28,352 5.05 
GS AcquisitionCo, Inc.(4) (6) (12)S +5.75%11.29%05/22/2026— (5)(2)— 
Gurobi Optimization, LLC(4) (5) (6)S +4.75%10.40%12/19/20234,330 4,327 4,330 0.77 
Gurobi Optimization, LLC(4) (6) (12)S +4.75%10.40%12/19/2023— — — — 
LegitScript, LLC(4) (5) (7)S +5.75%11.07%06/24/20294,162 4,090 4,091 0.73 
LegitScript, LLC(4) (7) (12)S +5.75%11.07%06/24/2029110 100 91 0.02 
LegitScript, LLC(4) (7) (12)S +5.75%11.07%06/24/2028156 146 145 0.03 
Montana Buyer, Inc.(4) (5) (7)S +5.75%11.07%07/22/20291,296 1,273 1,274 0.23 
Montana Buyer, Inc.(4) (7) (12)S +5.75%11.07%07/22/2028— (2)(2)— 
Netwrix Corporation And Concept Searching, Inc.(4) (5) (7)S +5.00%10.30%06/09/2029729 723 715 0.13 
Netwrix Corporation And Concept Searching, Inc.(4) (7) (12)S +5.00%10.30%06/09/2029— (1)(4)— 
Netwrix Corporation And Concept Searching, Inc.(4) (7) (12)S +5.00%10.30%06/09/202914 14 13 — 
Oak Purchaser, Inc.(4) (5) (7)S +5.50%10.97%04/28/2028931 923 908 0.16 
Oak Purchaser, Inc.(4) (7) (12)S +5.50%10.97%04/28/2028277 272 261 0.05 
Oak Purchaser, Inc.(4) (7) (12)S +5.50%10.97%04/28/2028— (1)(3)— 
Project Leopard Holdings, Inc.(5) (8) (9)S +5.25%10.72%07/20/20291,032 969 908 0.16 
18
Table of March 31, 2021, the reference rates for the Company's variable rate loans were the 1-month L at 0.11%, the 3-month L at 0.19% and the 6-month L at 0.21%.Contents
(3)The cost represents the original cost adjusted for the amortizationSL Investment Corp.
Consolidated Schedule of discounts and premiums, as applicable, on debt investments using the effective interest method.Investments (Unaudited)
(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 directionSeptember 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Pound Bidco, Inc.(4) (5) (6) (9)S +6.50%11.93%01/30/20262,132 $2,110 $2,132 0.38 %
Pound Bidco, Inc.(4) (5) (6) (9) (12)S +6.50%11.93%01/30/2026— (4)— — 
Pound Bidco, Inc.(4) (5) (6) (9)S +6.50%11.93%01/30/2026872 862 872 0.16 
Pound Bidco, Inc.(4) (6) (9) (12)S +6.50%11.93%01/30/2026— — — — 
Revalize, Inc.(4) (5) (6)S +5.75%11.30%04/15/20278,693 8,656 8,480 1.51 
Revalize, Inc.(4) (6) (12)S +5.75%11.30%04/15/20279 8 7 — 
Riskonnect Parent, LLC(4) (5) (7)S +5.50%11.04%12/07/2028165 162 164 0.03 
Riskonnect Parent, LLC(4) (7) (12)S +5.50%11.04%12/07/2028— (2)(1)— 
Securonix, Inc.(4) (5) (7)S +6.50%11.27%04/05/20289,004 8,878 8,739 1.56 
Securonix, Inc.(4) (7) (12)S +6.50%11.27%04/05/2028— (21)(48)(0.01)
Skykick, Inc.(4) (5) (6)S +7.25%12.84%09/01/20272,700 2,651 2,516 0.45 
Skykick, Inc.(4) (6)S +7.25%12.84%09/01/20271,035 1,015 965 0.17 
Trunk Acquisition, Inc.(4) (5) (6)S +5.75%11.29%02/19/20274,491 4,460 4,393 0.78 
Trunk Acquisition, Inc.(4) (6) (12)S +5.75%11.29%02/19/2026— (2)(9)— 
126,296 125,152 22.29 %
Total First Lien Debt$1,140,983 $1,129,830 201.23 %
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC(4) (5) (6)S +9.00%14.40%12/30/2027900 $878 $900 0.16 %
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(5) (8)S +7.00%12.43%03/02/20293,000 2,990 2,603 0.46 
Infinite Bidco, LLC(8)S +7.00%12.43%03/02/20291,500 1,500 1,301 0.23 
4,490 3,904 0.70 
Health Care Providers & Services
Heartland Veterinary Partners, LLC(4) (5) (6)S +8.00%13.42%12/10/2027360 354 351 0.06 
Heartland Veterinary Partners, LLC(4) (6)S +8.00%13.42%12/10/2027140 138 137 0.02 
492 488 0.09 
Industrial Conglomerates
Aptean, Inc.(5) (7)S +7.00%12.42%04/23/20271,050 1,050 976 0.17 
IT Services
Idera, Inc.(4) (5) (7)S +6.75%12.27%03/02/2029530 527 530 0.09 
Red Dawn SEI Buyer, Inc.(4) (5) (6)S +8.50%13.99%11/20/20261,000 985 993 0.18 
1,512 1,523 0.27 
Software
Flexera Software, LLC(4) (5) (6)S +7.00%12.43%03/03/20291,500 1,477 1,497 0.27 
Total Second Lien Debt$9,899 $9,288 1.65 %
19
Table of the boardContents
SL Investment Corp.
Consolidated Schedule of directorsInvestments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Other Securities
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(4) (10)16.25% PIK06/18/2026500 $500 $42 0.01 %
Fetch Insurance Services, LLC(4)12.75% (incl. 3.75% PIK)10/31/2027422 412 409 0.07 
Total Unsecured Debt$912 $451 0.08 %

Investments-non-controlled/non-affiliated(1)FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC(4) (11)12.25%06/24/20221,000,000 $1,143 $970 0.17 %
Integrity Marketing Acquisition, LLC(4) (11)10.50%12/21/2021750,000 889 885 0.16 
Revalize, Inc.(4) (6) (11)S +10.00%12/14/20211,787 2,080 2,162 0.39 
RSK Holdings, Inc. (Riskonnect)(4) (7) (11)S +10.50%07/07/2022320,600 360 372 0.07 
Skykick, Inc.(4) (11)08/31/202123,665 225 225 0.04 
Total Preferred Equity$4,697 $4,614 0.82 
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(4) (11)7/12/20215,196 $520 $482 0.09 %
BP Purchaser, LLC(4) (11)12/10/20211,383,156 1,378 1,529 0.27 
CSC Thrive Holdings, LP (Thrive Networks)(4) (11)3/1/202154,103 140 256 0.05 
Encore Holdings, LLC(4) (11)11/23/2021559 70 132 0.02 
Frisbee Holdings, LP (Fetch)(4) (11)10/31/20224,745 60 60 0.01 
GSM Equity Investors, LP (GSM Outdoors)(4) (11)11/16/2020500 50 74 0.01 
LUV Car Wash(4) (11)4/6/2022123 123 88 0.02 
PCX Holding Corp.(4) (11)4/22/20211,154 115 137 0.02 
Pritchard Industries, Inc.(4) (11)10/13/2021300,000 300 306 0.05 
Procure Acquiom Financial, LLC (Procure Analytics)(4) (11)12/20/2021500,000 500 620 0.11 
Reveal Data Solutions(4) (11)8/29/202312,308 16 16 — 
Shelby Co-invest, LP. (Spectrum Automotive)(4) (11)6/29/20211,500 150 238 0.04 
Surewerx Topco, LP(4) (9) (11)12/28/2022195 195 210 0.04 
Suveto Buyer, LLC(4) (9) (11)11/19/20213,398 340 317 0.06 
Total Common Equity$3,957 $4,465 0.80 %
Total Other Securities$9,566 $9,530 1.70 %
Total Portfolio Investments$1,160,448 $1,148,648 204.59 %
20
Table of the Company (the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.Contents
(5)The interest rate floor on these investments asSL Investment Corp.
Consolidated Schedule of March 31, 2021 was 1%.Investments (Unaudited)
(6)The interest rate floor on these investments as of March 31, 2021 was 0.5%.September 30, 2023
(7)The interest rate floor on these investments as of March 31, 2021 was 0.75%.(In thousands)
(8)Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined in Note 6). See Note 6 “Debt”.
(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 September 30, 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 September 30, 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 EURIBOR (“E”), LIBOR (“L” or “LIBOR”) or SOFR (“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 September 30, 2023. As of September 30, 2023, the reference rates for our variable rate loans were the 3-month E at 5.66%, 1-month L at 5.43%, 3-month L at 5.66%, the 6-month L at 5.90%, the reference rates for our SOFR-based loans were the 1-month S at 5.32%, 3-month S at 5.40% , and the P at 8.50%.
(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 (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 September 30, 2023 non-qualifying assets represented 6.25% of total assets as calculated in accordance with regulatory requirements.
(10)Investment was on non-accrual status as of September 30, 2023
(11)Securities exempt from registration under the Securities Act of 1933 and may be deemed to be “restricted securities”. As of September 30, 2023, the aggregate fair value of these securities is $9,079 or 1.62% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(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, 2021, non-qualifying assets represented 1% of total assets as calculated in accordance with regulatory requirements.
(10)Represents a senior unsecured note, which is subordinated to senior secured term loans of the portfolio company.
(11)(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, 2021:
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
Abacus Data Holdings, Inc.1.00 %Delayed Draw Term Loan09/10/20221,500 $(17)
Abacus Data Holdings, Inc.0.50 %Revolver03/10/2027600 (14)
AWP Group Holdings, Inc.1.00 %Delayed Draw Term Loan12/22/20221,579 — 
AWP Group Holdings, Inc.0.50 %Revolver12/22/20261,895 — 
Bearcat Buyer, Inc.1.00 %Delayed Draw Term Loan11/18/2022513 — 
Capstone Acquisition Holdings, Inc.1.00 %Delayed Draw Term Loan05/13/20221,013 — 
DCA Investment Holdings LLC0.00%Delayed Draw Term Loan03/12/20231,186 (9)
Government Brands LLC1.00 %Delayed Draw Term Loan01/08/20225,500 (91)
Government Brands LLC0.50 %Revolver07/09/2024625 (10)
Ground Penetrating Radar Systems LLC0.50 %Revolver06/26/2025563 (11)
GS AcquisitionCo, Inc.0.50 %Delayed Draw Term Loan10/17/20211,462 (15)
GS AcquisitionCo, Inc.0.50 %Delayed Draw Term Loan10/17/20212,283 (23)
GS AcquisitionCo, Inc.0.50 %Revolver05/24/2024254 (3)
GSM Acquisition Corp. (GSM Outdoors)1.00 %Delayed Draw Term Loan11/16/2022605 (6)
GSM Acquisition Corp. (GSM Outdoors)0.50 %Revolver11/16/20261,139 (11)
Gurobi Optimization LLC0.50 %Revolver12/19/2023536 — 
Higginbotham Insurance Agency, Inc.1.00 %Delayed Draw Term Loan11/25/20221,373 — 
High Street Insurance Partners, Inc.1.00 %Delayed Draw Term Loan03/03/20235,302 (78)
Integrity Marketing Acquisition LLC1.00 %Delayed Draw Term Loan02/07/202225,000 (363)
Jonathan Acquisition Company0.50 %Revolver12/22/20251,648 (1)
Lightspeed Buyer, Inc.1.00 %Delayed Draw Term Loan05/09/20223,125 — 
Mammoth Holdings LLC0.50 %Delayed Draw Term Loan09/23/20227,625 (76)
Mammoth Holdings LLC0.50 %Revolver10/16/2023408 (4)
MSM Acquisitions, Inc.1.00 %Delayed Draw Term Loan06/09/20221,625 — 
MSM Acquisitions, Inc.0.50 %Revolver12/09/20261,316 — 
Patriot Growth Insurance Services LLC0.75 %Delayed Draw Term Loan01/07/202312,500 (294)
Pound Bidco, Inc.0.50 %Revolver02/01/2026388 (7)
Propel Insurance Agency LLC1.00 %Delayed Draw Term Loan12/09/20221,291 — 
Sonny's Enterprises, Inc.1.00 %Delayed Draw Term Loan12/28/20212,344 — 
Stepping Stones Healthcare Services LLC1.00 %Delayed Draw Term Loan03/09/2023883 (13)
Stepping Stones Healthcare Services LLC0.50 %Revolver03/09/2026736 (11)
Sweep Purchaser LLC1.00 %Delayed Draw Term Loan02/12/2023750 (7)
Sweep Purchaser LLC1.00 %Delayed Draw Term Loan11/30/2022188 (3)
Sweep Purchaser LLC0.50 %Revolver11/30/2026469 (9)
Thrive Buyer, Inc.1.00 %Delayed Draw Term Loan01/22/20231,109 (22)
Thrive Buyer, Inc.0.50 %Revolver01/22/2027444 (9)
September 30, 2023:

Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLC0.50%Revolver12/23/2026$1,200 $— 
48Forty Solutions, LLC0.50%Revolver11/30/2026905 (17)
ARI Network Services, Inc.0.50%Revolver2/28/2025545 (5)
AWP Group Holdings, Inc1.00%Delayed Draw Term Loan8/1/2025294 (29)
AWP Group Holdings, Inc0.50%Revolver12/22/20291,197 (11)
Abracon Group Holdings, LLC1.00%Delayed Draw Term Loan7/6/2024140 (19)
Alert Media, Inc.0.50%Revolver4/10/20261,015 (21)
Answer Acquisition, LLC0.50%Revolver12/30/2026480 (8)
Appfire Technologies, LLC1.00%Delayed Draw Term Loan6/13/2024191 (4)
Appfire Technologies, LLC0.50%Revolver3/9/202728 (1)
Applitools, Inc.0.50%Revolver5/25/2028200 (6)
Assembly Intermediate, LLC1.00%Delayed Draw Term Loan10/21/2024978 (25)
Assembly Intermediate, LLC0.50%Revolver10/19/2027889 (22)
Associations, Inc.1.00%Delayed Draw Term Loan6/10/2024262 (4)
1121

SL Investment Corp
Consolidated Schedule of Investments (Continued)
March 31, 2021
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt (continued)
Valcourt Holdings II LLC1.00 %Delayed Draw Term Loan01/07/20232,303 (46)
Vessco Midco Holdings LLC1.00 %Delayed Draw Term Loan10/30/20221,840 — 
Vessco Midco Holdings LLC0.50 %Revolver10/18/2026537 — 
VRC Companies LLC0.75 %Delayed Draw Term Loan02/11/20221,560 (29)
World Insurance Associates LLC1.00 %Delayed Draw Term Loan06/23/20221,692 (34)
Total First Lien Debt Unfunded Commitments97,709 $(1,216)
Second Lien Debt
Infinite Bidco LLC1.00 %Delayed Draw Term Loan03/18/20221,500 $(4)
Total Second Lien Debt Unfunded Commitments1,500 (4)
Total Unfunded Commitments99,209 $(1,220)
12
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments (Continued)(Unaudited)
March 31, 2021September 30, 2023
(In thousands)

Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ Shares
Cost(3)
Fair ValuePercentage of Net Assets
First Lien Debt
Aerospace and Defense
Jonathan Acquisition Company(4) (5)L + 5.00%6.00%12/22/202012/22/202612,357$12,049 $12,049 15.57 %
Jonathan Acquisition Company(4) (5) (9)L + 5.00%6.00%12/22/202012/22/2025—(48)(48)(0.06)
12,001 12,001 15.51 
Auto Components
Sonny's Enterprises, Inc.(4) (5) (6)L + 7.00%8.00%12/28/202008/05/20261,8231,787 1,787 2.31 
Sonny's Enterprises, Inc.(4) (5) (9)L + 7.00%8.00%12/28/202008/05/2026—(89)(89)(0.11)
1,698 1,698 2.19 
Commercial Services & Supplies
Capstone Acquisition Holdings, Inc.(5) (6)L + 4.75%5.75%11/13/202011/12/20275,6535,598 5,691 7.35 
Capstone Acquisition Holdings, Inc.(5) (9)L + 4.75%5.75%11/13/202011/12/2027—(5)7 0.01 
Sweep Purchaser LLC(4) (5) (6)L + 5.75%6.75%11/30/202011/30/20262,9532,895 2,895 3.74 
Sweep Purchaser LLC(4) (5) (9)L + 5.75%6.75%11/30/202011/30/2026—(9)(9)(0.01)
Sweep Purchaser LLC(4) (5) (9)L + 5.75%6.75%11/30/202011/30/2026—(9)(9)(0.01)
Vessco Midco Holdings LLC(4) (5) (6)L + 4.50%5.50%10/30/202011/02/20265,5265,472 5,472 7.07 
Vessco Midco Holdings LLC(4) (5) (9)L + 4.50%5.50%10/30/202011/02/2026268233 233 0.30 
Vessco Midco Holdings LLC(4) (5) (9)L + 4.50%5.50%10/30/202010/18/2026—(9)(9)(0.01)
14,166 14,271 18.44 
Containers & Packaging
Brook and Whittle Holding Corp.(4) (5) (6)L + 6.00%7.00%10/27/202010/17/20244,3054,243 4,243 5.48 
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)(4) (5)L + 6.25%7.25%12/18/202012/18/20253,7503,675 3,675 4.75 
Health Care Providers & Services
Bearcat Buyer, Inc.(4) (5) (6)L + 4.75%5.75%11/18/202007/09/20266,9126,741 6,741 8.71 
Bearcat Buyer, Inc.(4) (5) (9)L + 4.75%5.75%11/18/202007/09/20261,4251,256 1,256 1.62 
7,997 7,997 10.33 
Health Care Technology
Lightspeed Buyer, Inc.(4) (5) (6)L + 5.50%6.50%11/09/202002/03/20263,1253,033 3,033 3.92 
Lightspeed Buyer, Inc.(4) (5) (9)L + 5.50%6.50%11/09/202002/03/2026—(61)(61)(0.08)
2,972 2,972 3.84 
Insurance
Higginbotham Insurance Agency, Inc.(4) (6) (7)L + 5.75%6.50%11/25/202011/25/20264,8774,805 4,805 6.21 
Higginbotham Insurance Agency, Inc.(4) (7) (9)L + 5.75%6.50%11/25/202011/25/2026—(10)(10)(0.01)
Propel Insurance Agency LLC(4) (5) (6)L + 5.00%6.00%12/09/202006/01/20246,1426,082 6,082 7.86 
Propel Insurance Agency LLC(4) (5) (9)L + 5.00%6.00%12/09/202006/01/2024—(6)(6)(0.01)
World Insurance Associates LLC(4) (5) (6)L + 5.50%6.50%12/23/202004/01/202611,91211,556 11,556 14.93 
World Insurance Associates LLC(4) (5) (9)L + 5.50%6.50%12/23/202004/01/2026—(46)(46)(0.06)
22,381 22,381 28.92 
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Associations, Inc.0.50%Revolver7/2/2027$797 $(12)
Atlas Us Finco, Inc.0.50%Revolver12/9/202878 (1)
Avalara, Inc.0.50%Revolver10/19/2028256 — 
Bridgepointe Technologies, LLC0.50%Delayed Draw Term Loan12/19/2023196 (6)
Bullhorn, Inc.0.50%Revolver9/30/20268 — 
CLEO Communications Holding, LLC0.50%Revolver6/9/20275,358 (99)
Caerus US 1, Inc.1.00%Delayed Draw Term Loan10/28/2024148 — 
Caerus US 1, Inc.0.25%Revolver5/25/2029143 — 
Catalis Intermediate, Inc.0.50%Revolver8/4/20271,191 (106)
Cerity Partners, LLC1.00%Delayed Draw Term Loan12/29/20231,915 — 
Chase Intermediate, LLC1.00%Delayed Draw Term Loan8/31/2025700 (7)
Chase Intermediate, LLC0.38%Revolver10/30/202823 (1)
Citrin Cooperman Advisors, LLC1.00%Delayed Draw Term Loan5/13/20242,152 (43)
Coupa Holdings, LLC1.00%Delayed Draw Term Loan8/27/2024151 (2)
Coupa Holdings, LLC0.50%Revolver2/27/2029116 (2)
Cyara AcquisitionCo, LLC0.50%Revolver6/28/202964 (1)
DCA Investment Holdings, LLC1.00%Delayed Draw Term Loan12/28/20234 — 
Dwyer Instruments, Inc.0.50%Delayed Draw Term Loan7/1/2024641 (14)
Dwyer Instruments, Inc.0.50%Revolver7/21/2027239 (5)
E-Discovery AcquireCo, LLC0.50%Revolver8/29/202942 (1)
Encore Holdings, LLC0.75%Delayed Draw Term Loan11/23/20246,341 — 
Encore Holdings, LLC0.50%Revolver11/23/20272,695 — 
Energy Labs Holdings Corp.0.50%Revolver4/7/202833 — 
FLS Holding, Inc.0.50%Revolver12/17/20271,442 (17)
FMG Suite Holdings, LLC0.38%Revolver10/30/2026611 (7)
FORTIS Solutions Group, LLC1.00%Delayed Draw Term Loan6/24/2024936 (1)
FORTIS Solutions Group, LLC0.50%Revolver10/15/20271,157 (1)
FPG Intermediate Holdco, LLC1.00%Delayed Draw Term Loan8/5/20242,500 (56)
Foundation Risk Partners Corp.0.38%Revolver10/29/20271,959 (106)
GC Waves Holdings, Inc.1.00%Delayed Draw Term Loan12/31/2024667 (16)
GC Waves Holdings, Inc.1.00%Delayed Draw Term Loan4/11/2024— — 
GC Waves Holdings, Inc.0.50%Revolver8/11/202833 (1)
GS AcquisitionCo, Inc.0.50%Revolver5/22/2026907 (2)
GSM Acquisition Corp. (GSM Outdoors)0.50%Revolver11/16/20261,633 (35)
Galway Borrower, LLC1.00%Delayed Draw Term Loan4/28/20243,264 (46)
Galway Borrower, LLC0.50%Revolver9/30/2027880 (29)
Gateway US Holdings, Inc.1.00%Delayed Draw Term Loan4/15/20246 — 
1322
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SL Investment Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Gateway US Holdings, Inc.0.50%Revolver9/22/2026$30 $— 
GraphPad Software, LLC0.50%Revolver4/27/2027375 (3)
Ground Penetrating Radar Systems, LLC0.50%Revolver6/26/2025309 (3)
Groundworks, LLC1.00%Delayed Draw Term Loan9/14/202419 — 
Groundworks, LLC0.50%Revolver3/14/20299 — 
Triple Lift, Inc.0.50%Revolver5/8/20281,057 (80)
Trunk Acquisition, Inc.0.50%Revolver2/19/2026429 (9)
Gurobi Optimization, LLC0.50%Revolver12/19/2023536 — 
Heartland Veterinary Partners, LLC0.50%Revolver12/10/2026779 (12)
Helios Service Partners, LLC1.00%Delayed Draw Term Loan2/7/2025459 (6)
Helios Service Partners, LLC0.50%Revolver3/19/202729 (1)
Higginbotham Insurance Agency, Inc.1.00%Delayed Draw Term Loan8/23/2025100 (1)
High Street Buyer, Inc.0.50%Revolver4/16/2027915 — 
Integrity Marketing Acquisition, LLC1.00%Delayed Draw Term Loan11/23/2024163 (3)
Integrity Marketing Acquisition, LLC1.00%Revolver8/27/202553 (1)
Intelerad Medical Systems Incorporated0.50%Revolver5/31/202819 (1)
Jonathan Acquisition Company0.50%Revolver12/22/2025686 (8)
KENG Acquisition, Inc1.00%Delayed Draw Term Loan8/1/2025146 (2)
KENG Acquisition, Inc0.50%Revolver8/1/202947 (1)
KPSKY Acquisition, Inc.1.00%Delayed Draw Term Loan6/17/2024520 (9)
KWOR Acquisition, Inc.0.50%Revolver12/22/202755 (1)
LUV Car Wash Group, LLC1.00%Delayed Draw Term Loan3/14/2024274 (1)
LegitScript, LLC1.00%Delayed Draw Term Loan6/24/20241,033 (18)
LegitScript, LLC0.50%Revolver6/24/2028495 (8)
Lightspeed Solution, LLC0.50%Delayed Draw Term Loan3/1/20241,095 (23)
MHE Intermediate Holdings, LLC0.50%Revolver7/21/2027493 (7)
MRI Software, LLC0.50%Revolver2/10/202616 — 
Magnolia Wash Holdings0.50%Revolver7/14/202832 (3)
Mammoth Holdings, LLC0.50%Revolver10/16/2024408 (2)
Mantech International CP0.50%Delayed Draw Term Loan9/16/20241,674 — 
Mantech International CP0.50%Revolver9/14/20281,600 — 
Montana Buyer, Inc.0.50%Revolver7/22/2028147 (2)
Netwrix Corporation And Concept Searching, Inc.1.00%Delayed Draw Term Loan6/10/2024208 (4)
Netwrix Corporation And Concept Searching, Inc.0.25%Revolver6/9/202943 (1)
Oak Purchaser, Inc.0.50%Delayed Draw Term Loan4/28/2024344 (8)
Oak Purchaser, Inc.0.50%Revolver4/28/2028124 (3)
Oakbridge Insurance Agency, LLC1.00%Delayed Draw Term Loan3/23/2024283 (3)
23
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Oakbridge Insurance Agency, LLC0.50%Revolver12/31/2026$29 $— 
Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan6/24/202428 — 
Omni Intermediate Holdings, LLC0.50%Revolver12/30/2025989 — 
PCX Holding Corp.0.50%Revolver4/22/2027423 (4)
PDFTron Systems, Inc.0.50%Revolver7/15/20261,650 (31)
PPV Intermediate Holdings, LLC1.00%Delayed Draw Term Loan8/31/20256,330 (31)
Pareto Health Intermediate Holdings, Inc.0.50%Revolver6/1/2029123 (1)
Patriot Growth Insurance Services, LLC0.75%Delayed Draw Term Loan7/8/2024237 (3)
Peter C. Foy & Associates Insurance Services, LLC1.00%Delayed Draw Term Loan10/19/2024300 (3)
Peter C. Foy & Associates Insurance Services, LLC0.50%Revolver11/1/2027347 (6)
Pound Bidco, Inc.0.50%Revolver1/30/2026388 — 
Procure Acquireco, Inc. (Procure Analytics)1.00%Delayed Draw Term Loan12/20/20233,175 (105)
Procure Acquireco, Inc. (Procure Analytics)0.50%Revolver12/20/2026952 (32)
Promptcare Infusion Buyer, Inc.1.00%Delayed Draw Term Loan10/31/2023417 (7)
Pound Bidco, Inc.—%Delayed Draw Term Loan12/31/202499 — 
RSC Acquisition, Inc.1.00%Delayed Draw Term Loan2/14/202433 (1)
Randy's Holdings, Inc.1.00%Delayed Draw Term Loan11/1/2024836 (6)
Randy's Holdings, Inc.0.50%Revolver11/1/2028238 (2)
Raptor Merger Sub Debt, LLC0.38%Revolver4/1/2028837 (4)
Redwood Services Group, LLC1.00%Delayed Draw Term Loan1/31/2025600 (6)
Revalize, Inc.0.50%Revolver4/15/202762 (2)
Riskonnect Parent, LLC1.00%Delayed Draw Term Loan7/7/2024177 (1)
RoadOne IntermodaLogistics1.00%Delayed Draw Term Loan6/30/2024112 (2)
RoadOne IntermodaLogistics0.50%Revolver12/29/2028118 (2)
Securonix, Inc.0.50%Revolver4/5/20281,621 (48)
Sherlock Buyer Corp.1.00%Delayed Draw Term Loan12/8/20235,392 (18)
Sherlock Buyer Corp.0.50%Revolver12/8/20272,157 (7)
Smarsh, Inc.1.00%Delayed Draw Term Loan2/18/2024536 (11)
Smarsh, Inc.0.50%Revolver2/16/2029268 (5)
Sonny's Enterprises, LLC1.00%Delayed Draw Term Loan11/5/2024255 — 
Sonny's Enterprises, LLC0.50%Revolver8/5/2027245 — 
Spectrio, LLC0.50%Revolver12/9/20263 — 
Spectrum Automotive Holdings Corp.1.00%Delayed Draw Term Loan6/29/2024495 (13)
Spectrum Automotive Holdings Corp.0.50%Revolver6/29/2027378 (10)
Spotless Brands, LLC0.50%Revolver7/25/202846 (1)
Stepping Stones Healthcare Services, LLC1.00%Delayed Draw Term Loan12/30/2023422 (7)
Stepping Stones Healthcare Services, LLC0.50%Revolver12/30/2026537 (9)
24
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Summit Buyer, LLC1.00%Delayed Draw Term Loan8/25/2025$227 $(3)
Summit Buyer, LLC0.50%Revolver1/14/2026818 (8)
Superman Holdings, LLC0.50%Delayed Draw Term Loan5/1/202595 (1)
Surewerx Purchaser III, Inc.1.00%Delayed Draw Term Loan6/28/2024428 — 
Surewerx Purchaser III, Inc.0.50%Revolver12/28/2028172 — 
Suveto0.50%Revolver9/9/2027482 (11)
Sweep Purchaser, LLC1.00%Delayed Draw Term Loan5/5/202491 (7)
Sweep Purchaser, LLC0.50%Revolver12/8/20239 (1)
Syntax Systems Ltd1.00%Delayed Draw Term Loan10/29/20234,010 (87)
Syntax Systems Ltd0.50%Revolver10/29/2026535 (12)
Tamarack Intermediate, LLC0.50%Revolver3/13/2028751 (34)
Thrive Buyer, Inc. (Thrive Networks)0.38%Revolver1/22/2027453 (11)
Trintech, Inc.0.50%Revolver7/25/2029918 (18)
Two Six Labs, LLC1.00%Delayed Draw Term Loan10/15/2023915 (9)
Two Six Labs, LLC0.50%Revolver8/20/2027915 (9)
UpStack, Inc.1.00%Delayed Draw Term Loan6/30/2025271 (5)
UpStack, Inc.0.50%Revolver8/20/2027375 (9)
V Global Holdings, LLC0.50%Revolver12/22/2025140 (3)
VRC Companies, LLC0.75%Delayed Draw Term Loan1/6/2024163 (1)
VRC Companies, LLC0.50%Revolver6/29/2027708 (3)
Vessco Midco Holdings, LLC0.50%Revolver10/18/2026895 — 
World Insurance Associates, LLC0.50%Revolver4/3/2028970 (49)
Zarya Intermediate, LLC0.50%Revolver7/1/2027561 — 
iCIMS, Inc.—%Delayed Draw Term Loan8/18/202843 — 
iCIMS, Inc.0.50%Revolver8/18/202815 — 
Total First Lien Debt Unfunded Commitments$108,429 $(1,672)
Total Unfunded Commitments$108,429 $(1,672)





The accompanying notes are an integral part of these unaudited consolidated financial statements.
25
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 20202022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ Shares
Cost(3)
Fair ValuePercentage of Net Assets
Interactive Media & Services
MSM Acquisitions, Inc.(4) (5) (6)L + 6.00%7.00%12/09/202012/09/20267,895$7,738 $7,738 10.00 %
MSM Acquisitions, Inc.(4) (5) (9)L + 6.00%7.00%12/09/202012/09/2026—(16)(16)(0.02)
MSM Acquisitions, Inc.(4) (5) (9)L + 6.00%7.00%12/09/202012/09/2026—(26)(26)(0.03)
7,696 7,696 9.94 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (6)L + 5.00%6.00%11/16/202011/16/20267,5957,483 7,483 9.67 
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (9)L + 5.00%6.00%11/16/202011/16/2026534516 516 0.67 
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (9)L + 5.00%6.00%11/16/202011/16/2026—(17)(17)(0.02)
7,982 7,982 10.31 
Multi-Utilities
AWP Group Holdings, Inc.(4) (5)L + 4.75%5.75%12/22/202012/22/20278,5268,399 8,399 10.85 
AWP Group Holdings, Inc.(4) (5) (9)L + 4.75%5.75%12/22/202012/22/2027—(12)(12)(0.02)
AWP Group Holdings, Inc.(4) (5) (9)L + 4.75%5.75%12/22/202012/22/2026—(28)(28)(0.04)
8,359 8,359 10.80 
Software
GS AcquisitionCo, Inc.(4) (5) (6)L + 5.75%6.75%10/27/202005/24/20247,8917,775 7,775 10.05 
GS AcquisitionCo, Inc.(4) (5) (9)L + 5.75%6.75%12/11/202005/24/20242,2832,221 2,221 2.87 
GS AcquisitionCo, Inc.(4) (5) (9)L + 5.75%6.75%12/11/202005/24/2024—(7)(7)(0.01)
Gurobi Optimization LLC(4) (5) (6)L + 5.25%6.25%11/12/202012/19/20234,4534,410 4,410 5.70 
Gurobi Optimization LLC(4) (5) (9)L + 5.25%6.25%11/12/202012/19/2023—(5)(5)(0.01)
14,394 14,394 18.60 
Total First Lien Debt$107,564 $107,669 139.11 %
Other Securities
Unsecured Debt
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(4) (8)N/A16.25% PIK12/18/202006/18/2026503$503 $503 0.65 %
Total Unsecured Debt503 503 0.65 
Common Equity
GSM Equity Investors, LP (GSM Outdoors)(4)50050 50 0.06 
Total Common Equity50 50 0.06 
Total Other Securities$553 $553 0.71
Total Portfolio Investments$108,117 $108,222 139.83 %
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar 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%12/22/202612,110 $11,896 $11,796 2.29 %
Jonathan Acquisition Company(4) (6) (12)L +5.00%9.73%12/22/20251,304 1,276 1,254 0.24 
Mantech International CP(4) (5) (7)S +5.75%9.58%09/14/202910,773 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%04/22/20277,814 7,754 7,558 1.46 
PCX Holding Corp.(4) (5) (6)L +6.25%10.98%04/22/20277,869 7,743 7,611 1.47 
PCX Holding Corp.(4) (6) (12)L +6.25%10.98%04/22/2027238 232 212 0.04 
Two Six Labs, LLC(4) (5) (7)S +5.50%10.08%08/20/20274,697 4,621 4,583 0.89 
Two Six Labs, LLC(4) (7) (12)S +5.50%10.08%08/20/2027908 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%06/11/20272,388 2,344 2,296 0.44 
Omni Intermediate Holdings, LLC(4) (5) (6)S +5.00%9.73%12/30/202614,571 14,451 13,954 2.70 
Omni Intermediate Holdings, LLC(4) (6) (12)S +5.00%9.73%12/30/2026654 638 587 0.11 
Omni Intermediate Holdings, LLC(4) (6)S +5.00%9.73%12/30/202677 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%12/30/2028635 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%12/30/202828 25 25 — 
18,136 17,493 3.39 
Automobile Components
Continental Battery Company(4) (5) (6)L +6.75%11.48%01/20/20276,188 6,083 5,904 1.14 
Randy's Holdings, Inc.(4) (5) (6)S +6.50%10.59%11/01/20282,509 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%11/01/202753 43 43 0.01 
Sonny's Enterprises, LLC(4) (5) (6)S +5.95%10.19%08/05/20265,004 4,929 4,792 0.93 
Sonny's Enterprises, LLC(4) (6)S +6.75%10.19%08/05/20269,120 8,981 8,733 1.69 
Sonny's Enterprises, LLC(4) (5) (6)S +6.75%10.19%08/05/20264,767 4,702 4,565 0.88 
Spectrum Automotive Holdings Corp.(4) (5) (7)L +5.75%10.48%06/29/202810,136 10,010 9,546 1.85 
Spectrum Automotive Holdings Corp.(4) (7) (12)L +5.75%10.48%06/29/20281,996 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 
1426
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 20202022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Automobiles
ARI Network Services, Inc.(4) (5) (7)S +5.50%9.92%02/28/20258,887 $8,777 $8,634 1.67 %
ARI Network Services, Inc.(4) (5) (7)S +5.50%9.92%02/28/20251,556 1,537 1,512 0.29 
ARI Network Services, Inc.(4) (7) (12)S +5.50%9.92%02/28/2025390 374 353 0.07 
Summit Buyer, LLC(4) (5) (6)L +5.75%10.13%01/14/20269,480 9,341 9,061 1.76 
Summit Buyer, LLC(4) (6) (12)L +5.75%10.13%01/14/202612,427 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%12/02/202516,260 16,036 15,675 3.04 
Turbo Buyer, Inc.(4) (5) (6)L +6.00%11.15%12/02/20251,488 1,465 1,435 0.28 
49,749 48,439 9.38 
Biotechnology
GraphPad Software, LLC(4) (5) (6)L +5.50%10.39%04/27/20276,410 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%12/22/20271,532 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%12/23/20267,406 7,305 7,239 1.40 
365 Retail Markets, LLC(4) (5) (6)L +4.75%8.45%12/23/20262,376 2,350 2,322 0.45 
365 Retail Markets, LLC(4) (6) (12)L +4.75%8.45%12/23/2026686 670 659 0.13 
Atlas Us Finco, Inc.(4) (5) (6) (9)S +7.25%11.48%12/09/2029840 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%07/29/20299,626 9,001 9,000 1.74 
Encore Holdings, LLC(4) (5) (7)L +4.50%9.23%11/23/20289,248 9,107 9,031 1.75 
Encore Holdings, LLC(4) (5) (7) (12)L +4.50%9.23%11/23/202810,570 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%12/15/202816,581 16,289 16,311 3.16 
FLS Holding, Inc.(4) (5) (6) (9)L +5.25%10.40%12/15/20283,605 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%07/15/202713,035 12,856 12,601 2.44 
PDFTron Systems, Inc.(4) (5) (6) (9)S +5.50%9.82%07/15/20274,200 4,130 4,060 0.79 
PDFTron Systems, Inc.(4) (6) (9) (12)S +5.50%9.82%07/15/20261,650 1,603 1,540 0.30 
Procure Acquireco, Inc. (Procure Analytics)(4) (5) (7)L +5.00%9.35%12/20/202815,714 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)
27
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
QW Holding Corporation(4) (5) (6)L +5.50%9.44%08/31/20263,299 $3,256 $3,176 0.62 %
QW Holding Corporation(4) (6) (12)L +5.50%9.44%08/31/2026686 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%12/08/202818,554 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%12/28/20296,656 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%12/28/202891 69 69 0.01 
Sweep Purchaser, LLC(4) (5) (6)L +5.75%10.47%11/30/20262,901 2,861 2,746 0.53 
Sweep Purchaser, LLC(4) (5) (6) (12)L +5.75%10.47%11/30/20261,978 1,948 1,867 0.36 
Sweep Purchaser, LLC(4) (6) (12)L +5.75%10.47%11/30/202684 78 59 0.01 
Tamarack Intermediate, LLC(4) (5) (7)S +5.75%9.23%03/13/20285,473 5,375 5,232 1.01 
Tamarack Intermediate, LLC(4) (7) (12)S +5.75%9.23%03/13/202891 76 52 0.01 
Valcourt Holdings II, LLC(4) (5) (6)S +5.25%9.98%01/07/202712,637 12,455 12,488 2.42 
Valcourt Holdings II, LLC(4) (6) (12)S +5.25%9.98%01/07/20271,913 1,881 1,886 0.37 
VRC Companies, LLC(4) (5) (7)S +5.53%10.43%06/29/202723,317 23,036 22,501 4.36 
VRC Companies, LLC(4) (5) (7)S +5.75%8.52%06/29/20274,493 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%10/19/202814,662 14,409 14,000 2.71 
KPSKY Acquisition, Inc.(4) (5) (7) (12)P +4.50%12.00%10/19/20281,912 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%12/11/202823,487 23,074 21,927 4.25 
Fortis Solutions Group, LLC(4) (5) (7)L +5.50%9.67%10/13/20288,222 8,081 7,955 1.54 
Fortis Solutions Group, LLC(4) (5) (7) (12)L +5.50%9.67%10/13/20283,373 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%10/15/2027154 135 117 0.02 
34,597 33,229 6.44 
Distributors
48Forty Solutions, LLC(4) (5) (6)S +5.55%9.76%11/30/20269,946 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%10/19/20282,336 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%11/01/202815,142 15,010 14,704 2.85 
28
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
PT Intermediate Holdings III, LLC(4) (5) (7)L +5.50%10.23%11/01/20288,425 $8,352 $8,181 1.58 %
Radwell Parent, LLC(4) (5) (7)S +6.75%11.33%04/01/202913,953 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%10/19/20278,889 8,740 8,548 1.66 
Assembly Intermediate, LLC(4) (6) (12)L +6.50%11.23%10/19/20271,244 1,215 1,159 0.22 
Assembly Intermediate, LLC(4) (6) (12)L +6.50%11.23%10/19/2027356 341 321 0.06 
FPG Intermediate Holdco, LLC(4) (6)S +6.50%10.92%03/05/2027837 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%12/15/20261,877 1,860 1,802 0.35 
Lightspeed Solution, LLC(4) (5) (7)S +6.50%10.82%03/01/20283,793 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%12/09/2026372 367 359 0.07 
LUV Car Wash Group, LLC(4) (5) (6)L +5.50%9.24%12/09/2026349 346 341 0.07 
Magnolia Wash Holdings(4) (5) (6)S +6.50%10.32%07/14/20281,690 1,658 1,619 0.31 
Magnolia Wash Holdings(4) (6)S +6.50%10.32%07/14/2028317 311 303 0.06 
Magnolia Wash Holdings(4) (6) (12)S +6.50%10.32%07/14/202839 38 36 0.01 
Mammoth Holdings, LLC(4) (5) (6)S +6.00%9.82%10/16/20233,443 3,432 3,443 0.67 
Mammoth Holdings, LLC(4) (5) (6)S +6.00%9.82%10/16/202315,415 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%07/25/20281,439 1,411 1,382 0.27 
Spotless Brands, LLC(4) (6)S +6.50%10.71%07/25/2028272 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%05/25/20291,477 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%12/29/20293,272 3,175 3,174 0.61 
Cerity Partners, LLC(4) (7) (12)S +6.75%11.32%12/29/2029172 23 23 — 
SitusAMC Holdings Corp.(4) (5) (7)L +5.50%10.23%12/22/20277,146 7,085 6,835 1.32 
Smarsh, Inc.(4) (5) (7)S +6.50%11.29%02/16/20294,286 4,208 4,126 0.80 
Smarsh, Inc.(4) (7) (12)S +6.50%11.29%02/16/2029536 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%07/06/20281,751 17191,661 0.32 
29
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar 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%07/21/20272,549 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%07/21/202750 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%12/18/20253,604 3,558 3,006 0.58 
Health Care Equipment & Supplies
Performance Health Holdings, Inc.(4) (5) (6)L +6.00%10.73%07/12/20274,028 3,963 3,838 0.74 
Health Care Providers & Services
DCA Investment Holdings, LLC(4) (5) (7)S +6.00%10.39%04/03/20284,737 4,681 4,666 0.90 
DCA Investment Holdings, LLC(4) (5) (7) (12)S +6.00%10.39%04/03/20281,129 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%09/22/2026750 744 736 0.14 
Gateway US Holdings, Inc.(4) (7) (9) (12)S +6.50%11.23%09/22/2026206 204 202 0.04 
Gateway US Holdings, Inc.(4) (7) (9) (12)S +6.50%11.23%09/22/202617 16 16 — 
Heartland Veterinary Partners, LLC(4) (5) (6)S +4.75%9.56%12/10/20263,875 3,844 3,763 0.73 
Heartland Veterinary Partners, LLC(4) (5) (6) (12)S +4.75%9.56%12/10/20266,167 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%08/18/20281,433 1,408 1,408 0.27 
Intelerad Medical Systems Incorporated(4) (6) (9)S +6.50%11.23%08/21/2026938 911 917 0.18 
Promptcare Infusion Buyer, Inc.(4) (5) (6)L +6.00%10.22%09/01/20273,888 3,825 3,753 0.73 
Promptcare Infusion Buyer, Inc.(4) (6) (12)L +6.00%10.22%09/01/2027378 364 329 0.06 
Southern Veterinary Partners, LLC(4) (5) (6)S +5.50%9.93%10/05/2027285 279 270 0.05 
Stepping Stones Healthcare Services, LLC(4) (5) (7)L +5.75%10.48%01/02/20294,342 4,284 4,111 0.80 
Stepping Stones Healthcare Services, LLC(4) (7) (12)L +5.75%10.48%01/02/2029511 501 444 0.09 
Stepping Stones Healthcare Services, LLC(4) (7) (12)P +4.75%12.25%12/30/2026450 442 417 0.08 
Suveto(4) (5) (7) (12)L +5.00%9.38%09/09/20274,731 4,686 4,483 0.87 
Suveto(4) (7) (12)L +5.00%9.38%09/09/2027347 340 327 0.06 
Vardiman Black Holdings, LLC(4) (5) (8)S +7.00%11.22%03/18/20272,274 2,255 2,151 0.42 
Vardiman Black Holdings, LLC(4) (8) (12)S +7.00%11.22%03/18/20272,605 2,581 2,458 0.48 
Vermont Aus Pty Ltd(4) (5) (7) (9)S +5.65%10.23%03/23/2028496 485 466 0.09 
39,048 37,913 7.34 
30
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Health Care Technology
Lightspeed Buyer, Inc.(4) (5) (6)L +5.50%9.98%02/03/20264,223 $4,147 $4,099 0.79 %
Lightspeed Buyer, Inc.(4) (5) (6)L +5.50%9.98%02/03/20263,078 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%10/29/202818,414 18,175 18,094 3.51 
Foundation Risk Partners Corp.(4) (5) (7)S +6.00%10.68%10/29/20284,005 3,955 3,935 0.76 
Foundation Risk Partners Corp.(4) (7) (12)S +6.00%10.68%10/29/2027807 783 773 0.15 
Galway Borrower, LLC(4) (5) (7)L +5.25%9.98%09/29/202812,119 11,920 11,597 2.25 
Galway Borrower, LLC(4) (7) (12)L +5.25%9.98%09/29/20281,428 1,390 1,348 0.26 
Galway Borrower, LLC(4) (7) (12)L +5.25%9.98%09/30/2027290 276 252 0.05 
Higginbotham Insurance Agency, Inc.(4) (5) (7)L +5.25%9.63%11/25/20266,161 6,096 5,996 1.16 
High Street Buyer, Inc.(4) (5) (7)L +6.00%10.73%04/14/20284,282 4,214 4,158 0.81 
High Street Buyer, Inc.(4) (5) (7)L +6.00%10.73%04/14/202817,196 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%08/27/202524,599 24,373 23,900 4.63 
Integrity Marketing Acquisition, LLC(4) (5) (7)L +6.05%10.81%08/27/20257,410 7,342 7,200 1.39 
Keystone Agency Investors(4) (5) (6)S +6.25%10.98%05/03/20272,641 2,606 2,606 0.50 
Keystone Agency Investors(4) (5) (6)S +6.25%10.98%05/03/20273,200 3,158 3,158 0.61 
Oakbridge Insurance Agency, LLC(4) (5) (6)S +5.75%10.17%12/31/20261,078 1,062 1,062 0.21 
Oakbridge Insurance Agency, LLC(4) (6) (12)S +5.75%10.17%12/31/202660 56 56 0.01 
Oakbridge Insurance Agency, LLC(4) (6) (12)S +5.75%10.17%12/31/202619 18 18 — 
Patriot Growth Insurance Services, LLC(4) (7) (12)L +5.75%10.47%10/16/202849 43 17 — 
Peter C. Foy & Associates Insurance Services, LLC(4) (5) (7)L +6.00%11.21%11/01/20287,698 7,629 7,325 1.42 
Peter C. Foy & Associates Insurance Services, LLC(4) (5) (7) (12)L +6.00%11.21%11/01/20282,679 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%10/30/20265,374 5,331 5,206 1.01 
RSC Acquisition, Inc.(4) (5) (7)S +5.50%10.11%10/30/20265,176 5,136 5,014 0.97 
World Insurance Associates, LLC(4) (5) (6)S +5.75%10.33%04/01/202614,934 14,657 14,467 2.80 
World Insurance Associates, LLC(4) (5) (6)S +5.75%10.33%04/01/202611,653 11,470 11,288 2.19 
World Insurance Associates, LLC(4) (6) (12)S +5.75%10.33%04/01/2026631 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%10/30/20269,512 9,372 9,308 1.80 
FMG Suite Holdings, LLC(4) (5) (6)S +5.50%9.34%10/30/20262,239 2,208 2,191 0.42 
FMG Suite Holdings, LLC(4) (5) (6) (12)S +5.50%9.34%10/30/2026236 221 212 0.04 
31
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
MSM Acquisitions, Inc.(4) (5) (6)L +6.00%10.75%12/09/202611,319 $11,183 $11,049 2.14 %
MSM Acquisitions, Inc.(4) (5) (6) (12)L +6.00%10.75%12/09/20264,536 4,442 4,187 0.81 
MSM Acquisitions, Inc.(4) (6) (12)L +6.00%10.75%12/09/2026612 594 580 0.11 
Triple Lift, Inc.(4) (5) (7)S +5.50%10.12%05/08/202811,820 11,629 11,213 2.17 
Triple Lift, Inc.(4) (7) (12)S +5.25%10.12%05/08/2028657 631 569 0.11 
40,280 39,309 7.61 
IT Services
Atlas Purchaser, Inc.(7)L +5.25%9.81%05/08/20283,824 3,762 2,668 0.52 
Donuts, Inc.(4) (5) (6)S +6.00%10.43%12/29/20276,125 6,036 5,970 1.16 
Donuts, Inc.(4) (5) (6)S +6.00%10.43%12/29/20273,368 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%08/04/202717,040 16,698 16,261 3.15 
Govbrands Intermediate, Inc.(4) (5) (7) (12)L +5.50%10.23%08/04/20273,844 3,750 3,586 0.69 
Govbrands Intermediate, Inc.(4) (7) (12)L +5.50%10.23%08/04/20271,634 1,600 1,551 0.30 
Long Term Care Group, Inc.(4) (5) (7)L +6.00%10.34%09/08/20271,985 1,950 1,907 0.37 
Redwood Services Group, LLC(4) (5) (7)S +6.00%10.68%06/15/20291,813 1,779 1,734 0.34 
Redwood Services Group, LLC(4) (7) (12)S +6.00%10.68%06/15/2029312 306 293 0.06 
Syntax Systems Ltd(4) (5) (7) (9)L +5.50%10.13%10/29/202815,194 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%10/29/20261,069 1,057 982 0.19 
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (6)L +6.00%10.73%01/22/20277,244 7,137 7,067 1.37 
Thrive Buyer, Inc. (Thrive Networks)(4) (5) (6)L +6.00%10.73%01/22/20276,447 6,347 6,290 1.22 
Thrive Buyer, Inc. (Thrive Networks)(4) (6) (12)P +5.00%12.50%01/22/202791 81 74 0.01 
UpStack, Inc.(4) (5) (6)L +5.75%10.32%08/20/20274,173 4,088 4,048 0.78 
UpStack, Inc.(4) (5) (6) (12)L +5.75%10.32%08/20/20271,411 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%11/16/202619,683 19,518 19,398 3.76 
GSM Acquisition Corp. (GSM Outdoors)(4) (5) (6)S +5.00%9.84%11/16/20261,680 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%12/30/202612,870 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%07/21/202712,307 12,110 11,943 2.31 
MHE Intermediate Holdings, LLC(4) (6)S +6.00%9.74%12/09/20251,678 1,644 1,644 0.32 
32
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
MHE Intermediate Holdings, LLC(4) (5) (6)S +6.00%9.74%07/21/20271,590 $1,564 $1,544 0.30 %
MHE Intermediate Holdings, LLC(4) (6) (12)S +6.00%9.74%07/21/2027150 134 118 0.02 
28,093 27,533 5.33 
Multi-Utilities
AWP Group Holdings, Inc.(4) (5) (6)L +4.75%9.38%12/22/202712,254 12,111 11,893 2.30 
AWP Group Holdings, Inc.(4) (5) (6)L +4.50%9.38%12/22/20271,575 1,555 1,529 0.30 
AWP Group Holdings, Inc.(4) (6) (12)L +4.75%9.38%12/22/2026647 629 592 0.11 
Ground Penetrating Radar Systems, LLC(4) (5) (6)S +4.75%9.39%06/26/20264,417 4,357 4,305 0.83 
Ground Penetrating Radar Systems, LLC(4) (6) (12)S +4.75%9.39%06/26/2025197 189 179 0.03 
Vessco Midco Holdings, LLC(4) (5) (6)L +4.50%8.88%11/02/20265,429 5,393 5,358 1.04 
Vessco Midco Holdings, LLC(4) (5) (6)L +4.50%8.88%11/02/20263,537 3,514 3,491 0.68 
Vessco Midco Holdings, LLC(4) (6) (12)P +3.50%11.00%10/18/2026358 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%04/07/2028388 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%04/07/202818 17 16 — 
399 390 0.08 
Pharmaceuticals
Caerus US 1, Inc.(4) (7) (9)S +5.75%9.83%05/25/20291,841 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%05/25/202948 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%03/10/20277,979 7,844 7,920 1.53 
Abacus Data Holdings, Inc. (AbacusNext)(4) (6)L +6.25%9.99%03/10/2027836 829 830 0.16 
Abacus Data Holdings, Inc. (AbacusNext)(4) (6) (12)L +6.25%9.99%03/10/2027300 290 296 0.06 
Bridgepointe Technologies, LLC(4) (6)S +6.50%11.23%12/31/20275,760 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%09/30/2026171 170 166 0.03 
Bullhorn, Inc.(4) (6)L +5.75%10.48%09/30/202619 19 19 — 
Bullhorn, Inc.(4) (6) (12)L +5.75%10.48%09/30/20264 4 3 — 
Citrin Cooperman Advisors, LLC(4) (5) (7)L +5.00%9.21%10/01/20278,582 8,441 8,326 1.61 
Citrin Cooperman Advisors, LLC(4) (5) (7)L +5.00%9.21%10/01/20279,444 9,247 9,037 1.75 
KWOR Acquisition, Inc.(4) (5) (7)L +5.25%9.63%12/22/2028876 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 
33
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SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar 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%07/02/20276,968 $6,915 $6,652 1.29 %
Associations, Inc.(4) (5) (6) (12)S +6.50% (incl. 2.50% PIK)10.36%07/02/20276,190 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%02/10/2026957 952 937 0.18 
MRI Software, LLC(4) (6) (12)L +5.50%10.23%02/10/2026461 457 420 0.08 
Pritchard Industries, LLC(4) (5) (7)L +5.50%10.54%10/13/202710,942 10,760 10,334 2.00 
Pritchard Industries, LLC(4) (7) (12)L +5.50%10.54%10/13/20272,320 2,278 2,174 0.42 
Zarya Intermediate, LLC(4) (5) (6) (9)S +6.50%10.90%07/01/20279,533 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%04/12/202716,000 15,797 15,467 3.00 
Alert Media, Inc.(4) (6)S +5.00%9.26%04/12/202710,000 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%06/21/20293,900 3,826 3,831 0.74 
Appfire Technologies, LLC(4) (5) (6)S +5.50%9.92%03/09/20276,255 6,225 6,018 1.17 
Appfire Technologies, LLC(4) (6) (12)S +5.50%9.92%03/09/20271,530 1,513 1,461 0.28 
Appfire Technologies, LLC(4) (6) (12)S +5.50%9.92%03/09/20272 1 1 — 
CLEO Communications Holding, LLC(4) (5) (6)L +6.50%10.74%06/09/202717,142 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%05/22/202628,301 28,125 27,628 5.35 
GS AcquisitionCo, Inc.(4) (6)L +5.75%9.92%05/22/2026337 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%12/19/20234,364 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%06/24/20294,392 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%06/24/202839 27 27 0.01 
Montana Buyer, Inc.(4) (5) (7)S +5.75%8.70%07/22/20291,306 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%06/11/2029614 608 581 0.11 
Netwrix Corporation And Concept Searching, Inc.(4) (7) (12)S +5.00%9.70%06/11/2029108 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%04/28/2028931 922 917 0.18 
34
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Oak Purchaser, Inc.(4) (7) (12)S +5.50%9.48%04/28/2028208 $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%01/30/20263,004 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%07/20/20291,040 971 943 0.18 
Revalize, Inc.(4) (5) (6)S +5.75%10.48%04/15/20278,638 8,590 8,235 1.60 
Revalize, Inc.(4) (6)S +5.75%10.48%04/15/2027121 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%12/07/2028141 138 135 0.03 
Riskonnect Parent, LLC(4) (7) (12)S +5.50%10.08%12/07/202825 23 17 — 
Securonix, Inc.(4) (5) (7)S +6.50%10.10%04/05/20289,004 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%09/01/20272,700 2,645 2,633 0.51 
Skykick, Inc.(4) (6) (12)L +7.25%11.00%09/01/2027630 612 602 0.12 
Trunk Acquisition, Inc.(4) (5) (6)L +5.50%10.23%02/19/20274,526 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 $1,061,160 205.45 %
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC(4) (5)(6)S +9.00%13.69%12/30/2027900 $875 $864 0.17 %
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(4) (5) (8)L +7.00%11.73%03/02/20293,000 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%12/10/2027360 354 330 0.06 
Heartland Veterinary Partners, LLC(4) (6) (12)S +8.00%12.81%12/10/2027132 129 120 0.02 
483 450 0.09 
Industrial Conglomerates
Aptean, Inc.L +7.00%11.74%04/23/20271,050 1,050 963 0.19 
IT Services
Idera, Inc.(4) (5) (7)L +6.75%10.50%03/02/2029530 527 497 0.10 
35
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)
FootnotesReference Rate and Spread
Interest Rate(2)
Maturity DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Red Dawn SEI Buyer, Inc.(4) (5) (6)L +8.50%12.67%11/20/20261,000 $982 $942 0.18 %
1,509 1,439 0.28 
Software
Flexera Software, LLC(4) (5) (6)L +7.00%11.39%03/03/20291,500 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% PIK06/18/2026500 $500 $124 0.02 %
Fetch Insurance Services, LLC(4)12.75% (incl. 3.75% PIK)10/31/2027411 398 398 0.08 
Total Other Debt$898 $522 0.10 %
36
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)FootnotesReference Rate and SpreadAcquisition DatePar Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC(4) (11)12.25%06/24/20221,000,000 $1,041 $1,024 0.20 %
Integrity Marketing Acquisition, LLC(4) (11)10.50%12/21/2021750,000 820 730 0.14 
Revalize, Inc.(4) (6) (11)S +10.00%12/14/20211,787 1,937 1,807 0.35 
Riskonnect Parent, LLC(4) (11)S +10.50%07/07/2022320,600 323 333 0.06 
Skykick, Inc.(4) (11)08/31/202123,665 225 170 0.03 
Total Preferred Equity$4,346 $4,064 0.79 %
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(4) (11)7/12/20215,196 $520 $387 0.07 %
BP Purchaser, LLC(4) (11)12/10/20211,233,333 1,233 1,468 0.28 
CSC Thrive Holdings, LP (Thrive Networks)(4) (11)3/1/202153,339 137 213 0.04 
Encore Holdings, LLC(4) (11)11/23/2021478 55 90 0.02 
Frisbee Holdings, LP (Fetch)(4) (11)10/31/20224,745 60 60 0.01 
GSM Equity Investors, LP (GSM Outdoors)(4) (11)11/16/2020500 50 102 0.02 
LUV Car Wash(4) (11)4/6/2022116 116 116 0.02 
PCX Holding Corp.(4) (11)4/22/20211,154 115 132 0.03 
Pritchard Industries, Inc.(4) (11)10/13/2021300,000 300 390 0.08 
Procure Acquiom Financial, LLC (Procure Analytics)(4) (11)12/20/2021500,000 500 690 0.13 
Shelby Co-invest, LP. (Spectrum Automotive)(4) (11)6/29/20211,500 150 211 0.04 
Surewerx Topco, LP(4) (9) (11)12/28/2022195 195 194 0.04 
Suveto Buyer, LLC(4) (9) (11)11/19/20213,000 300 346 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 $1,078,117 208.73 %

37
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. For the purpose of this Consolidated Schedule of Investments, the term “Company” shall include the Company and its consolidated subsidiary. 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 Company1940 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 such portfolio company'sits outstanding voting securities and/or held the power to exercise control over the management or policies of suchthe portfolio company. As of December 31, 2020,2022, 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 suchthe portfolio company’s outstanding voting securities. As of December 31, 2020,2022, 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 either LIBORLondon Interbank Offered Rate (“L”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, 2020.2022. 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, 2020,2022, the reference rates for our LIBOR-based loans were the Company's variable rate3-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 LS at 0.14%4.36% , the 3-month LS at 0.24%4.59%, 6-month S at 4.78% and the 6-month LP at 0.26%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)The interest rate floor of these investments as of December 31, 2020 was 1%.
(6)Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined in Note 6). See Note 6 “Debt”.
(7)(6)TheLoan includes interest rate floor of these investments1.00%.
(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, 2020 was 0.75%.2022.
(8)(11)Represents a senior unsecured note, which is subordinated to senior secured term loansSecurities exempt from registration under the Securities Act of the portfolio company.
(9)Position or portion thereof is an unfunded loan commitment,1933 as amended, 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 subjectdeemed 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 asbe “restricted securities”. As of December 31, 2020:2022, 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.
(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 December 31, 2022:
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLC0.50%Revolver12/23/2026$514 $(12)
48Forty Solutions, LLC0.50%Revolver11/30/20261,508 (77)
ARI Network Services, Inc.0.50%Revolver02/28/2025909 (26)
AWP Group Holdings, Inc.0.50%Revolver12/22/20261,247 (37)
Abacus Data Holdings, Inc. (AbacusNext)0.50%Revolver03/10/2027300 (2)
Abracon Group Holdings, LLC1.00%Delayed Draw Term Loan07/06/2024317 (16)
Abracon Group Holdings, LLC0.50%Revolver07/06/2028127 (7)
Alert Media, Inc.0.50%Revolver04/10/2026750 (25)
Answer Acquisition, LLC0.50%Revolver12/30/20261,000 (42)
Appfire Technologies, LLC0.50%Delayed Draw Term Loan06/13/2024277 (11)
Appfire Technologies, LLC0.50%Revolver03/09/202726 (1)
Applitools, Inc.0.50%Revolver05/25/2028200 (3)
Assembly Intermediate, LLC1.00%Delayed Draw Term Loan10/19/2023978 (38)
Assembly Intermediate, LLC0.50%Revolver10/19/2027533 (20)
15
38
Table of Contents
SL Investment Corp.
Consolidated Schedule of Investments
December 31, 20202022
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
AWP Group Holdings, Inc.1.00%Delayed Draw Term Loan12/22/20221,579 $(12)
AWP Group Holdings, Inc.0.50%Revolver12/22/20261,895 (28)
Bearcat Buyer, Inc.1.00%Delayed Draw Term Loan11/18/20225,413 (133)
Capstone Acquisition Holdings, Inc.1.00%Delayed Draw Term Loan11/13/20221,013 7 
GS AcquisitionCo, Inc.0.50%Delayed Draw Term Loan10/27/20213,744 (36)
GS AcquisitionCo, Inc.0.50%Revolver05/24/2024457 (7)
GSM Acquisition Corp.1.00%Delayed Draw Term Loan11/16/2022732 (11)
GSM Acquisition Corp.0.50%Revolver11/16/20261,139 (17)
Gurobi Optimization LLC0.50%Revolver12/19/2023536 (5)
Higginbotham Insurance Agency, Inc.1.00%Delayed Draw Term Loan11/25/20221,373 (10)
Jonathan Acquisition Company0.50%Revolver12/22/20251,922 (48)
Lightspeed Buyer, Inc.1.00%Delayed Draw Term Loan05/09/20223,125 (61)
MSM Acquisitions, Inc.0.00%Delayed Draw Term Loan06/09/20223,289 (16)
MSM Acquisitions, Inc.0.00%Revolver12/09/20261,316 (26)
Propel Insurance Agency LLC1.00%Delayed Draw Term Loan12/09/20221,291 (6)
Sonny's Enterprises, Inc.1.00%Delayed Draw Term Loan12/28/20214,427 (88)
Sweep Purchaser LLC0.00%Delayed Draw Term Loan11/30/2022938 (9)
Sweep Purchaser LLC0.50%Revolver11/30/2026469 (9)
Vessco Midco Holdings LLC1.00%Delayed Draw Term Loan10/30/20223,311 (32)
Vessco Midco Holdings LLC0.50%Revolver10/18/2026895 (9)
World Insurance Associates LLC0.50%Delayed Draw Term Loan06/23/20223,088 (46)
Total First Lien Debt Unfunded Commitments41,952 $(602)
Total Unfunded Commitments41,952 $(602)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Associations, Inc.1.00%Delayed Draw Term Loan06/10/2024$1,109 $(50)
Associations, Inc.0.50%Revolver07/02/2027797 (36)
Atlas Us Finco, Inc.0.50%Revolver12/09/202878 (2)
Avalara, Inc.0.50%Revolver10/19/2028234 (6)
Bridgepointe Technologies, LLC0.50%Delayed Draw Term Loan09/23/20243,840 (153)
Bullhorn, Inc.0.50%Revolver09/30/20264 — 
CLEO Communications Holding, LLC0.50%Revolver06/09/20275,358 (191)
Caerus US 1, Inc.—%Delayed Draw Term Loan10/31/2024266 (3)
Caerus US 1, Inc.0.50%Revolver05/25/2029145 (3)
Cerity Partners, LLC1.00%Delayed Draw Term Loan12/30/20234,823 (145)
Citrin Cooperman Advisors, LLC1.00%Delayed Draw Term Loan05/13/20244,206 (125)
DCA Investment Holdings, LLC1.00%Delayed Draw Term Loan03/02/2023389 (6)
Donuts, Inc.0.25%Delayed Draw Term Loan08/14/20231,583 (40)
Dwyer Instruments, Inc.1.00%Delayed Draw Term Loan07/01/2024641 (29)
Dwyer Instruments, Inc.0.50%Revolver07/21/2027271 (12)
Encore Holdings, LLC0.75%Delayed Draw Term Loan11/23/20247,347 (173)
Encore Holdings, LLC0.50%Revolver11/23/20272,695 (63)
Energy Labs Holdings Corp.1.00%Delayed Draw Term Loan04/13/202347 (1)
Energy Labs Holdings Corp.0.50%Revolver04/07/202845 (1)
FLS Holding, Inc.0.50%Revolver12/17/20271,442 (24)
FMG Suite Holdings, LLC0.50%Revolver10/30/2026889 (19)
FPG Intermediate Holdco, LLC0.50%Delayed Draw Term Loan08/05/20242,500 (125)
Fortis Solutions Group, LLC0.50%Delayed Draw Term Loan06/24/20241,000 (33)
Fortis Solutions Group, LLC0.50%Revolver10/15/20271,002 (33)
Foundation Risk Partners Corp.0.38%Revolver10/29/20271,152 (20)
GS AcquisitionCo, Inc.0.50%Revolver05/22/2026907 (22)
GSM Acquisition Corp. (GSM Outdoors)0.50%Revolver11/16/20261,633 (24)
Galway Borrower, LLC1.00%Delayed Draw Term Loan09/30/2023418 (18)
Galway Borrower, LLC0.50%Revolver09/30/2027589 (25)
Gateway US Holdings, Inc.1.00%Delayed Draw Term Loan04/15/20246 — 
Gateway US Holdings, Inc.0.50%Revolver09/22/202414 — 
Govbrands Intermediate, Inc.1.00%Delayed Draw Term Loan08/04/20231,794 (82)
Govbrands Intermediate, Inc.0.50%Revolver08/04/2027182 (8)
GraphPad Software, LLC0.50%Revolver04/27/2027750 (25)
Ground Penetrating Radar Systems, LLC0.50%Revolver06/26/2025506 (13)
Gurobi Optimization, LLC0.50%Revolver12/19/2023536 — 
Heartland Home Services0.75%Delayed Draw Term Loan08/10/2023612 (18)
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SL Investment Corp.
Consolidated Schedule of Investments
December 31, 20202022
(In thousands)

Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Heartland Veterinary Partners, LLC1.00%Delayed Draw Term Loan11/17/2023$2,606 $(76)
Heartland Veterinary Partners, LLC0.50%Revolver12/10/2026779 (23)
High Street Buyer, Inc.0.50%Revolver04/16/2027915 (27)
Jonathan Acquisition Company0.50%Revolver12/22/2025618 (16)
KPSKY Acquisition, Inc.1.00%Delayed Draw Term Loan06/17/20241,575 (71)
KWOR Acquisition, Inc.0.50%Revolver12/22/2027122 (6)
LUV Car Wash Group, LLC1.00%Delayed Draw Term Loan03/14/2024257 (5)
LegitScript1.00%Delayed Draw Term Loan06/24/20241,196 (11)
LegitScript0.50%Revolver06/24/2028612 (11)
Lightspeed Buyer, Inc.1.00%Delayed Draw Term Loan02/28/20231,350 (39)
Lightspeed Solution, LLC0.50%Delayed Draw Term Loan03/01/20241,220 (45)
MHE Intermediate Holdings, LLC0.50%Revolver07/21/2027921 (27)
MRI Software, LLC0.50%Delayed Draw Term Loan08/16/20231,576 (32)
Magnolia Wash Holdings0.50%Revolver07/14/202832 (1)
Mammoth Holdings, LLC0.50%Revolver10/16/2023408 — 
Mantech International CP0.50%Delayed Draw Term Loan09/14/20242,600 (67)
Mantech International CP0.50%Revolver09/14/20281,600 (41)
Montana Buyer, Inc.0.50%Revolver07/22/2028147 (5)
Netwrix Corporation And Concept Searching, Inc.0.50%Delayed Draw Term Loan06/09/2024220 (12)
Netwrix Corporation And Concept Searching, Inc.0.50%Revolver06/11/202957 (3)
Oak Purchaser, Inc.0.50%Delayed Draw Term Loan04/28/2024412 (6)
Oak Purchaser, Inc.0.50%Revolver04/28/2028124 (2)
Oakbridge Insurance Agency, LLC1.00%Delayed Draw Term Loan03/31/2024399 (4)
Oakbridge Insurance Agency, LLC0.50%Revolver12/31/202636 — 
Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan06/24/2024941 (39)
Omni Intermediate Holdings, LLC0.50%Revolver12/30/20251,318 (56)
PCX Holding Corp.0.50%Revolver04/22/2027555 (18)
PDFTron Systems, Inc.0.50%Revolver07/15/20261,650 (55)
Patriot Growth Insurance Services, LLC0.75%Delayed Draw Term Loan07/08/2024632 (29)
Peter C. Foy & Associates Insurance Services, LLC1.00%Delayed Draw Term Loan12/14/202391 (4)
Peter C. Foy & Associates Insurance Services, LLC0.50%Revolver11/01/2027347 (17)
Pound Bidco, Inc.0.50%Revolver01/30/2026388 (2)
Pritchard Industries, LLC1.00%Delayed Draw Term Loan10/13/2023296 (16)
Procure Acquireco, Inc. (Procure Analytics)1.00%Delayed Draw Term Loan02/20/20233,175 (140)
Procure Acquireco, Inc. (Procure Analytics)0.50%Revolver12/01/2026952 (42)
Promptcare Infusion Buyer, Inc.1.00%Delayed Draw Term Loan09/01/20231,042 (36)
QW Holding Corporation1.00%Delayed Draw Term Loan08/31/2026146 (5)
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SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
QW Holding Corporation0.50%Revolver08/31/2026$833 $(31)
Randy's Holdings, Inc.1.00%Delayed Draw Term Loan11/01/2024836 (12)
Randy's Holdings, Inc.0.50%Revolver10/31/2027282 (8)
Radwell Parent, LLC0.38%Revolver04/01/20281,047 (30)
Redwood Services Group, LLC1.00%Delayed Draw Term Loan12/22/2023121 (5)
Revalize, Inc.0.50%Revolver04/15/202771 (3)
Riskonnect Parent, LLC0.50%Delayed Draw Term Loan07/07/2024177 (7)
RoadOne IntermodaLogistics1.00%Delayed Draw Term Loan06/30/2024162 (2)
RoadOne IntermodaLogistics0.50%Revolver12/30/202897 (3)
Securonix, Inc.0.50%Revolver04/05/20281,621 (59)
Sherlock Buyer Corp.1.00%Delayed Draw Term Loan02/08/20235,392 (119)
Sherlock Buyer Corp.0.50%Revolver12/08/20272,157 (48)
Skykick, Inc.1.00%Delayed Draw Term Loan03/01/2023495 (12)
Smarsh, Inc.1.00%Delayed Draw Term Loan02/18/2024536 (20)
Smarsh, Inc.0.50%Revolver02/16/2029268 (10)
Spectrio, LLC1.00%Delayed Draw Term Loan01/30/202310,045 (240)
Spectrio, LLC0.50%Revolver12/09/2026704 (17)
Spectrum Automotive Holdings Corp.1.00%Delayed Draw Term Loan06/29/2023821 (48)
Spectrum Automotive Holdings Corp.0.50%Revolver06/29/2027378 (22)
Spotless Brands, LLC0.50%Revolver07/25/202846 (2)
Stepping Stones Healthcare Services, LLC1.00%Delayed Draw Term Loan01/14/2024738 (39)
Stepping Stones Healthcare Services, LLC0.50%Revolver12/30/2026175 (9)
Summit Buyer, LLC1.00%Delayed Draw Term Loan06/23/20231,416 (63)
Summit Buyer, LLC0.50%Revolver01/14/20261,037 (46)
Surewerx Purchaser III, Inc.1.00%Delayed Draw Term Loan06/27/20241,368 (27)
Surewerx Purchaser III, Inc.0.50%Revolver12/28/2028638 (19)
Suveto1.00%Delayed Draw Term Loan09/09/20232,178 (78)
Suveto0.50%Revolver09/09/2027208 (8)
Sweep Purchaser, LLC1.00%Delayed Draw Term Loan05/05/202491 (5)
Sweep Purchaser, LLC0.50%Revolver11/30/2026384 (21)
Syntax Systems Ltd1.00%Delayed Draw Term Loan10/29/20234,010 (219)
Syntax Systems Ltd0.50%Revolver10/29/2026535 (29)
Tamarack Intermediate, LLC0.50%Revolver03/13/2028809 (36)
Thrive Buyer, Inc. (Thrive Networks)0.50%Revolver01/22/2027589 (14)
Triple Lift, Inc.0.25%Revolver05/08/20281,057 (54)
Trunk Acquisition, Inc.0.50%Revolver02/19/2026429 (20)
Two Six Labs, LLC0.50%Delayed Draw Term Loan08/20/2023915 (22)
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SL Investment Corp.
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Two Six Labs, LLC1.00%Revolver08/20/2027$915 $(22)
UpStack, Inc.1.00%Delayed Draw Term Loan08/26/2023450 (14)
UpStack, Inc.0.50%Revolver08/20/2027375 (11)
V Global Holdings, LLC0.50%Revolver12/22/2025210 (10)
VRC Companies, LLC0.75%Delayed Draw Term Loan01/06/20241,917 (67)
VRC Companies, LLC0.50%Revolver06/29/2027708 (25)
Valcourt Holdings II, LLC1.00%Delayed Draw Term Loan01/07/2023374 (4)
Vardiman Black Holdings, LLC1.25%Delayed Draw Term Loan03/18/202495 (5)
Vessco Midco Holdings, LLC0.50%Revolver10/18/2026537 (7)
World Insurance Associates, LLC0.50%Revolver04/01/2026340 (11)
Zarya Intermediate, LLC0.50%Revolver07/01/2027983 (2)
Total First Lien Debt Unfunded Commitments$139,381 $(4,419)
Second Lien Debt
Heartland Veterinary Partners, LLC0.50%Delayed Draw Term Loan11/17/2023$8 $(1)
Infinite Bidco, LLC1.00%Delayed Draw Term Loan03/14/20231,500 (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
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SL Investment Corp.
Notes to Consolidated Financial Statements
September 30, 2023
(In thousands, except shares and per share amounts)





(1)Organization


SL Investment Corp. (together with its consolidated subsidiary, the(the “Company”) is a Delaware corporation formed on August 24, 2020 structured as annon-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, Act, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to electhas 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 (the “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 September 24, 2020, the then sole stockholder approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the 1940 Act to the Company, effective as of September 25, 2020. As a result of the stockholder approval, effective September 25, 2020, the asset coverage ratio decreased to 150% from 200%, so long as the Company meets certain disclosure requirements under the 1940 Act.

The Company commenced investment operations in October 2020. 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 financial sponsors.

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 of 1933, as amended (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"“plan assets” for purposes of ERISA.

The Company is conductinghas 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.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.

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of September 30, 2023, the Company's wholly-owned subsidiaries were formed as Delaware limited liability companies and included: SLIC Financing SPV LLC (“Financing SPV”), SLIC SPV”CA SPV LLC (“SLIC CA”) is a wholly owned subsidiary ofand SLIC Equity Holdings LLC (“SLIC Equity Holdings,” and collectively with Financing SPV and SLIC CA, the “subsidiaries”). The Company that was formed as a Delaware limited liability company on November 4, 2020. SLIC SPV expects to hold investments in first and second lien senior secured loans. SLIC SPV is consolidatedconsolidates its wholly-owned subsidiaries in these consolidated financial statements commencing from the date of itsthe 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
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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)

reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The carrying value for all assets and liabilities approximates their fair value.


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, 2021. All intercompany balances2023.
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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 transactions have been eliminated.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 resultsaccounts of the Company’s wholly-owned subsidiary.

As of March 31, 2021,subsidiaries in the Company's consolidated subsidiary was SLIC SPV.

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.
Investments

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. See
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 further information aboutthe Company’s framework for determining fair value, measurements.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
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respective securityinvestment using the effective interest method. The amortized cost of debt investments represents the original

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
cost, 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 security,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 loansdebt 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 interestPIK income inon the Consolidated StatementStatements 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 interestPIK income. To maintain the Company’s status as a RIC, thisThis non-cash source of income is included when determining what must be paid out to stockholders in the form of dividends,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.

Realized Gains/Losses

Realized gains or losses on investments 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.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed below.incurred. 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.preferred stock issuance date, respectively. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous Private Offeringsprivate offerings of its Common Stock, and issuance of its Series A Preferred Stock.
Expenses

The Company is responsible for investment expenses, legal expenses, auditingprofessional fees and other general and administrative expenses related to the Company’s operations. The Company pays MS Private Credit Administrative Services LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator dated February 1, 2021 (the “Administration Agreement”). Such fees and expenses, including expenses incurred by MS Capital Partnersthe Adviser Inc., (the “Investment Adviser”) on behalf of the Company, will beare reimbursed by the Company, subject to contractual thresholds.

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
Company.
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 feeBase Management Fee is recorded inon the Consolidated StatementStatements of Operations.
Deferred Financing Costs

Deferred financing costs representThe Company records upfront fees, legal and other direct incremental costs incurred in connection with the Company’s borrowings.issuance of the revolving debt facility as Deferred Financing Costs. These costs are deferred and will be amortized over the life of the related borrowingsrevolving credit facility using the straight-line method. Deferred financing costs related to the revolving credit facilitiesfacility 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.
Income Taxes

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The Company intends to electhas 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. SLIC SPV is a disregarded entity for tax purposes and is consolidated with the tax return of the Company.

For the three and nine months ended March 31, 2021,September 30, 2023, the Company incurred $317accrued $0 and $23 of U.S. federal excise tax (dollar amount in actual).taxes. For the three and nine months ended September 30, 2022, the Company did not accrue any U.S. federal excise taxes.
New Accounting Standards


In March 2020,The Company considers the FASBapplicability and impact of all accounting standard updates (“ASU”) issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation ofby the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationshipsFASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or other transactions that reference the London Interbank Offered Rate ("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. The optional relief can be applied beginning January 1, 2020 and ending December 31, 2022. We plan to apply the accounting relief as relevant contract relationship modifications are made during the course of the reference rate reform transition period.

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)

Other than the accounting guidance described above, management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effectminimal impact on the Company'sits consolidated financial statements.
(3)Related Party Transactions
Investment Advisory Agreement


On February 1, 2021, the Company entered into an amended and restated investment advisory agreement (the “Restated Advisory Agreement”) with the Investment Adviser, which amended and restated the Company's initial investment advisory agreement (the “Investment Advisory Agreement”) to clarify that the Company may be subject to provisions of ERISA, during all periods when the Company’s assets are treated as “plan assets” for purposes of ERISA. No material terms changed in the Restated Advisory Agreement as compared to the Investment Advisory Agreement entered into on September 24, 2020, includingwith the Base Management Fee (as defined below).

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 2023. The Company pays the Investment Adviser a feeBase Management Fee for its services under the RestatedInvestment Advisory Agreement (the "Base Management Fee").Agreement. The cost of the Base Management Fee willis ultimately be borne by holders of the Common Stock. As a part of the RestatedInvestment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company'sCompany’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'sCompany’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 Investment Adviser will not receive any feesBase Management Fee is payable quarterly in arrears, and no management fee is charged on unusedcommitted but undrawn capital commitments.

For the three and nine months ended March 31, 2021, $55September 30, 2023, $356 and $1,040 respectively, of Base Management Fee was accrued to the Investment Adviser.

For the three and nine months ended September 30, 2022, $301 and $844 respectively, of Base Management Fee was accrued to the Investment Adviser. As of March 31, 2021September 30, 2023 and December 31, 2020, $552022, $356 and $27,$325, respectively, waswere payable to the Investment Adviser relating to Base Management Fees.

Administration Agreement

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MS Private Credit Administrative Services LLC (the “Administrator”),
The Administrator is the administratoran indirect, wholly owned subsidiary of the Company pursuant to an administration agreement entered into by the Company and the Administrator on September 24, 2020 (the “Administration Agreement”).

On February 1, 2021, the Company entered into an amended and restated administration agreement (the “Restated Administration Agreement”) with the Administrator which amended and restated the Administration Agreement to clarify that the Company may be subject to provisions of ERISA during all periods when its assets are treated as “plan assets” for purposes of ERISA and to make certain conforming changes in connection with such revisions. No material terms changed in the Restated Administration Agreement as compared to the Administration Agreement.

Morgan Stanley. Pursuant to the Restated Administration Agreement, the Administrator provides services and receives reimbursements from the Company equal to an amount that reimburses the Administrator for certainits costs and expenses and the Company’s allocable portion of certain expensesoverhead costs incurred by the Administrator in performing its obligations under the 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 2023.
For the three and nine months ended March 31, 2021, the CompanySeptember 30, 2023, no expenses were incurred $15 in expenses under the Administration Agreement, whichAgreement. For the three and nine months ended September 30, 2022, no expenses were recorded in administrative service expenses inincurred under the Company’s Consolidated Statement of Operations. As of March 31, 2021, $30 wasAdministration Agreement. There were no amounts unpaid and included in payable to affiliate inaffiliates on the Consolidated StatementStatements of Assets and Liabilities.Liabilities as of September 30, 2023 and December 31, 2022.
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Table of ContentsIndemnification Agreements
SL Investment Corp.
NotesThe Company has entered into indemnification agreements with our directors and officers. The indemnification agreements are intended to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except sharesprovide our directors and per share data)

Expense Supportofficers the maximum indemnification permitted under Delaware law, and Waiver Agreement

On February 1, 2021,the 1940 Act and, if applicable, ERISA. Each indemnification agreement provides that the Company entered into an expense support and waiverwill indemnify the director or officer who is a party to the agreement (the “Expense Support and Waiver Agreement”(an “Indemnitee”) with, including the Adviser. Underadvancement of legal expenses, if, by reason of his or her corporate status, the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expensesIndemnitee is, or is threatened to be, incurredmade a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law, and 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 organization1940 Act, 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.

For the three months ended March 31, 2021, the Company incurred $129 towards organization cost and amortization of offering cost. These costs did not exceed the Investment Adviser reimbursement threshold, and as a result, no excess organization and offering costs were waived.

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”).

$20.
(4)Investments

The composition of the Company’s investment portfolio at cost and fair value werewas as follows:
March 31, 2021December 31, 2020
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$182,006 $183,950 96.1 %$107,564 $107,669 99.5 %
Second Lien Debt5,955 5,956 3.1 — — — 
Other Securities1,449 1,481 0.8 553 553 0.5 
Total$189,410 $191,387 100.0 %$108,117 $108,222 100.0 %

September 30, 2023December 31, 2022
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$1,140,983 $1,129,830 98.4 %$1,085,829 $1,061,160 98.5 %
Second Lien Debt9,899 9,288 0.8 8,381 7,972 0.7 
Other Securities9,566 9,530 0.8 8,975 8,985 0.8 
Total$1,160,448 $1,148,648 100.0 %$1,103,185 $1,078,117 100.0 %

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
The industry composition of investments at fair value werewas as follows:
March 31, 2021December 31, 2020
Aerospace and Defense6.6%11.1%
Auto Components2.01.6
Commercial Services & Supplies16.113.2
Containers & Packaging2.23.9
Diversified Consumer Services1.80.0
Food Products2.23.9
Health Care Providers & Services12.87.4
Health Care Technology1.62.7
Insurance12.520.7
Interactive Media & Services5.07.1
IT Services9.50.0
Leisure Products5.87.4
Multi-Utilities6.47.7
Professional Services4.40.0
Software9.513.3
Electronic Equipment, Instruments & Components1.60.0
Total100.0%100.0%

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 September 30, 2023December 31, 2022(1)
Aerospace and Defense4.0 %4.1 %
Air Freight and Logistics1.8 1.7 
Automobile Components3.5 3.5 
Automobiles4.5 4.5 
Biotechnology0.6 0.6 
Chemicals0.1 0.1 
Commercial Services & Supplies14.6 16.0 
Construction and Engineering1.5 1.5 
Containers & Packaging3.2 3.3 
Distributors3.1 4.5 
Diversified Consumer Services3.9 3.6 
Electronic Equipment, Instruments & Components1.1 0.6 
Financial Services2.7 1.5 
Food Products0.3 0.3 
Health Care Equipment & Supplies0.4 0.4 
Health Care Providers & Services4.7 3.6 
Health Care Technology0.6 0.6 
Industrial Conglomerates1.3 0.1 
Insurance Services13.3 13.8 
Interactive Media & Services3.4 3.6 
IT Services6.1 6.8 
Leisure Products1.8 2.0 
Machinery2.5 2.5 
Multi-Utilities2.5 2.6 
Oil, Gas & Consumable Fuels— — (2)
Pharmaceuticals0.2 0.2 
Professional Services3.5 3.1 
Real Estate Management & Development3.5 3.3 
Software11.3 11.6 
Total100.0 %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%

The geographic composition of investments at cost and fair value were as follows:
March 31, 2021December 31, 2020
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
United States$189,410 $191,387 100.0 %$108,117 $108,222 100.0 %
Total$189,410 $191,387 100.0 %$108,117 $108,222 100.0 %


September 30, 2023December 31, 2022
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
Australia$1,297 $1,311 0.1 %$1,298 $1,279 0.1 %
Canada41,769 41,437 3.6 46,200 44,881 4.2 
United Kingdom1,962 2,001 0.2 1,847 1,847 0.2 
United States1,115,420 1,103,899 96.1 1,053,840 1,030,110 95.5 
Total$1,160,448 $1,148,648 100.0 %$1,103,185 $1,078,117 100.0 %

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As of September 30, 2023 and December 31, 2022, the Company had two and one investments, respectively, that were on non-accrual status. The amortized cost of the two investments on non-accrual status as of September 30, 2023 was $5,398, and the amortized cost of the one investment on non-accrual status as of December 31, 2022 was $500.

(5)Fair Value Measurements

The Company conducts the valuation of assets at all times consistent with U.S. GAAP and the 1940 Act. The Company's board of directors (the “Board”), with the assistance of the Audit Committee of the Board (the “Audit Committee”), determines the fair value of the assets, for assets with a daily public market, and for assets with no readily available public market, on at least a quarterly basis, in accordance with FASB ASC 820, Fair Value Measurements (“ASC 820”). Valuation procedures are set forth in more detail below.

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 assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, 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 asset or transfer the liability 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 that holds the asset or owes the liability).

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
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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
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—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—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—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'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 will determinedetermines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company will useuses 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 Investment AdviserValuation 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 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 the investment professionals responsible for the portfolio investment 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'sAdviser’s senior management;

(3)the Board of Directors or Valuation Designee engages one independent third-party valuation firmfirms 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

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
valuation firm at least once on a rolling twelve month basis) including review of management'smanagement’s preliminary valuation and conclusion of fair value;

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(4)the Audit Committee reviews the assessments of the Investment AdviserValuation Designee and the independent third-party valuation firmfirms and provideprovides the Board of Directors with recommendations with respect to the fair value of each investment in the Company'sCompany’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 Investment AdviserValuation Designee and, where applicable, the third-party valuation firm.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'scompany’s leverage and ability to make payments;
•     the portfolio company'scompany’s public or "private letter"private letter credit ratings;
•     the portfolio company'scompany’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'sCompany’s portfolio investments.

During the three months ended March 31, 2021,Transfer of portfolio investments were transferred into Level 3 from Level 2within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the period in which the reclassification occurred,respective period. Generally, reclassifications are primarily due to decreasedincrease/decrease of price transparency. For the three months ended March 31, 2021, there were $5,698 of investments transferred into Level 3 from Level 2.

The following table presentstables present the fair value hierarchy of the investments:
March 31, 2021
Level 1Level 2Level 3Total
First Lien Debt$— $— $183,950 $183,950 
Second Lien Debt— 527 5,429 5,956 
Other Securities— — 1,481 1,481 
Total$— $527 $190,860 $191,387 
investments as of September 30, 2023 and December 31, 2022:


December 31, 2020
Level 1Level 2Level 3Total
First Lien Debt$— $5,698 $101,971 $107,669 
Other Securities— — 553 553 
Total$— $5,698 $102,524 $108,222 

September 30, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First Lien Debt$— $3,582 $1,126,248 $1,129,830 $— $3,611 $1,057,549 $1,061,160 
Second Lien Debt— 4,880 4,408 9,288 — 963 7,009 7,972 
Other Securities— — 9,530 9,530 — — 8,985 8,985 
Total$— $8,462 $1,140,186 $1,148,648 $— $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, 2021:September 30, 2023:

First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$1,088,971 $8,156 $9,385 $1,106,512 
Purchases of investments43,795 — 201 43,996 
Proceeds from principal repayments and sales of investments(17,737)— — (17,737)
Accretion of discount/amortization of premium813 3 — 816 
Payment-in-kind224 — 90 314 
Net change in unrealized appreciation (depreciation)10,169 74 (146)10,097 
Net realized gains (losses)13 — — 13 
Transfers into/(out) of Level 3— (3,825)— (3,825)
Fair value, end of period$1,126,248 $4,408 $9,530 $1,140,186 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023$10,165 $74 $(146)$10,093 
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 nine months ended September 30, 2023:
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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$101,971 $— $553 $102,524 
Purchases of investments74,780 5,428 875 81,083 
Proceeds from principal repayments and sales of investments(521)— — (521)
Accretion of discount/amortization of premium184 1 — 185 
Payment-in-kind— — 21 21 
Net change in unrealized appreciation (depreciation)1,838 — 32 1,870 
Transfers into/out of Level 35,698 — — 5,698 
Fair value, end of period$183,950 $5,429 $1,481 $190,860 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2021$1,838 $— $32 $1,870 


First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$1,057,549 $7,009 $8,985 $1,073,543 
Purchases of investments118,761 8 227 118,996 
Proceeds from principal repayments and sales of investments(66,996)— — (66,996)
Accretion of discount/amortization of premium2,710 9 — 2,719 
Payment-in-kind627 — 363 990 
Net change in unrealized appreciation (depreciation)13,520 240 (45)13,715 
Net realized gains (losses)77 — — 77 
Transfers into/(out) of Level 3— (2,858)— (2,858)
Fair value, end of period$1,126,248 $4,408 $9,530 $1,140,186 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023$13,392 $240 $(45)$13,587 

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 September 30, 2022:

First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$949,419 $8,316 $7,686 $965,421 
Purchases of investments82,463 42 314 82,819 
Proceeds from principal repayments and sales of investments(45,558)— — (45,558)
Accretion of discount/amortization of premium1,529 3 — 1,532 
Payment-in-kind95 — — 95 
Net change in unrealized appreciation (depreciation)(6,634)(228)89 (6,773)
Net realized gains (losses)— — — — 
Transfers into/(out) of Level 3(967)— — (967)
Fair value, end of period$980,347 $8,133 $8,089 $996,569 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022$(6,445)$(228)$89 $(6,584)
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 nine months ended September 30, 2022:

First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$867,855 $7,485 $6,412 $881,752 
Purchases of investments240,359 950 1,386 242,695 
Proceeds from principal repayments and sales of investments(110,623)— (8)(110,631)
Accretion of discount/amortization of premium3,444 11 — 3,455 
Payment-in-kind263 — 70 333 
Net change in unrealized appreciation (depreciation)(21,162)(313)221 (21,254)
Net realized gains (losses)211 — 8 219 
Transfers into/(out) of Level 3— — — — 
Fair value, end of period$980,347 $8,133 $8,089 $996,569 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022$(20,150)$(310)$221 $(20,239)
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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.
March 31, 2021
Range
Fair
Value		Valuation TechniqueUnobservable
Input		LowHighWeighted
Average
Investments in first lien debt$183,950 Yield AnalysisDiscount Rate5.63 %8.93 %6.98 %
Investments in second lien debt5,429 Yield AnalysisDiscount Rate8.02 %10.53 %8.68 %
Investments in other securities$524 Yield AnalysisDiscount Rate17.90 %17.90 %17.90 %
957 Market ApproachEBITDA Multiple10.40x16.90x15.73x
$1,481 
Total$190,860 


September 30, 2023
Fair
Value		Valuation TechniqueUnobservable
Input		RangeWeighted
Average
LowHigh
Investments in first lien debt$1,010,861 Yield AnalysisDiscount Rate9.33 %19.18 %11.66 %
115,387 Recent TransactionRecent Transaction98.00 %100.00 %98.68 %
Total investments in first lien debt1,126,248 
Investments in second lien debt3,508 Yield AnalysisDiscount Rate11.47 %14.16 %12.77 %
900 Recent TransactionRecent Transaction100.00 %100.00 %100.00 %
Total investments in second lien debt4,408 
Investments in other securities:
Other debt42 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Other debt409 Income ApproachDiscount Rate14.50 %14.50 %14.50 %
Preferred equity4,389 Income ApproachDiscount Rate12.19 %14.90 %14.05 %
Preferred equity225 Market ApproachRevenue Multiple7.50x7.50x7.50x
Common equity4,449 Market ApproachEBITDA Multiple8.10x18.70x14.08x
Common equity16 Market ApproachRevenue Multiple7.20x7.20x7.20x
Total investments in other securities9,530 
Total investments$1,140,186 
December 31, 2020
Range
Fair
Value		Valuation TechniqueUnobservable
Input		LowHighWeighted
Average
Investments in first lien debt$101,971 Yield AnalysisDiscount Rate5.91 %8.86 %6.98 %
Investments in other securities553 Market ApproachEBITDA Multiple10.00x10.01x10.00x
Total$102,524 

December 31, 2022
Fair
Value		Valuation TechniqueUnobservable
Input		RangeWeighted
Average
LowHigh
Investments in first lien debt$1,038,692 Yield AnalysisDiscount Rate9.20 %20.44 %11.07 %
Investments in first lien debt18,857 Recent TransactionRecent Transaction100.00 %100.00 %100.00 %
Total investments in first lien debt1,057,549 
Investments in second lien debt7,009 Yield AnalysisDiscount Rate12.14 %15.30 %13.36 %
Investments in other securities:
Other debt124 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Other debt399 Yield AnalysisDiscount Rate16.60 %16.60 %16.60 %
Preferred equity3,894 Income ApproachDiscount Rate12.20 %15.54 %14.10 %
Preferred equity170 Market ApproachRevenue Multiple8.78x8.78x8.78x
Common equity4,398 Market ApproachEBITDA Multiple8.10x18.70x13.90x
Total investments in other securities8,985 
Total investments$1,073,543 
The significant unobservable inputsinput used in the fair value measurement of the Company’s investments in first and second lien debt securities areyield analysis is discount rates and indicative quotes.rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreasesThe significant unobservable input used in indicative quotesthe market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in isolationthe multiple would result in a significantly loweran increase/decrease, respectively, in the fair value measurement.


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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
value.
Financial instruments disclosed but not carried at fair value

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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 in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s secured borrowings disclosed but not carried at fair valuedebt were as follows:
March 31, 2021December 31, 2020
Carrying ValueFair ValueCarrying ValueFair Value
JPM Funding Facility$109,900 $109,900 $57,500 $57,500 
Total$109,900 $109,900 $57,500 $57,500 


September 30, 2023December 31, 2022
Carrying ValueFair ValueCarrying ValueFair Value
JPM Funding Facility$621,173 $621,173 $591,307 $591,307 
Total$621,173 $621,173 $591,307 $591,307 
The above fair value measurements were based on significant unobservable inputs and thus represent Level 3 measurements as defined under ASC 820.


The carrying amounts of the Company’s other assets and liabilities other than investments at fair value and the JPM Funding Facility (as defined below), approximateapproximates their fair value. These financial instruments are categorized as Level 3 within the hierarchy as of March 31, 2021 and December 31, 2020.

hierarchy.
(6)Debt

JPM Funding Facility

On DecemberJune 3, 2020, SLIC2021, Financing SPV entered into aan Amended and Restated Loan and Security Agreement, (the “Loanby and Security Agreement”) with SLICamong Financing 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, the lenders party thereto, 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, pursuantthe lenders party thereto, and the issuing banks party thereto (as amended, the “JPM Funding Facility”). Pursuant to whichthe JPM Funding Facility, JPM has agreed to extend credit to SLICFinancing SPV in an aggregate principal amount, as of September 30, 2023, of up to $250 million$900,000 at any one time outstanding, (the “JPM Funding Facility”), with an accordion feature, 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, 20232024 (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.2026. Advances under the JPM Funding Facility are available in U.S. dollars pound sterling, Euro or Canadian dollars, and subject to certain exceptions,other permitted currencies. As of September 30, 2023, the interest charged on the JPM Funding Facility is based on LIBOR (Dollar), LIBOR (GBP),SOFR, SONIA, EURIBOR or CDOR, as applicable (or, if LIBOR (Dollar)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 2.55%2.325% prior to the transition date, and 2.80%2.475% subsequent to the transition date, as set forth in the LoanJPM Funding Facility.
The summary information of the JPM Funding Facility is as follows:
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Borrowing interest expense$11,798 $6,344 $33,723 $14,096 
Facility unused commitment fees925 1,172 3,148 2,307 
Amortization of deferred financing costs497 514 2,058 1,276 
Total$13,220 $8,030 $38,929 $17,680 
Weighted average interest rate (excluding unused fees and financing costs)7.73 %4.58 %7.38 %3.53 %
Weighted average outstanding balance$597,042 $541,835 $602,382 $526,997 
For the three and Security Agreement.nine months ended September 30, 2023, the Company borrowed $45,000 and $92,000 and repaid $0 and $62,135, respectively, under the JPM Funding Facility. For the three and nine months ended September 30, 2022, the Company borrowed $40,000 and $165,000 and repaid $31,000 and $111,000, respectively, under the JPM Funding Facility.

The Company’s outstanding debt obligations were as follows:
September 30, 2023December 31, 2022
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
JPM Funding Facility$900,000 $621,173 $278,827 $1,000,000 $591,307 $408,693 
Total$900,000 $621,173 $278,827 $1,000,000 $591,307 $408,693 
As of March 31, 2021September 30, 2023 and December 31, 2020,2022, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility. The summary information of the JPM Funding Facility is as follows:
Three Months
Ended
March 31, 2021
Borrowing interest expense$541 
Facility unused commitment fees215 
Amortization of financing costs172 
Total$928 
Weighted average interest rate (excluding unused fees and financing costs)2.78 %
Weighted average outstanding balance$77,876 

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
During the three months ended March 31, 2021, the Company borrowed $57,400 and repaid $5,000 under the JPM Funding Facility.

The Company's outstanding debt obligations were as follows:

March 31, 2021
Aggregate Principal CommittedOutstanding PrincipalUnused Portion
Amount Available(1)
JPM Funding Facility$250,000 $109,900 $140,100 $140,100 
Total$250,000 $109,900 $140,100 $140,100 

December 31, 2020
Aggregate Principal CommittedOutstanding PrincipalUnused Portion
Amount Available(1)
JPM Funding Facility$250,000 $57,500 $192,500 $131,698 
Total$250,000 $57,500 $192,500 $131,698 
(1) The amount available reflects any limitations related to such credit facility's borrowing base.

(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.


The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements.As of MarchSeptember 30, 2023 and December 31, 2021,2022, the Company had $99,209$108,429 and $140,889 of unfunded commitments to fund delayed draw and revolving senior secured loans.

As of September 30, 2023 and December 31, 2020,2022, the Company had $41,952 unfunded commitments to fund delayed draw$668,800 and revolving senior secured loans.

A summary of the Company’s contractual payment obligations under the JPM Funding Facility as of March 31, 2021 is as follows:
Payments Due by Period
TotalLess
than
1 year		1-3 years3-5
years		After 5
years
JPM Funding Facility$109,900 $— $— $109,900 $— 
Total Contractual Obligations$109,900 $— $— $109,900 $— 

As of March 31, 2021 and December 31, 2020, the Company had $652,320 and $502,320, respectively,$668,800 in total Capital Commitmentscapital commitments from holders of the Common Stock,common stockholders, of which $552,800$99,300 and $425,300, respectively,$129,300 were unfunded. unfunded, respectively.
(8)Net Assets

The Company has the authority to issue 100,000,000 shares of common stock at $0.001 par value per share and 1,000,000 shares of Series A Preferred Stock at $0.001 par value per share.


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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities:
As of
As of
March 31, 2021
As of
December 31, 2020
September 30, 2023December 31, 2022
Net distributable earnings (accumulated losses), beginning of periodNet distributable earnings (accumulated losses), beginning of period$(129)$— Net distributable earnings (accumulated losses), beginning of period$(23,681)$4,807 
Net investment income (loss)1,278 (154)
Net investment income (loss) after taxesNet investment income (loss) after taxes56,633 52,004 
Accumulated realized gain (loss)Accumulated realized gain (loss)77 202 
Net unrealized appreciation (depreciation)Net unrealized appreciation (depreciation)1,872 105 Net unrealized appreciation (depreciation)13,268 (28,306)
Dividends declaredDividends declared(791)(96)Dividends declared(54,758)(52,392)
Tax reclassifications to equity of holders of Common StockTax reclassifications to equity of holders of Common Stock— 16 Tax reclassifications to equity of holders of Common Stock— 4 
Net distributable earnings (accumulated losses), end of periodNet distributable earnings (accumulated losses), end of period$2,230 $(129)Net distributable earnings (accumulated losses), end of period$(8,461)$(23,681)

During the three months ended March 31, 2021, the Company completed one closing of $150,000 pursuant to a Private Offering. As of March 31, 2021, the Company received aggregate Capital Commitments of $652,320, including $20 Seed Capital from the Investment Adviser.


The following table summarizes the total shares issued to and proceeds received from the Company'sCompany’s capital drawdowndrawdowns delivered pursuant to the Subscription Agreements for the threenine months ended March 31, 2021September 30, 2023 (dollar amounts in millions)thousands):
Common Share Issuance DateCommon Shares IssuedAmount
May 12, 20231,473,477$30,000 
Total1,473,477$30,000 
Share Issuance DateShares IssuedAmount
March 12, 20211,113,310$22.50 
Total1,113,310$22.50 

The Company’s weighted average number of shares outstanding for the three month ended March 31, 2021 was 4,121,667 shares.

The following table summarizes the Company's dividendstotal shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2022 (dollar amounts in thousands):    
Common Share Issuance DateCommon Shares IssuedAmount
May 16, 20221,865,672 $40,000 
July 28, 20221,698,20435,000 
Total3,563,876$75,000 
The following table summarizes the Company’s distributions declared and payable for the threenine months ended March 31, 2021 (dollar amountsSeptember 30, 2023 to the holders of Common Stock:
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
March 28, 2023March 28, 2023April 20, 2023$0.64 $16,517 
June 27, 2023June 27, 2023July 20, 20230.68 18,551 
September 26, 2023September 26, 2023October 25, 20230.72 19,643 
Total Distributions$2.04 $54,711 
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The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2022 to the holders of Common Stock:

Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
March 25, 2022March 25, 2022April 22, 2022$0.62 $12,551 
June 24, 2022June 24, 2022July 25, 20220.55 12,160 
September 26, 2022September 28, 2022October 20, 20220.56 13,333 
Total Distributions$1.73 $38,044 
During the three and nine months ended September 30, 2023, the Company accrued $16 and $47 of dividends to holders of the Series A Preferred Stock, of which $0 was unpaid and included in thousands):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
March 09, 2021March 09, 2021April 15, 2021$0.20 $775 
Total Distributions$0.20 $775 

accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. During the three and nine months ended September 30, 2022, the Company accrued $16 and $47 of dividends to holders of the Series A Preferred Stock of which $0 was unpaid and included in accrued expenses and other liabilities 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, 2021
Numerator for basic and diluted earnings per common share - net increase/(decrease) in net assets resulting from operations$3,134 
Denominator for basic and diluted earnings per common share - weighted average shares outstanding4,121,667 
Basic and diluted earnings per common share$0.76 

For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock$30,684 $6,674 $69,931 $14,842 
Weighted average shares outstanding27,281,428 23,309,565 26,574,375 21,611,998 
Basic and diluted earnings (loss) per common share$1.12 $0.29 $2.63 $0.69 
(10)Consolidated Financial Highlights

The following are the financial highlights (dollar amounts in thousands, except per common share data)amounts):
For the Nine Months Ended
September 30, 2023September 30, 2022
Per Share Data:(1)
Net asset value per share of common stock, beginning of period$19.98 $21.20 
Net investment income (loss)2.13 1.70 
Net unrealized and realized gain (loss)(2)
0.49 (0.97)
Net increase (decrease) in net assets resulting from operations2.62 0.73 
Dividends declared(2.04)(1.73)
Issuance of common stock— — 
Total increase (decrease) in net assets0.58 (1.00)
Net asset value per share of common stock, end of period$20.56 $20.20 
Common shares outstanding, end of period27,281,428 23,807,951 
Total return based on net asset value(3)
13.11 %3.44 %
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets attributable to the holders of Common Stock, end of period$560,931 $481,001 
Weighted average common shares outstanding26,574,375 21,611,998 
Ratio of total expenses to average net assets(4)
10.23 %5.88 %
Ratio of net investment income to average net assets(4)
13.93 %10.71 %
Ratio of total contributed capital to total committed capital, end of period85.15 %76.58 %
Asset coverage ratio190.23 %186.21 %
Portfolio turnover rate6.02 %11.99 %
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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
(1)ForThe per common share data was derived by using the three months
ended March 31, 2021
Per Common Share Data:(1)
Net asset value, beginning of period$19.84 
Net investment income (loss)0.31 
Net unrealized and realized gain (loss)(2)
0.43 
Net increase (decrease) in net assets resulting from operations0.74 
Dividends declared(0.20)
Issuance of common stock0.02 
Total increase (decrease) in net assets0.56 
Net asset value, end of period$20.40 
Shares outstanding, end of period4,987,574 
Total return based on net asset value(3)
2.81 %
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets, end of period$102,255 
Weightedweighted average common shares outstanding4,121,667  during the period, except otherwise noted.
Ratio(2)
The amount shown does not correspond with the aggregate amount for the period as it includes the effect of total expenses tothe 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(4)6.41 %
Ratio of expenses before waiversthe Company attributable to average net assets(4)
Ratiothe holders of net investment income to average net assets(4)
6.50 %
Total capital commitments, end of period$652,320 
Ratios of total contributed capital to total committed capital, end of period15.26 %
Asset coverage ratio192.60 %
Portfolio turnover rate0.36 %Common Stock. Amounts are annualized except for organization and offering costs.
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)For the three months ended March 31, 2021, 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 during the period divided by the beginning net asset value per common share. Excluding the effects of the higher offering price of subscriptions, total return (not annualized) would have been 2.73%.
(4)Ratios are calculated using the average net assets of the Company attributable to the holders of Common Stock. Amounts are annualized except for organization and offering costs.

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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)
(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, except as disclosed below.issued.

On April 30, 2021, we delivered a capital drawdown notice to our investors relating to the sale of shares of our Common Stock for an aggregate offering price of approximately $35.0 million. The sale of 1,679,463 shares of our Common Stock closed on May 7, 2021.
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SL Investment Corp.
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021
(In thousands, except shares and per share data)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
(dollar (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" “Company,” “we,” “our” or "us"“us” refers to SL Investment Corp. and its consolidated subsidiary.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 should not be placed thereon.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,"“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 the current Coronavirus (alsoglobal health events, such as COVID-19, also referred to as “COVID-19” orthe “Coronavirus”) pandemic;
•uncertainty and changes in the general interest rate environment, including as a result of recent rate increases by the Federal Reserve System;
•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 United Kingdom, effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;
•the European Union and China;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,“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, including as a result of the Coronavirus pandemic;objectives;
•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 Investment Adviser to locate suitable investments for us and to monitor and administer our investments;
•the ability of our Investment Adviser and its affiliates to attract and retain highly talented professionals;
•our ability to qualify and maintain our qualification as a business development company or a BDC,(“BDC”) and as a regulated investment company or a RIC,(a “RIC”), under the Internal Revenue Code of 1986, as amended or (the “Code”);
•the Code;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“Item 1A. Risk Factors"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, 2020,2022, 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. 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 or the SEC,(the “SEC”), including annual reportsAnnual Reports on Form 10-K, quarterly reportsQuarterly Reports on Form 10-Q and current reportsReports on Form 8-K.

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You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended or the Securities Act,(the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended or the Exchange Act,(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 ana non-diversified, externally managed specialty finance company formed on August 24, 2020 focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, or the 1940 Act.as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we intend to electhave 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 financialprivate equity sponsors. For the purposes of this report,Report, “middle-market companies” refers to companies that, in general, generate annual EBITDAearnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $100$200 million, which we believe is a useful proxy for cash flow. although not all of our portfolio companies will meet this criteria.
We intend to achieve our investment objective by investinginvest 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 loanloans 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 LBOs,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 (such as 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 salessale of loans and debt 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.
On September 18, 2020,Pursuant to the exemptive relief granted by the SEC grantedto us and our Investment Adviser exemptive relief (the(as amended, the “Order”) that allows us, we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Investment Accounts (asFunds (each as defined in the Order), which are managed by our Investment Adviser or its affiliates, 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 certain conditions specified in 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.
Coronavirus Developments
The effect on the U.S. and global economy of the ongoing Coronavirus pandemic, uncertainty relating to more contagious strains of the Coronavirus that have emerged in the United States and globally, the global vaccine rollout, the length of economic recovery, and policies of the new U.S. presidential administration have created stress on the market and could affect our portfolio companies. Despite these factors, we believe we are very well positioned to manage the current environment. Our portfolio was constructed entirely “post-COVID-19” market dislocation and we believe we still have sufficient available capital to be prudently invested in the current credit environment. We intend to continue to deploy capital in a measured pace as we find what we believe are compelling investment opportunities, while seeking to avoid investing in cyclical industries and industries directly impacted by the effects of the Coronavirus pandemic.
We cannot predict the full impact of the Coronavirus pandemic, especially in light of the uncertainty surrounding more contagious strains of the virus that have emerged in the United States and globally and the potential impact on the vaccine rollout. The economic impact of the Coronavirus pandemic is uncertain as the duration and extent of the travel restrictions, business closures and other measures that have been and may in the future be imposed on our portfolio companies, our service providers and other individuals by various local, state, and federal governmental authorities, as well as non-U.S. governmental authorities, is unknown. As such, the extent to which Coronavirus and/or other health pandemics may negatively affect our and our portfolio companies’ operating results and financial condition, or the duration of any potential business or supply-chain disruption for us, our Investment Adviser and/or our portfolio companies, is uncertain. Depending on the duration and extent of the disruption to the operations of our portfolio companies, certain portfolio companies may experience financial distress and possibly default on their financial obligations to us and their other capital providers. Some of our portfolio companies may significantly curtail business operations, furlough or lay off employees and terminate service providers, and defer capital expenditures if subjected to prolonged and severe financial distress, which would likely impair their business on a permanent basis. These developments would likely result in a decrease in the value of our investment in any such portfolio company.
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We will continue to monitor the rapidly evolving situation relating to the Coronavirus pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and may take additional actions based on such pronouncements. In these circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of Coronavirus on our financial condition, results of operations or cash flows in the future.
Investment Strategy

Our primary investment strategy is to make privately negotiated senior secured credit investments in U.S. middle-market companies that have leading market positions, enjoy high barriers to entry, such as high start-up costs or other obstacles that prevent new competitors from easily entering the portfolio company's industry or area of business, generate strong and stable free cash flow and are led by a proven management team with strong financial sponsor backing. Our investment approach is focused on long-term credit performance, risk mitigation and preservation of capital. Our Investment Adviser employs a highly rigorous, fundamentals-driven and disciplined investment process developed and refined by the investment professionals of the private credit platform of Morgan Stanley Investment Management, which is Morgan Stanley's investment management unit and represents one of Morgan Stanley's three business segments. MS Capital Partners Adviser Inc., our investment adviser, or the Investment Adviser, is an indirect wholly owned subsidiary of Morgan Stanley. The experienced investment professionals of our Investment Adviser work on a particular transaction from origination to close and continues to monitor each investment throughout its life cycle.

We seek to invest primarily in companies backed by leading private equity sponsors with strong track records. We believe lending to sponsor-backed companies (versus non-sponsor-backed companies) has many distinct potential advantages including:

•Strong, predictable deal flow given significant private equity committed capital;
•Well-capitalized borrowers, including access to additional capital from sponsors, if needed;
•Access to detailed financial, operational, industry data, and third-party legal and accounting due diligence reports conducted by the sponsor as part of their due diligence;
•Proper oversight and governance provided by a board of directors, coupled with industry and/or operating expertise;
•Natural alignment of interests between lender and sponsor given focus on exit strategy; and
•Supplemental diligence beyond the credit analysis of the borrower, given the ability to analyze track records of each private equity firm.

We intend to create and maintain a well-diversified, defensive portfolio of investments focusing on generally avoiding issuer or industry concentration in order to mitigate risk and achieve our investment objective. We intend to primarily focus on U.S. middle-market companies. However, to the extent that we invest in foreign companies, we intend to do so in accordance with the limitations under the 1940 Act and only in jurisdictions with established legal frameworks and a history of respecting creditor rights, including the United Kingdom and countries that are members of the European Union, as well as Canada, Australia and Japan. Our investment strategy is predicated on seeking to lend to companies in non-cyclical industry sectors (typically avoiding sectors such as retail, restaurants, energy, alcohol, tobacco, pork manufacturing, gaming and gambling, and pornography) with proven management teams.

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 expect to generate revenue primarily in the form of interest income on debt investments we hold. In addition, we expect to generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and debt and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and generallytypically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR, or historically LIBOR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the
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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.
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Expenses
Our primary operating expenses include the payment of: (i) ainvestment advisory fees, including base management feefees, to our Investment Adviser pursuant to the investment advisory agreementInvestment Advisory Agreement between us and our Investment Adviser (the “Investment advisoryAdvisory Agreement”); (ii) costs and other expenses and our allocable portion of overheadcertain expenses incurred by our Administrator in performing its administrative obligations under the administration agreementAdministration Agreement (“the “Administration Agreement”) between us and our Administrator (as amended and restated, the “Restated Administration Agreement”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 support and waiver agreement)waiver);
•costs associated with our initial private offering;
•costs of any other offerings of our common stock, par value $0.001 per share (the “Common Stock”), our preferred stock, par value of $0.001 per share (the “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 feefees under the Investment Advisory Agreement;
•certain costs and expenses relating to distributions paid by us;
•administration fees payable under the Restated Administration Agreement and any sub-administration agreements, including related expenses;
•debt service and other costs of borrowings senior securities 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;
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•U.S. federal, state and local taxes, including any excise taxes;
•independent directorDirector 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;
•indemnification payments;
•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company)us), provided that the Companywe 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);
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•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 will reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Restated 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.
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PORTFOLIO, AND INVESTMENT ACTIVITY AND RESULTS OF OPERATIONS

Portfolio as of September 30, 2023

As of March 31, 2021,September 30, 2023 we had investments in thirty-five139 portfolio companies across sixteen28 industries. Based on fair value, as of March 31, 2021, 99.7%approximately 100.0% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors for the applicable interest rate. Approximately 99.7% of our debt investments at fair value had a LIBOR floor. The weighted average LIBOR floor across our debt investments was approximately 1.0% as of March 31, 2021. These floors allow us to potentially mitigate (to a degree) the impact of spread widening on the valuation of our investments. As of March 31, 2021, our weighted average total yield onof investments in debt securities at amortized cost was 7.1%11.8%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of MarchSeptember 30, 2023.

Portfolio as of December 31, 2021.2022


As of December 31, 2020,2022 we had investments in seventeen126 portfolio companies across twelve29 industries. Based on fair value, as of December 31, 2020, 99.5%approximately 100.0% of our debt portfolio was invested in senior secured first lien debt bearing a floating interest rate, and all of which primarily are subject to a LIBOR floor.interest rate floors for the applicable interest rate. The weighted average LIBOR floor across our floating-rate portfolio was approximately 1.0% as of December 31, 2020. As of December 31, 2020, our weighted average total yield onof investments in debt securities at amortized cost was 6.9%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, 2020.    2022.

Our portfolio as of September 30, 2023 and December 31, 2022 is presented below:
As of
September 30, 2023December 31, 2022
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$1,140,983 $1,129,830 98.4 %$1,085,829 $1,061,160 98.5 %
Second Lien Debt9,899 9,288 0.8 8,381 7,972 0.7 
Other Securities9,566 9,530 0.8 8,975 8,985 0.8 
Total$1,160,448 $1,148,648 100.0 %$1,103,185 $1,078,117 100.0 %
Our investment activity isactivities for the three months ended September 30, 2023 and September 30, 2022 are presented below (information presented herein is at amortized cost unless otherwise indicated, dollar amounts in thousands)indicated):
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As of and For the Three Months Ended
September 30, 2023September 30, 2022
New Investments Committed
Gross Principal Balance(1)
$41,167 $49,560 
Less: Syndications(1,753)— 
Net New Investments Committed39,414 49,560 
Investments, at Cost
Investments, beginning of period1,133,053 980,429 
New investments purchased43,996 82,819 
Net accretion of discount on investments822 1,537 
Payment-in-kind314 95 
Net realized gain (loss) on investments13 — 
Investments sold or repaid(17,750)(45,567)
Investments, end of period1,160,448 1,019,313 
Amount of investments funded, at principal
First lien debt investments44,900 83,423 
Second lien debt investments— 43 
Other securities(2)
201 314 
Total45,101 83,780 
Amount of investments sold/fully repaid, at principal
First lien debt investments5,385 39,623 
Total$5,385 $39,623 
Weighted average yield on debt investments, at cost(3)
11.8 %9.3 %
Weighted average yield on debt investments, at fair value(3)
11.9 %9.5 %
Number of portfolio companies139114
Percentage of debt investments bearing a floating rate, at fair value100.0 %100.0 %
Percentage of debt investments bearing a fixed rate, at fair value (4)
— %— %
(1)As ofIncludes new investment commitments, excluding sale/repayments and for the Three Months Ended March 31, 2021including new unfunded investment commitments.
New Investments Committed/Purchased(2)Represents dollar amount of other securities funded.
Gross Principal Balance(1)
(3)		$141,123 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.
(4)
Investments, at Cost
Investments, beginning of period108,117 
New investments purchased81,608 
Net accretion of discount on investments185 
Payment-in-kind21 
Investments sold or repaid(521)
Investments, end of period$189,410 
Amount of investments funded at principal
First lien debt investments$77,144 
Second lien debt investments6,030 
Other securities(2)
875 
Total$84,049 
Weighted average yield on debt and income producing investments, at cost(3)
7.1 %
Weighted average yield on debt and income producing investments, at fair value(3)
7.0 %
Number of portfolio companies35 
Percentage of debt investments bearing a floating rate, at fair value99.7 %
Percentage of debt investments bearing a fixed rate, at fair value0.3 %Less than 0.01%
(1)Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.
(2)Includes dollar amount of common equity funded.
(3)Computed as (a) the annual stated spread, plus applicable Prime/LIBOR or Floor, 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'sAdviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or
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reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser'sAdviser’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.

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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'sloan’s risk has increased substantially since origination or acquisition. Most or all of the debt 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.
As of March 31, 2021 and December 31, 2020, allThe distribution of our investments were rated 2 underportfolio on the Investment Adviser'sAdviser’s Internal Risk Rating System as of September 30, 2023 and were performing in line with our initial underwriting expectations.December 31, 2022 was as follows:

September 30, 2023December 31, 2022
Fair Value% of PortfolioNumber of Portfolio CompaniesFair Value% of PortfolioNumber of Portfolio Companies
Risk rating 1$— — %— $— — %— 
Risk rating 21,137,883 99.1 135 1,074,987 99.7 125 
Risk rating 310,765 0.9 4 3,130 0.3 1 
Risk rating 4— — — — — — 
$1,148,648 100.0 %139 $1,078,117 100.0 %126 

CONSOLIDATED RESULTS OF OPERATIONS
We were formed on August 24, 2020 and commenced our investment operations in October 2020. The following table represents our operating results (dollar amounts in thousands):results:
Three Months Ended March 31, 2021
Total investment income$2,732 
Less: Net expenses1,454 
Net investment income1,278 
Less: Excise tax expense(1)
— 
Net change in unrealized appreciation (depreciation)1,872 
Net increase (decrease) in net assets resulting from operations$3,150 
(1) Excise tax expense incurred during the period was $317 (dollar amount in actual).





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  For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Total investment income$34,623 $22,583 $98,232 $56,920 
Less: Net expenses14,258 8,907 41,576 20,165 
Net investment income (loss)20,365 13,676 56,656 36,755 
Less: Excise tax expense— — 23 — 
Net investment income (loss) after taxes20,365 13,676 56,633 36,755 
Net change in unrealized appreciation (depreciation)10,322 (6,986)13,268 (22,081)
Net realized gain (loss)13 — 77 215 
Net increase (decrease) in net assets resulting from operations30,700 6,690 69,978 14,889 
Preferred Stock dividend(16)(16)(47)(47)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock$30,684 $6,674 $69,931 $14,842 
Investment Income

Investment income was as follows (dollar amounts in thousands):follows:
Three Months Ended March 31, 2021
Investment income:
Interest income$2,565 
       Payment-in-kind interest income21 
       Other income146 
Total investment income$2,732 
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Investment income:
Interest income$33,439 $21,884 $95,654 $55,084 
Payment-in-kind interest income308 144 671 263 
Dividend income163 115 440 241 
Other income713 440 1,467 1,332 
Total investment income$34,623 $22,583 $98,232 $56,920 

ForTotal investment income increased from $22,583 for the three months ended March 31, 2021, totalSeptember 30, 2022 to $34,623 for the three months ended September 30, 2023. Total investment income wasincreased from $56,920 for the nine months ended September 30, 2022 to $98,232 for the nine months ended September 30, 2023. The increases were primarily driven by our deployment of capital and invested balancerising SOFR rates of our floating-rate debt investments. All senior secured debt investments were income-producingThe size of our investment portfolio at amortized cost increased from $1,019,313 as
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of September 30, 2022 to $1,160,448 as of MarchSeptember 30, 2023. As of September 30, 2023 and December 31, 2021.  2022, the Company had two and one investments, respectively, that were on non-accrual status. The amortized cost of the two investments on non-accrual status as of September 30, 2023 was $5,398, and the amortized cost of the one investment on non-accrual status as of December 31, 2022 was $500.

Interest income on our first and second lien debt investments is generally 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, 2021, and for the period then ended, all of our first and second lien debt investments were performing and current on their interest payments.
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 (dollar amounts in thousands):
Three Months Endedfollows:
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Expenses:
Interest expense and other financing expenses$13,219 $8,030 $38,929 $17,680 
Management fees356 301 1,040 844 
Professional fees608 370 1,301 886 
Directors’ fees51 51 154 154 
General and other expenses24 155 152 601 
Total expenses$14,258 $8,907 $41,576 $20,165 
Excise tax expense$— $— $23 $— 

Interest Expense

March 31, 2021
Expenses:
Interest expense$928 
Organization and offering costs129 
Professional fees181 
Directors’ fees50 
Management fees55 
Administrative service fees15 
General and other expenses96 
Total expenses$1,454 
Excise tax expense(1)
$— 
(1) Excise tax expense incurred during the period was $317 (dollar amount in actual).
For the three months ended March 31, 2021, expenses were primarily comprised of interest expense of $928, base management fees of $55, administrative service expenses of $15, professional fees of $181, fees to independent directors of $50, organization and offering costs of $129 and other financing expenses of $96.
Interest expenseincreased from $8,030 for the three months ended March 31, 2021September 30, 2022 to $13,219 for the three months ended September 30, 2023. The increase was primarily due to higher average borrowings outstanding over time and increased reference rates. The increase was primarily driven by approximately $77,876$597,042 of average borrowings (atat an average effective interest rate of 2.78%) under our JPM Funding Facility related7.73% during the three months ended September 30, 2023 as compared to approximately $541,835 of average borrowings at an average effective interest rate, of 4.58% for investmentsthe three months ended September 30, 2022.

Interest expense and expenses.other financing expenses increased from $17,680 for the nine months ended September 30, 2022 to $38,929 for the nine months ended September 30, 2023. The increase was primarily due to higher average borrowings outstanding over time and increased reference rates. The increase was primarily driven by approximately $602,382 of average borrowings at an average effective interest rate of 7.38% during the nine months ended September 30, 2023 as compared to approximately $526,997 of average borrowings at an average effective interest rate, of 3.53% for the nine months ended September 30, 2022.

Management Fees

Management fees, were $356 and $301 for the three months ended September 30, 2023 and September 30, 2022, respectively. The increase year-over-year was primarily due to an increase in capital called. Management fees, were $1,040 and $844 for the nine months ended September 30, 2023 and September 30, 2022, respectively. The increase year-over-year was primarily due to an increase in capital called. For more information on base management fees, including terms thereof, see Note 3. “Related Party Transactions” in the Notes to Consolidated Financial Statements.

Professional Fees and Other Expenses
Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of theour 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 Restated Administration Agreement between us and our Administrator. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.
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Organization costs and offering costs include expenses incurred in our initial formation and our offering of Common Stock and Preferred Stock.
For the three and nine months ended March 31, 2021,September 30, 2023, we incurred professional fees of $608 and $1,301, fees to independent directors of $51 and $154, other expenses of $24 and $152, respectively.

For the Companythree and nine months ended September 30, 2022, we incurred $129 towards organization costprofessional fees of $370 and amortization$886, fees to independent directors of offering cost. These costs did not exceed the Investment Adviser reimbursement threshold,$51 and as a result, no excess organization$154, other expenses of $155 and offering costs were waived. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Related Party Transactions.”$601, respectively.
Income Taxes, Including Excise Taxes
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We intend to electhave 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. We currently intend to make sufficient distributions each taxable year to satisfy the distribution requirements in order to avoid excise tax. For the three and nine months ended March 31, 2021,September 30, 2023, the Company incurred $317accrued $0 and $23, respectively, of U.S. federal excise tax (dollar amount in actual).taxes. For the three and nine months ended September 30, 2022, the Company did not accrue U.S. federal excise taxes.


Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments
Three Months Ended
March 31, 2021
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments$1,872 
Net realized and unrealized gains (loss)$1,872 

During
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments$13 $— $77 $215 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments10,322 (6,986)13,268 (22,081)
Net realized and unrealized gains (losses)$10,335 $(6,986)$13,345 $(21,866)
For the three and nine months ended March 31, 2021,September 30, 2023, net realized gain on our investments was $13 and $77, respectively, driven by the sale of debt investments in our portfolio. For the three and nine months ended September 30, 2022, net realized gain on our investments was $0 and $215, 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 and nine months ended September 30, 2023, net change in unrealized appreciation on our investments of $10,322 and $13,268, respectively, was primarily driven by the net increases of valuations of our debt and equity investments generally increased as a resultof the tighteningchanges in spreads in the primary and secondary markets. For the three and nine months ended September 30, 2022, net change in unrealized depreciation on our investments of $6,986 and $22,081, respectively, was primarily driven by the net decreases of valuations of our debt and equity investments in a widening credit spread environment and positive changevolatile markets. See Note 5. “Fair Value Measurements.” in the broadly syndicated loan market during the period.Notes to Consolidated Financial Statements.


There were no realized gain/(loss) during the three months ended March 31, 2021.
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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, 2021,September 30, 2023, we had one revolving credit facility outstanding, as described in “Debt”--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, 2021,September 30, 2023, we had approximately $21.6 million$47,678 of cash, which taken together with our approximately $140.1 million$278,827 of availability under the JPM Funding Facility (subject to borrowing base availability), and our approximately $552.8 million$99,300 of uncalled capital commitments to purchase shares of Common Stock, or Capital Commitments,capital commitments, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of September 30, 2023, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $108,429.
Equity
As of March 31, 2021,September 30, 2023, we had received aggregate Capital Commitmentscapital commitments of approximately $652.3 million.
During the three months ended March 31, 2021, we issued one capital call to the holders of our Common Stock. As a result, the$668,800. The total shares issued and proceeds received related to the capital drawdowndrawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2023, were as follows (dollar amounts in millions)thousands):
Share Issuance DateShares IssuedAmount
March 12, 20211,113,310$22.50 
Total1,113,310$22.50 
Common Share Issuance DateCommon Shares IssuedAmount
May 12, 20231,473,477 $30,000 
Total1,473,477 $30,000 
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The total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2022, were as follows (dollar amounts in thousands):
Common Share Issuance DateCommon Shares IssuedAmount
May 16, 20221,865,672 $40,000 
July 28, 20221,698,204 35,000 
Total3,563,876 $75,000 
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 summarizestables summarize our distributions declared and payable for the three months ended March 31, 2021 to holders of ourthe Common Stock for the nine months ended September 30, 2023 and September 30, 2022 (dollar amounts in thousands):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
March 09, 2021March 09, 2021April 15, 2021$0.20 $775 
Total Distributions$0.20 $775 
During
Date DeclaredRecord DatePayment DatePer Share Amount
Dividend Yield(1)
Total Amount
March 28, 2023March 28, 2023April 20, 2023$0.64 12.8 %$16,517 
June 27, 2023June 27, 2023July 20, 20230.68 14.0 %18,551 
September 26, 2023September 26, 2023October 25, 20230.72 14.2 %19,643 
Total Distributions$2.04 $54,711 

Date DeclaredRecord DatePayment DatePer Share Amount
Dividend Yield(1)
Total Amount
March 25, 2022March 25, 2022April 22, 2022$0.62 11.5 %$12,551 
June 24, 2022June 24, 2022July 25, 20220.55 10.8 %12,160 
September 26, 2022September 28, 2022October 20, 20220.56 11.1 %13,333 
Total Distributions$1.73 $38,044 
(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.

Preferred Stock
For the threenine months ended March 31, 2021,September 30, 2023 and September 30, 2022, we accrued $16.0$47 and $47, respectively, of dividenddividends to holders of the Series A Preferred Stock.

Stock, respectively.
Debt
Our outstanding debt obligations were as follows (dollar amounts in thousands):follows:
March 31, 2021September 30, 2023December 31, 2022
Aggregate Principal CommittedOutstanding PrincipalUnused Portion
Amount Available(1)
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
JPM Funding FacilityJPM Funding Facility$250,000 $109,900 $140,100 $140,100 JPM Funding Facility$900,000 $621,173 $278,827 $1,000,000 $591,307 $408,693 
TotalTotal$250,000 $109,900 $140,100 $140,100 Total$900,000 $621,173 $278,827 $1,000,000 $591,307 $408,693 
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December 31, 2020
Aggregate Principal CommittedOutstanding PrincipalUnused Portion
Amount Available(1)
JPM Funding Facility$250,000 $57,500 $192,500 $131,698
Total$250,000 $57,500 $192,500 $131,698
(1) The amount available reflects any limitations related to such credit facility's borrowing base.
JPM Funding Facility
On December 3, 2020, SLIC Financing SPV, LLC,For additional information on our wholly owned subsidiary, a Delaware limited liability company (“SLIC SPV”), entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with 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, the lenders party thereto, 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, pursuant to which JPM has agreed to extend credit to SLIC SPV in an aggregate principal amount up to $250 million at any one time outstanding (the “JPM Funding Facility”), with an accordion feature, subject to the satisfaction of various conditions.
The JPM Funding Facility is a revolving funding facility with a reinvestment period ending December 3, 2023 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, pound sterling, Euro or Canadian dollars, and subject to certain exceptions, the interest charged on the JPM Funding Facility is based on LIBOR (Dollar), LIBOR (GBP), EURIBOR or CDOR, as applicable (or, if LIBOR (Dollar) 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 2.55% prior to the transition date, and 2.80% subsequent to the transition date, as set forthdebt obligations, see Note 6. “Debt” in the Loan and Security Agreement.Notes to Consolidated Financial Statements.
During the three months ended March 31, 2021, we borrowed $57,400 and repaid $5,000 under the JPM Funding Facility. During the year ended December 31, 2020, we borrowed $57,500 under the JPM Funding Facility. As of March 31, 2021 and December 31, 2020, we had $109,900 and $57,500 outstanding under the JPM Funding Facility, respectively. As of March 31, 2021 and December 31, 2020, we had $140,100 and $192,500, respectively, of available capacity under the JPM Funding Facility (subject to borrowing base availability).
As of March 31, 2021, we were in compliance with all covenants and other requirements of the JPM Funding Facility, as well as the leverage restrictions contained in the 1940 Act.
OFF BALANCE SHEET ARRANGEMENTS
In the ordinary course of our business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in our financial statements as of March 31, 2021 in Part I, Item 1 of this Report for any such exposure.
We have in the past and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments.
As of March 31, 2021, we had delayed draw and revolving senior secured loans with an aggregate $99,209 of unfunded commitments.
As of December 31, 2020, we had delayed draw and revolving senior secured loans with an aggregate of $41,952 of unfunded commitments.

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Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2021, management is not aware of any material pending or threatened litigation relating to us.
CONTRACTUAL OBLIGATIONS
A summary of our contractual payment obligations under our JPM Funding Facility as of March 31, 2021, is as follows (dollar amounts in thousands):
Payments Due by Period
TotalLess
than
1 year		1-3 years3-5
years		After 5
years
JPM Funding Facility$109,900 $— $— $109,900 $— 
Total Contractual Obligations$109,900 $— $— $109,900 $— 

RECENT DEVELOPMENTS
During the period from April 1, 2021 through May 11, 2021, the Company has closed or the Investment Adviser’s Investment Committee has committed/approved approximately $205.1 million of new/add-on investments. This includes transactions for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore the Company believes are likely to close. Of these new commitments, approximately 99.4% were first lien senior secured loans, 0.5% were second lien senior secured loans, and 0.1% were common equity investments. 100% of the senior secured loans were floating rate 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 the impact of Coronavirus. 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 continued impact of Coronavirus.
On April 30, 2021, we delivered a capital drawdown notice to our investors relating to the sale of shares of our Common Stock for an aggregate offering price of approximately $35.0 million. The sale of 1,679,463 shares of our Common Stock closed on May 7, 2021.
CRITICAL ACCOUNTING POLICIESESTIMATES
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 policies,estimates, including those relating to the valuation of our investment portfolio should be read in connection with ourthe financial statements in Part I, Item 1 of this Form 10-Q, "Risk Factors"Report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies” in Part II, Item 1A7 of thisour Form 10-Q,10-K, and “Risk Factors” in Part I, Item 1A of our Form 10-K.
RELATED PARTY TRANSACTIONS
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We have entered into a number of business relationships with affiliated or related parties, including the following:following (which are defined in the notes to the accompanying unaudited financial statements if not defined herein):

•the RestatedInvestment Advisory Agreement;
•the Restated Administration Agreement; and
•the Expense Support and Waiver Agreement.


See “Item 1. Consolidated Financial Statements—Note 3. “Related Party Transactions” in the Notes to Consolidated Financial Statements—Note 3. Related Party Transactions.”Statements.
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Item 3. Quantitative and Qualitative Disclosures aboutAbout 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—Coronavirus Developments.”Most of our investments will not have a readily available market price. To ensure accurate valuation,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 firmfirms engaged at the direction of our Board, or the Board,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 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, havehave and may in the future have an adverse effect on the Company’sa 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.” of the Form 10-K and “Part II, Item 2. Management’s Discussion1A. Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and Analysisour Adviser and harm our business, operating results and financial condition” of Financial Condition and Results of Operations—Coronavirus Developments.”this Report.


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.
In addition, the Coronavirus pandemic has resulted in a decrease in LIBOR and a general reduction of certain interest rates by the U.S. Federal Reserve and other central banks. A continued decline in interest rates, including LIBOR, could result in a reduction of our gross investment income. In addition, our net investment income could also decline if such decreases in LIBOR are not offset by, among other things, a corresponding increase in the spread over LIBOR in our portfolio investments, a decrease in our operating expenses, or a decrease in the interest rates of our liabilities that are tied to LIBOR. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Coronavirus Developments.”
As of March 31, 2021, 99.7%September 30, 2023, approximately 100.0% of our debt investments were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of March 31, 2021,September 30, 2023, the following table shows the annualized impact on net income of hypothetical basereference 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, 2021)September 30, 2023) (dollar amounts in thousands):
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  Interest Interest Net
Basis Point Change - Interest RatesIncomeExpenseIncome
Up 300 basis points$ 4,241$ (3,297)$ 944
Up 200 basis points$ 2,313$ (2,198)$ 115
Up 100 basis points$ 384$ (1,099)$ (715)
Down 100 basis points$ -$ 213$ 213
Down 200 basis points$ -$ 213$ 213
Down 300 basis points$ -$ 213$ 213

InterestInterestNet
Basis Point Change - Interest RatesIncomeExpenseIncome
Up 300 basis points$34,878 $(18,635)$16,243 
Up 200 basis points$23,252 $(12,423)$10,829 
Up 100 basis points$11,626 $(6,212)$5,414 
Down 100 basis points$(11,626)$6,212 $(5,414)
Down 200 basis points$(23,252)$12,423 $(10,829)
Down 300 basis points$(34,878)$18,635 $(16,243)
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.


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Item 4:4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b)
As of September 30, 2023 (the end of the Exchange Act,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 carried out an evaluation(Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e)13a-15 of the Exchange Act) as of the end of the period covered by this Report. Based on that evaluation, our Chief Executive Officer and determinedour Chief Financial Officer have concluded that our current disclosure controls and procedures are effective asin timely alerting them of material information relating to the end ofCompany that is required to be disclosed by us in the period covered by this Report.reports we file or submit under the Exchange Act.
(b) Changes in Internal Controls Over Financial Reporting


There have been no changes in our internal control over financial reporting that occurred duringfor the quarterthree months ended March 31, 2021September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PartPART II -
Other Information


Item 1:1. Legal Proceedings.Proceedings


    Each of us,The Company, the Investment 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 us, the InvestmentCompany, 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 anythe Company. See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of us, the Investment Adviser or the Administrator.

this Form 10-Q.

Item 1A:1A. Risk Factors.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 and under Item 1A in our quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, which could materially affect our business, financial condition and/or operating results. The risks disclosed below and disclosed in the Form 10-K and in our quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 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.


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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.

TableTerrorist acts, acts of Contentswar, natural disasters, disease outbreaks, pandemics or other similar events may disrupt our operations, as well as the operations of our portfolio companies and our Adviser. Such acts have created, and continue to create, economic and political uncertainties and have contributed to recent global economic instability. For example, many countries have experienced outbreaks of infectious illnesses in recent decades, including polio, swine flu, avian influenza, SARS, coronaviruses and the monkeypox virus.


The Israel-Hamas war and the conflict between Russia and Ukraine, and resulting market volatility, could also adversely affect the Company’s business, operating results, and financial condition. The extent and duration or escalation of such conflicts, resulting sanctions and resulting future market disruptions are impossible to predict, but could be significant. Any disruptions resulting from such conflicts and any future conflict (including cyberattacks, espionage or the use or threatened use of nuclear weapons) or resulting from actual or threatened responses to such actions could cause disruptions to any of our portfolio companies located in Europe or the Middle East or that have substantial business relationships with companies in affected regions. It is not possible to predict the duration or extent of longer-term consequences of these conflicts, which could include further sanctions, retaliatory and escalating measures, embargoes, regional instability, geopolitical shifts and adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, currency exchange rates and financial markets around the globe. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations.

Market volatility has had a material adverse impact on local economies in the affected jurisdictions and also on the global economy, as cross border commercial activity and market sentiment continue to be impacted by such events. In addition to these and any future developments potentially having adverse consequences for certain portfolio companies and other issuers in or through which we may invest and the value of our investments therein, the operations of the Adviser (including those relating to us) have been, and could continue to be, adversely impacted. Any of the foregoing events could materially and adversely affect our ability to source, manageand divest our investments and our ability to fulfill our investment objectives. Similar consequences could arise with respect to other comparable infectious diseases.

The extent to which the Coronavirus and/or other disease outbreaks or health pandemics may negatively affect our and our portfolio companies’ operating results, or the duration of any potential business or supply- chain disruption, is uncertain. These potential impacts, while uncertain, could adversely affect our operating results and the operating results of the portfolio companies in which we invest. There is a risk that any future disease outbreaks or health pandemics (including a recurrence of the Coronavirus) would impact our ability to achieve our investment objectives. Further, if a future pandemic occurs during a period when our investments are maturing, we may not be able to realize our investments within the Company’s term, or at all. In addition, future terrorist activities, military or security operations, natural disasters, disease outbreaks, pandemics or other similar events could weaken the domestic/global economies and create additional uncertainties, which may negatively impact our portfolio companies and, in turn, could have a material adverse impact on our business, operating results and financial condition.

Item 2:2. Unregistered Sales of Equity Securities and Use of Proceeds.Proceeds and Issuer Purchases of Equity Securities.

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Sales of Unregistered Securities
Refer to "Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets" in this Report and our Current Report on Form 8-K filed on March 18, 2021, for issuanceThere were no issuances of our Common Stock during the quarter ended March 31, 2021. Such issuance wasSeptember 30, 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.

None
Item 3:3. Defaults Upon Senior Securities.

None.


Item 4:4. Mine Safety Disclosures.Disclosures

Not applicable


applicable.
Item 5:5. Other Information.Information

Rule 10b5-1 Trading Plans
    None.

During the fiscal quarter ended September 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”


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Item 6: Exhibits.6. Exhibits

(b) Exhibits
EXHIBIT INDEXThe following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

ExhibitDescription
NumberDescription
3.131.1*
10.1
10.2
31.1*
31.2*
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

(1)    Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed by the Company on February 5, 2021 (File No. 814-01366)

(2)    Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on February 5, 2021 (File No. 814-01366)

(3)    Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed by the Company on February 5, 2021 (File No. 814-01366)


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SIGNATURES

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



SL Investment Corp.
Dated: May 11, 2021November 6, 2023ByBy:/s/ Jeffrey S. Levin
Jeffrey S. Levin
President and Chief Executive Officer
(Principal Executive Officer)
Dated: May 11, 2021By/s/ Venugopal Rathi
Jeffrey S. Levin
Director and Chief Executive Officer (principal executive officer)
Venugopal Rathi
November 6, 2023By:/s/ Orit Mizrachi
Orit Mizrachi
Interim Chief Financial Officer
(Principal Financial Officer)interim principal financial officer)




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