SL Investment 10-Q 2024 Q1 Quarterly report

0001825590FALSETRUEQ112/312024http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLoss0001825590us-gaap:OtherAggregatedInvestmentsMember2024-01-012024-03-31

Table of Contents

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, 2024

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 (State or other jurisdiction of incorporation or organization)	85-3472615 (I.R.S. Employer Identification No.)
1585 Broadway, New York, NY	10036
(Address of principal executive offices)	(Zip Code)

1 212-761-4000

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

1

Table of Contents

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 14, 2024, the Registrant had 27,281,428 shares of common stock, $0.001 par value per share, outstanding.

2

Table of Contents

SL Investment Corp.

TABLE OF CONTENTS

Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Statements of Assets and Liabilities	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Net Assets	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	46
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 4.	Controls and Procedures	68
Part II. Other Information
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	70

SIGNATURES

3

SL Investment Corp.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

	As of
	March 31, 2024		December 31, 2023
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,137,194 and $1,156,731)	$	1,128,417	$	1,146,036
Cash	33,982		36,643
Deferred financing costs	5,278		5,769
Interest and dividend receivable from non-controlled/non-affiliated investments	9,126		10,834
Receivable for investments sold/repaid	23,989		387
Prepaid expenses and other assets	73		18
Total assets	1,200,865		1,199,687
Liabilities
Debt	603,073		599,373
Payable for investments purchased	—		280
Payable to affiliates (Note 3)	349		1,246
Dividends payable	20,734		21,280
Management fees payable	356		356
Interest and other financing costs payable	11,817		13,167
Accrued expenses and other liabilities	1,551		1,345
Total liabilities	637,880		637,047
Commitments and Contingencies (Note 7)
Net Assets
Series A Preferred stock, par value $0.001 (1,000,000 shares authorized and 521 and 521 shares issued and outstanding)	1		1
Paid-in capital in excess of par value of Series A Preferred Stock	520		520
Common Stock, par value $0.001 per share (100,000,000 shares authorized and 27,281,428 and 27,281,428 shares issued and outstanding)	27		27
Paid-in capital in excess of par value of Common Stock	569,210		569,210
Total distributable earnings (loss)	(6,773)		(7,118)
Total net assets	562,985		562,640
Total liabilities and net assets	$	1,200,865	$	1,199,687
Net asset value per common share	$	20.62	$	20.60

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

4

SL Investment Corp.

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

    

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	33,306	$	30,971
Payment-in-kind	970		146
Dividend income	163		139
Other income	416		387
Total investment income	34,855		31,643
Expenses:
Interest and other financing expenses	13,173		13,220
Management fees	356		337
Professional fees	343		313
Directors’ fees	52		51
General and other expenses	18		54
Total expenses	13,942		13,975
Net investment income before excise taxes	20,913		17,668
Excise tax expense	21		23
Net investment income after excise taxes	20,892		17,645
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from non-controlled/non-affiliated investments	(1,715)		63
Net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments	1,918		(1,288)
Net realized and unrealized gains (losses)	203		(1,225)
Net increase (decrease) in net assets resulting from operations	21,095		16,420
Preferred Stock dividend	(16)		(16)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$	21,079	$	16,404
Net investment income (loss) per common share (basic and diluted)	$	0.77	$	0.68
Earnings (loss) per common share (basic and diluted)	$	0.77	$	0.64
Weighted average common shares outstanding :	27,281,428		25,807,951

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

5

SL Investment Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amounts)

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Net assets at beginning of period	$	562,640	$	516,232
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	20,892		17,645
Net realized gain (loss)	(1,715)		63
Net change in unrealized appreciation (depreciation)	1,918		(1,288)
Net increase (decrease) in net assets resulting from operations	21,095		16,420
Distributions to stockholders from:
Distributable earnings	(20,750)		(16,533)
Total distributions to stockholders	(20,750)		(16,533)
Net increase (decrease) in net assets resulting from capital transactions	—		—
Total increase (decrease) in net assets	345		(113)
Net assets at end of period	$	562,985	$	516,119
Distribution per share	$	0.76	$	0.64

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

6

SL Investment Corp.

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	21,095	$	16,420
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	(1,918)		1,288
Net realized (gain) loss on investments	1,715		(63)
Net accretion of discount and amortization of premium on investments	(1,043)		(968)
Payment-in-kind interest and dividend capitalized	(1,029)		(219)
Amortization of deferred financing costs	492		1,067
Purchases of investments and change in payable for investments purchased	(45,894)		(51,584)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold.	41,905		32,901
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	1,708		(638)
(Increase) decrease in prepaid expenses and other assets	(55)		(75)
(Decrease) increase in payable to affiliates	(897)		(387)
(Decrease) increase in management fee payable	—		12
(Decrease) increase in interest and other financing costs payable	(1,350)		1,941
(Decrease) increase in accrued expenses and other liabilities	206		132
Net cash provided by (used in) operating activities	14,935		(173)
Cash flows from financing activities:
Borrowings on debt	49,000		45,000
Repayments on debt	(45,300)		(16,634)
Proceeds from issuance of Common Stock and change in subscription receivable	—		18,597
Dividends paid	(21,296)		(14,301)
Net cash provided by (used in) financing activities	(17,596)		32,662
Net increase (decrease) in cash	(2,661)		32,489
Cash, beginning of period	36,643		25,116
Cash, end of period	$	33,982	$	57,605

Supplemental information and non-cash activities:
Excise Tax Paid	$	91	$	26
Accrued but unpaid excise tax expense	$	—	$	—
Interest expense paid	$	14,031	$	10,212
Accrued but unpaid dividends	$	20,734	$	16,517
Non-cash purchases of investments	$	(11,367)	$	—
Non-cash sales of investments	$	11,367	$	—

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

7

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company	(4) (5) (6)	S +	5.00%	10.40%	12/22/2026	11,955	$	11,802	$	11,865	2.11	%
Jonathan Acquisition Company	(4) (6) (12)	S +	5.00%	10.40%	12/22/2025	1,167	1,150		1,153		0.20
Mantech International CP	(4) (5) (7)	S +	5.75%	11.06%	09/14/2029	10,329	10,157		10,329		1.83
Mantech International CP	(4) (7) (12)	S +	5.75%	11.06%	09/14/2029	919	890		919		0.16
Mantech International CP	(4) (7) (12)	S +	5.75%	11.06%	09/14/2028	—	(24)		—
PCX Holding Corp.	(4) (5) (6)	S +	6.25%	11.71%	04/22/2027	7,715	7,670		7,693		1.37
PCX Holding Corp.	(4) (5) (6)	S +	6.25%	11.71%	04/22/2027	7,769	7,676		7,747		1.38
PCX Holding Corp.	(4) (6) (12)	S +	6.25%	11.71%	04/22/2027	529	525		527		0.09
Two Six Labs, LLC	(4) (5) (7)	S +	5.50%	10.81%	08/20/2027	4,979	4,915		4,850		0.86
Two Six Labs, LLC	(4) (7)	S +	5.50%	10.81%	08/20/2027	1,811	1,786		1,762		0.31
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.81%	08/20/2027	—	(10)		(25)		—
							46,537		46,820		8.31
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (5) (7)	S +	5.75%	11.06%	11/06/2027	2,358	2,325		2,348		0.42
RoadOne IntermodaLogistics	(4) (6)	S +	6.25%	11.56%	12/29/2028	627	611		617		0.11
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.56%	12/29/2028	57	55		55		0.01
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.56%	12/29/2028	8	4		6		—
							2,995		3,026		0.54
Automobile Components
Continental Battery Company	(4) (5) (6)	S +	7.00% (incl 4.08% PIK)	12.46%	01/20/2027	6,251	6,175		5,113		0.91
Randy's Holdings, Inc.	(4) (5) (6)	S +	6.50%	11.81%	01/11/2028	2,478	2,417		2,478		0.44
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.81%	01/11/2028	100	89		100		0.02
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.81%	01/11/2028	88	81		88		0.02
Sonny's Enterprises, LLC	(4) (6)	S +	6.75%	12.22%	08/05/2028	19,801	19,555		19,801		3.52
Sonny's Enterprises, LLC	(4) (6) (12)	S +	6.75%	12.22%	08/05/2028	160	154		160		0.03
Sonny's Enterprises, LLC	(4) (6) (12)	S +	6.75%	12.22%	05/08/2027	—	(5)		—
Spectrum Automotive Holdings Corp.	(4) (5) (7)	S +	5.75%	11.19%	06/29/2028	10,007	9,906		9,828		1.75
Spectrum Automotive Holdings Corp.	(4) (7) (12)	S +	5.75%	11.19%	06/29/2028	2,294	2,267		2,244		0.40
Spectrum Automotive Holdings Corp.	(4) (7) (12)	S +	5.75%	11.19%	06/29/2027	—	(3)		(7)		—
							40,636		39,805		7.09
Automobiles
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.68%	02/28/2025	8,774	8,725		8,657		1.54
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.68%	02/28/2025	1,536	1,528		1,516		0.27
ARI Network Services, Inc.	(4) (7) (12)	S +	5.25%	10.68%	02/28/2025	260	253		242		0.04
COP Collisionright Parent, LLC	(4) (5) (6)	S +	5.50%	10.82%	01/29/2030	1,074	1,053		1,053		0.19

8

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
COP Collisionright Parent, LLC	(4) (6) (12)	S +	5.50%	10.82%	01/29/2030	29	$	23	$	23	—	%
COP Collisionright Parent, LLC	(4) (6) (12)	S +	5.50%	10.82%	01/29/2030	26	23		23		—
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.68%	02/28/2026	33	32		32		0.01
Summit Buyer, LLC	(4) (5) (6)	S +	5.75%	11.00%	01/14/2027	9,360	9,251		8,983		1.60
Summit Buyer, LLC	(4) (6) (12)	S +	5.75%	11.00%	01/14/2027	13,753	13,593		13,193		2.34
Summit Buyer, LLC	(4) (12)	P +	4.25%	12.75%	01/14/2027	196	185		153		0.03
Turbo Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.46%	02/12/2025	16,054	15,919		15,822		2.81
Turbo Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.46%	02/12/2025	1,470	1,456		1,449		0.26
							52,041		51,146		9.09
Biotechnology
GraphPad Software, LLC	(4) (5) (6)	S +	5.50%	11.15%	04/27/2027	6,330	6,293		6,323		1.12
GraphPad Software, LLC	(4) (6)	S +	6.00%	11.46%	04/27/2027	750	746		749		0.13
							7,039		7,072		1.25
Chemicals
V Global Holdings, LLC	(4) (5) (7)	S +	5.75%	11.22%	12/22/2027	1,513	1,491		1,421		0.25
V Global Holdings, LLC	(4) (7) (12)	S +	5.75%	11.22%	12/22/2025	129	128		116		0.02
							1,619		1,537		0.27
Commercial Services & Supplies
365 Retail Markets, LLC	(4) (5) (6)	S +	4.75%	10.23%	12/23/2026	7,312	7,240		7,312		1.30
365 Retail Markets, LLC	(4) (5) (6)	S +	4.75%	10.23%	12/23/2026	2,346	2,328		2,346		0.42
365 Retail Markets, LLC	(4) (6) (12)	S +	4.75%	10.23%	12/23/2026	—	(11)		—
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	12.55%	09/12/2029	840	818		840		0.15
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	12.55%	09/12/2029	67	66		67		0.01
Atlas Us Finco, Inc.	(4) (6) (9) (12)	S +	7.25%	12.55%	09/12/2028	—	(2)		—
BPG Holdings IV Corp.	(4) (5) (7)	S +	6.00%	11.31%	07/29/2029	9,505	8,972		9,330		1.66
Encore Holdings, LLC	(4) (5) (7)	S +	5.25%	10.65%	11/23/2028	9,131	9,016		9,131		1.62
Encore Holdings, LLC	(4) (5) (7) (12)	S +	5.25%	10.65%	11/23/2028	17,803	17,616		17,794		3.16
Encore Holdings, LLC	(4) (7) (12)	S +	5.25%	10.65%	11/23/2027	—	(29)		—
Energy Labs Holdings Corp.	(4) (5) (6)	S +	5.25%	10.68%	07/04/2028	383	379		379		0.07
Energy Labs Holdings Corp.	(4) (6)	S +	5.25%	10.68%	07/04/2028	36	36		36		0.01
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	10.68%	07/04/2028	17	17		17		—
FLS Holding, Inc.	(4) (5) (6) (9)	S +	5.25%	10.73%	12/15/2028	15,182	14,957		15,097		2.68
FLS Holding, Inc.	(4) (5) (6) (9)	S +	5.25%	10.73%	12/15/2028	3,560	3,508		3,540		0.63
FLS Holding, Inc.	(4) (6) (9) (12)	S +	5.25%	10.73%	12/17/2027	—	(18)		(8)		—
Helios Service Partners, LLC	(4) (6)	S +	6.25%	11.81%	03/19/2027	244	238		241		0.04
Helios Service Partners, LLC	(4) (6) (12)	S +	6.25%	11.81%	03/19/2027	351	342		346		0.06
Helios Service Partners, LLC	(4) (6) (12)	S +	6.00%	11.56%	03/19/2027	27	26		26		—

9

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Iris Buyer, LLC	(4) (5) (6)	S +	6.25%	11.56%	02/10/2030	4,411	$	4,296	$	4,317	0.77	%
Iris Buyer, LLC	(4) (6) (12)	S +	6.25%	11.56%	02/10/2030	417	406		404		0.07
Iris Buyer, LLC	(4) (6) (12)	S +	6.25%	11.56%	02/10/2029	—	(16)		(13)		—
Helios Service Partners, LLC	(4) (6) (12)	S +	6.25%	11.84%	03/19/2027	—	(7)		(7)		—
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.81%	07/15/2027	9,845	9,741		9,802		1.74
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.81%	07/15/2027	4,158	4,105		4,140		0.74
PDFTron Systems, Inc.	(4) (6) (9) (12)	S +	5.50%	10.81%	07/15/2026	550	520		536		0.10
Procure Acquireco, Inc. (Procure Analytics)	(4) (5) (7)	S +	5.00%	10.49%	12/20/2028	15,516	15,287		15,423		2.74
Procure Acquireco, Inc. (Procure Analytics)	(4) (7)	S +	5.00%	10.49%	12/20/2028	767	754		762		0.14
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	S +	5.00%	10.49%	12/20/2028	—	(13)		(6)		—
Sherlock Buyer Corp.	(4) (5) (6)	S +	5.75%	11.16%	08/12/2028	18,320	18,050		18,320		3.25
Sherlock Buyer Corp.	(4) (6) (12)	S +	5.75%	11.16%	08/12/2027	—	(27)		—
Surewerx Purchaser III, Inc.	(4) (5) (7) (9)	S +	6.75%	12.05%	12/28/2029	2,063	2,009		2,063		0.37
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	12.05%	12/28/2029	—	(7)		—
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	12.05%	12/28/2028	172	163		172		0.03
Sweep Purchaser, LLC	(4) (5) (6)	S +	5.75% PIK	11.07%	06/30/2027	1,896	1,896		1,896		0.34
Sweep Purchaser, LLC	(4) (5) (6)	S +	5.75%	11.07%	06/30/2027	1,062	1,062		1,062		0.19
Sweep Purchaser, LLC	(4) (6) (12)	S +	5.50%	11.07%	06/30/2027	—	—		—
Tamarack Intermediate, LLC	(4) (5) (7)	S +	5.50%	10.97%	03/13/2028	5,534	5,453		5,432		0.96
Tamarack Intermediate, LLC	(4) (7) (12)	S +	5.50%	10.97%	03/13/2028	201	192		190		0.03
Tamarack Intermediate, LLC	(4) (7) (12)	S +	5.50%	10.97%	03/13/2028	—	(12)		(16)		—
Vensure Employer Services, Inc.	(4) (7) (12)	S +	5.25%	10.57%	04/01/2027	3,018	2,925		2,904		0.52
VRC Companies, LLC	(4) (5) (6)	S +	5.75%	11.07%	06/29/2027	21,366	21,165		21,366		3.80
VRC Companies, LLC	(4) (6) (12)	S +	5.75%	11.07%	06/29/2027	55	48		48		0.01
VRC Companies, LLC	(4) (6) (12)	S +	5.75%	11.07%	06/29/2027	—	(6)		—
							153,483		155,289		27.61
Construction & Engineering
Arcoro Holdings Corp.	(4) (6)	S +	5.50%	10.82%	03/28/2030	8,696	8,522		8,522		1.51
Arcoro Holdings Corp.	(4) (6) (12)	S +	5.50%	10.82%	03/28/2030	—	(26)		(26)		—
KPSKY Acquisition, Inc.	(4) (5) (7)	S +	5.25%	10.66%	10/19/2028	14,476	14,269		14,210		2.52
KPSKY Acquisition, Inc.	(4) (5) (7)	S +	5.25%	10.66%	10/19/2028	3,442	3,389		3,379		0.60
Superman Holdings, LLC	(4) (6)	S +	6.13%	11.43%	08/31/2027	401	392		397		0.07
Superman Holdings, LLC	(4) (6) (12)	S +	6.13%	11.43%	08/31/2027	—	(1)		(1)		—
							26,545		26,481		4.70
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(4) (5) (7)	S +	5.50%	10.83%	03/02/2031	670	663		663		0.12
PDI TA Holdings, Inc.	(4) (7) (12)	S +	5.50%	10.83%	03/02/2031	—	(1)		(1)		—

10

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
PDI TA Holdings, Inc.	(4) (7) (12)	S +	5.50%	10.83%	03/02/2031	—	$	(1)	$	(1)	—	%
							661		661		0.12
Containers & Packaging
BP Purchaser, LLC	(4) (5) (7)	S +	5.50%	11.08%	11/12/2028	23,191	22,849		22,089		3.92
FORTIS Solutions Group, LLC	(4) (5) (7)	S +	5.50%	10.90%	10/13/2028	11,481	11,317		11,481		2.04
FORTIS Solutions Group, LLC	(4) (7) (12)	S +	5.50%	10.90%	10/13/2028	184	178		184		0.03
FORTIS Solutions Group, LLC	(4) (7) (12)	S +	5.50%	10.90%	10/15/2027	58	44		58		0.01
							34,388		33,812		6.00
Distributors
48Forty Solutions, LLC	(4) (5) (6)	S +	6.00%	11.43%	11/30/2026	9,820	9,683		8,569		1.52
48Forty Solutions, LLC	(4) (6) (12)	S +	6.00%	11.43%	11/30/2026	1,056	1,038		863		0.15
Avalara, Inc.	(4) (5) (7)	S +	7.25%	12.56%	10/19/2028	2,359	2,311		2,359		0.42
Avalara, Inc.	(4) (7) (12)	S +	7.25%	12.56%	10/19/2028	—	(4)		—		—
Bradyifs Holdings, LLC	(4) (5) (6)	S +	6.00%	11.31%	10/31/2029	867	851		856		0.15
Bradyifs Holdings, LLC	(4) (6) (12)	S +	6.00%	11.31%	10/31/2029	23	22		22		—
Bradyifs Holdings, LLC	(4) (6) (12)	S +	6.00%	11.31%	10/31/2029	—	(1)		(1)		—
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.43%	01/11/2028	14,950	14,842		14,455		2.57
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.43%	01/11/2028	8,319	8,262		8,043		1.43
							37,004		35,166		6.24
Diversified Consumer Services
Apex Service Partners, LLC	(4) (5) (6)	S +	7.00% (incl. 2.00% PIK)	12.32%	10/24/2030	14,414	14,152		14,154		2.51
Apex Service Partners, LLC	(4) (6) (12)	S +	7.00% (incl. 2.00% PIK)	12.32%	10/24/2030	1,880	1,826		1,819		0.32
Apex Service Partners, LLC	(4) (6) (12)	S +	7.00% (incl. 2.00% PIK)	12.32%	10/24/2029	434	414		413		0.07
Assembly Intermediate, LLC	(4) (5) (6)	S +	6.00%	11.41%	10/19/2027	8,889	8,771		8,589		1.53
Assembly Intermediate, LLC	(4) (6) (12)	S +	6.00%	11.41%	10/19/2027	1,556	1,531		1,481		0.26
Assembly Intermediate, LLC	(4) (6) (12)	S +	6.00%	11.41%	10/19/2027	—	(11)		(30)		(0.01)
EVDR Purchaser, Inc.	(4) (7)	S +	5.50%	10.83%	02/14/2031	346	339		339		0.06
EVDR Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.83%	02/14/2031	—	(1)		(1)		—
EVDR Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.83%	02/14/2031	24	22		22		—
FPG Intermediate Holdco, LLC	(4) (6) (14)	S +	6.50%	12.18%	05/03/2027	704	694		639		0.11
Heartland Home Services, Inc.	(4) (7)	S +	5.75%	11.08%	12/15/2026	1,941	1,928		1,925		0.34
Lightspeed Solution, LLC	(4) (5) (7)	S +	6.50% (incl. 2.17% PIK)	11.84%	01/03/2028	3,980	3,926		3,971		0.71
Lightspeed Solution, LLC	(4) (7)	S +	6.50% (incl. 2.17% PIK)	11.84%	01/03/2028	262	259		262		0.05
LUV Car Wash Group, LLC	(4) (5) (6) (12)	S +	7.00%	12.32%	09/12/2026	893	887		892		0.16
Magnolia Wash Holdings	(4) (5) (6)	S +	6.50%	12.09%	07/14/2028	1,464	1,441		1,301		0.23

11

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Magnolia Wash Holdings	(4) (6)	S +	6.50%	12.09%	07/14/2028	313	$	308	$	278	0.05	%
Magnolia Wash Holdings	(4) (6) (12)	S +	6.50%	12.09%	07/14/2028	39	38		31		0.01
Spotless Brands, LLC	(4) (5) (6)	S +	6.50%	11.98%	07/25/2028	1,421	1,398		1,413		0.25
Spotless Brands, LLC	(4) (6)	S +	6.50%	11.98%	07/25/2028	269	265		268		0.05
Spotless Brands, LLC	(4) (6) (12)	S +	6.50%	11.98%	07/25/2028	—	(1)		—		—
Vertex Service Partners, LLC	(4) (5) (7)	S +	5.50%	10.90%	08/11/2030	207	202		203		0.04
Vertex Service Partners, LLC	(4) (7) (12)	S +	5.50%	10.90%	08/11/2030	181	174		173		0.03
Vertex Service Partners, LLC	(4) (7) (12)	S +	5.50%	10.90%	08/11/2030	—	(1)		(1)		—
							38,561		38,141		6.77
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (5) (7)	S +	6.00%	11.46%	06/07/2028	1,905	1,877		1,417		0.25
Abracon Group Holdings, LLC	(4) (7) (12)	S +	6.00%	11.46%	06/07/2028	—	(2)		(36)		(0.01)
Abracon Group Holdings, LLC	(4) (7)	S +	6.00%	11.46%	06/07/2028	127	125		95		0.02
Dwyer Instruments, Inc.	(4) (5) (7)	S +	5.75%	11.15%	07/21/2027	3,013	2,968		2,979		0.53
Dwyer Instruments, Inc.	(4) (7) (12)	S +	5.75%	11.15%	07/21/2027	638	623		623		0.11
Dwyer Instruments, Inc.	(4) (7) (12)	S +	5.75%	11.15%	07/21/2027	—	(4)		(3)		—
Infinite Bidco, LLC	(4) (8)	S +	6.25%	11.83%	02/03/2028	4,682	4,567		4,669		0.83
Magneto Components Buyco, LLC	(4) (5) (7)	S +	6.00%	11.33%	05/12/2030	220	216		216		0.04
Magneto Components Buyco, LLC	(4) (7) (12)	S +	6.00%	11.33%	05/12/2030	—	—		(1)		—
Magneto Components Buyco, LLC	(4) (7) (12)	S +	6.00%	11.33%	05/12/2029	—	(1)		(1)		—
							10,369		9,958		1.77
Financial Services
Applitools, Inc.	(4) (5) (7) (9)	S +	6.25% PIK	11.58%	05/25/2029	1,703	1,684		1,668		0.30
Applitools, Inc.	(4) (7) (9) (12)	S +	6.25%	11.58%	05/25/2028	—	(3)		(4)		—
Cerity Partners, LLC	(4) (5) (7)	S +	6.75%	12.09%	07/30/2029	1,801	1,754		1,801		0.32
Cerity Partners, LLC	(4) (7)	S +	6.75%	12.09%	07/30/2029	2,543	2,482		2,543		0.45
GC Waves Holdings, Inc.	(4) (7)	S +	6.00%	10.68%	10/08/2029	228	224		225		0.04
GC Waves Holdings, Inc.	(4) (7) (12)	S +	6.00%	10.68%	10/08/2029	103	89		94		0.02
GC Waves Holdings, Inc.	(4) (7) (12)	S +	6.00%	10.68%	10/08/2029	—	(1)		—		—
SitusAMC Holdings Corp.	(4) (5) (7)	S +	5.50%	10.90%	12/22/2027	6,692	6,644		6,692		1.19
Smarsh, Inc.	(4) (5) (7)	S +	5.75%	11.06%	02/16/2029	4,286	4,220		4,226		0.75
Smarsh, Inc.	(4) (7) (12)	S +	5.75%	11.06%	02/16/2029	536	524		521		0.09
Smarsh, Inc.	(4) (7) (12)	S +	5.75%	11.06%	02/16/2029	107	103		103		0.02
Trintech, Inc.	(4) (5) (6)	S +	6.50%	11.83%	07/25/2029	14,923	14,650		14,713		2.61
Trintech, Inc.	(4) (6) (12)	S +	6.50%	11.83%	07/25/2029	367	345		349		0.06
							32,715		32,931		5.85

12

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)	(4) (5) (6)	S +	7.25% (incl. 1.00% PIK)	12.68%	12/18/2025	3,612	$	3,584	$	3,335	0.59	%
Health Care Equipment & Supplies
Performance Health & Wellness, Inc.	(4) (5) (6)	S +	5.75%	11.16%	12/07/2027	4,028	3,978		4,019		0.71
PerkinElmer U.S., LLC	(4) (5) (6)	S +	6.75%	12.07%	03/13/2029	653	636		652		0.12
Tidi Legacy Products, Inc.	(4) (5) (6)	S +	5.50%	10.83%	12/19/2029	368	361		362		0.06
Tidi Legacy Products, Inc.	(4) (6) (12)	S +	5.50%	10.83%	12/19/2029	—	(1)		(1)		—
Tidi Legacy Products, Inc.	(4) (6) (12)	S +	5.50%	10.83%	12/19/2029	—	(1)		(1)		—
YI, LLC	(4) (5) (6)	S +	5.75%	11.07%	03/12/2029	245	240		242		0.04
YI, LLC	(4) (6) (12)	S +	5.75%	11.07%	03/12/2029	—	—		(1)		—
YI, LLC	(4) (6) (12)	S +	5.75%	11.07%	03/12/2029	1	—		—
							5,213		5,272		0.93
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.50%	11.74%	03/04/2028	15,304	14,987		15,016		2.67
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.50%	11.74%	03/04/2028	720	709		706		0.13
Gateway US Holdings, Inc.	(4) (5) (7) (9)	S +	6.00%	11.45%	09/22/2026	748	744		748		0.13
Gateway US Holdings, Inc.	(4) (7) (9)	S +	6.00%	11.45%	09/22/2026	211	210		211		0.04
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.00%	11.45%	09/22/2026	—	—		—		—
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	10.18%	10/12/2026	3,826	3,804		3,802		0.68
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	10.18%	10/12/2026	8,663	8,614		8,609		1.53
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	4.75%	10.18%	10/12/2026	—	(4)		(5)		—
iCIMS, Inc.	(4) (5) (7)	S +	7.25% (incl. 3.88% PIK)	12.55%	08/18/2028	1,623	1,602		1,623		0.29
iCIMS, Inc.	(4) (7) (12)	S +	7.25% (incl. 3.88% PIK)	12.55%	08/18/2028	—	—		—		—
iCIMS, Inc.	(4) (7) (12)	S +	7.25% (incl. 3.88% PIK)	12.55%	08/18/2028	1	1		1		—
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	11.96%	08/21/2026	926	908		887		0.16
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	11.96%	08/21/2026	63	63		61		0.01
Pareto Health Intermediate Holdings, Inc.	(4) (6)	S +	6.25%	11.55%	5/31/20230	1,041	1,021		1,038		0.18
Pareto Health Intermediate Holdings, Inc.	(4) (6) (12)	S +	6.25%	11.55%	5/312029	—	(2)		—		—
PPV Intermediate Holdings, LLC	(4) (7)	S +	5.75%	11.09%	08/31/2029	994	959		980		0.17
PPV Intermediate Holdings, LLC	(4) (7) (12)	S +	5.75%	11.09%	08/31/2029	—	(29)		(24)		—
Promptcare Infusion Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.45%	01/09/2027	3,839	3,790		3,798		0.67
Promptcare Infusion Buyer, Inc.	(4) (6)	S +	6.00%	11.45%	01/09/2027	598	592		592		0.11
Stepping Stones Healthcare Services, LLC	(4) (5) (7)	S +	5.50%	10.91%	02/01/2029	4,288	4,239		4,245		0.75
Stepping Stones Healthcare Services, LLC	(4) (7)	S +	5.50%	10.91%	02/01/2029	962	951		953		0.17
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	S +	5.50%	10.91%	12/30/2026	—	(5)		(6)		—
Suveto	(4) (5) (7)	S +	4.25%	9.68%	09/09/2027	5,060	5,027		4,863		0.86

13

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Suveto	(4) (7) (12)	S +	4.25%	9.68%	09/09/2027	171	$	165	$	149	0.03	%
Vardiman Black Holdings, LLC	(4) (5) (8)	S +	7.00%	12.43%	03/18/2027	3,598	3,598		3,598		0.64
Vardiman Black Holdings, LLC	(4) (8) (12) (14)	S +	7.00%	12.43%	03/18/2027	—	(13)		(13)		—
Vermont Aus Pty Ltd.	(4) (5) (7) (9)	S +	5.50%	10.96%	03/23/2028	490	481		483		0.09
							52,412		52,315		9.31
Health Care Technology
Hyland Software, Inc.	(4) (5) (7)	S +	6.00%	11.33%	09/19/2030	7,534	7,460		7,488		1.33
Hyland Software, Inc.	(4) (7) (12)	S +	6.00%	11.33%	09/19/2029	—	(3)		(2)		—
Lightspeed Buyer, Inc.	(4) (5) (6)	S +	5.25%	10.71%	03/02/2026	3,953	3,908		3,929		0.70
Lightspeed Buyer, Inc.	(4) (5) (6)	S +	5.25%	10.71%	03/02/2026	3,295	3,255		3,275		0.58
							14,620		14,690		2.61
Industrial Conglomerates
Aptean, Inc.	(4) (5) (7)	S +	5.25%	10.57%	01/30/2031	2,081	2,061		2,061		0.37
Aptean, Inc.	(4) (7) (12)	S +	5.25%	10.57%	01/30/2031	18	16		16		—
Aptean, Inc.	(4) (7) (12)	S +	5.25%	10.57%	01/30/2031	—	(2)		(2)		—
Raptor Merger Sub Debt, LLC	(4) (5) (7)	S +	6.75%	12.05%	04/01/2028	13,779	13,435		13,779		2.45
Raptor Merger Sub Debt, LLC	(4) (7) (12)	S +	6.75%	12.05%	04/01/2028	209	186		209		0.04
							15,696		16,063		2.86
Insurance Services
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	11.41%	10/29/2028	18,182	17,985		18,182		3.23
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	11.41%	10/29/2028	3,954	3,915		3,954		0.70
Foundation Risk Partners Corp.	(4) (7) (12)	S +	6.00%	11.41%	10/29/2027	—	(17)		—		—
Galway Borrower, LLC	(4) (5) (7)	S +	5.25%	10.67%	09/29/2028	10,942	10,780		10,679		1.90
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.67%	09/29/2028	—	(28)		(80)		(0.01)
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.67%	09/29/2028	145	131		123		0.02
Higginbotham Insurance Agency, Inc.	(4) (5) (6)	S +	5.50%	10.93%	11/24/2028	6,083	6,026		6,083		1.08
Higginbotham Insurance Agency, Inc.	(4) (6) (12)	S +	5.50%	10.93%	11/24/2028	100	96		97		0.02
High Street Buyer, Inc.	(4) (5) (7)	S +	5.25%	10.56%	04/14/2028	4,228	4,173		4,186		0.74
High Street Buyer, Inc.	(4) (5) (7) (12)	S +	5.25%	10.56%	04/14/2028	16,979	16,752		16,805		2.98
High Street Buyer, Inc.	(4) (7) (12)	S +	5.25%	10.56%	04/16/2027	—	(9)		(9)		—
Long Term Care Group, Inc.	(4) (5) (7) (14)	S +	7.00% (incl. 6.00% PIK)	12.57%	08/09/2027	2,077	2,050		1,716		0.30
Inszone Mid, LLC	(4) (5) (6)	S +	5.75%	10.98%	12/11/2029	58	57		57		0.01
Inszone Mid, LLC	(4) (6) (12)	S +	5.75%	10.98%	12/11/2029	10	9		9		—
Inszone Mid, LLC	(4) (6) (12)	S +	5.75%	10.98%	12/11/2029	—	—		—		—
Integrity Marketing Acquisition, LLC	(4) (5) (7)	S +	6.00%	11.34%	08/27/2026	391	385		386		0.07
Integrity Marketing Acquisition, LLC	(4) (5) (7)	S +	6.00%	11.34%	08/27/2026	26,881	26,694		26,591		4.72

14

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Integrity Marketing Acquisition, LLC	(4) (7) (12)	S +	6.00%	11.34%	08/27/2026	—	$	(2)	$	(1)	—	%
Keystone Agency Investors	(4) (5) (6)	S +	5.50%	10.95%	03/05/2027	2,608	2,582		2,578		0.46
Keystone Agency Investors	(4) (5) (6)	S +	5.50%	10.95%	03/05/2027	3,160	3,130		3,125		0.56
Patriot Growth Insurance Services, LLC	(4) (7)	S +	5.50%	10.95%	10/14/2028	676	666		672		0.12
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	S +	6.00%	11.45%	01/11/2028	7,900	7,837		7,825		1.39
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7) (12)	S +	6.00%	11.45%	01/11/2028	2,735	2,711		2,710		0.48
Peter C. Foy & Associates Insurance Services, LLC	(4) (7) (12)	S +	6.00%	11.45%	01/11/2027	—	(2)		(3)		—
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.96%	01/11/2029	9,499	9,430		9,462		1.68
RSC Acquisition, Inc.	(4) (7) (12)	S +	5.50%	10.96%	01/11/2029	14	14		14		—
World Insurance Associates, LLC	(4) (5) (6)	S +	6.00%	11.32%	03/04/2028	27,247	26,801		26,513		4.71
World Insurance Associates, LLC	(4) (6) (12)	S +	6.00%	11.32%	03/04/2028	—	(8)		(27)		—
							142,158		141,647		25.16
Interactive Media & Services
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.68%	10/30/2026	9,262	9,152		9,207		1.64
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.68%	10/30/2026	1,958	1,940		1,948		0.35
FMG Suite Holdings, LLC	(4) (6) (12)	S +	5.50%	10.68%	10/30/2026	134	125		129		0.02
Spectrio, LLC	(4) (5) (6)	S +	6.00% (incl. 5.00% PIK)	11.34%	09/12/2026	11,461	11,364		10,720		1.90
Spectrio, LLC	(4) (5) (6)	S +	6.00% (incl. 5.00% PIK)	11.34%	09/12/2026	4,593	4,579		4,295		0.76
Spectrio, LLC	(4) (6) (12)	S +	6.00% (incl. 5.00% PIK)	11.34%	09/12/2026	1,016	1,005		929		0.17
Triple Lift, Inc.	(4) (5) (7)	S +	5.75%	11.23%	05/05/2028	11,670	11,517		10,933		1.94
Triple Lift, Inc.	(4) (7) (12)	S +	5.75%	11.23%	05/05/2028	657	637		549		0.10
							40,319		38,710		6.88
IT Services
Atlas Purchaser, Inc.	(4) (5) (7)	S +	7.50% (incl. 6.50% PIK)	4.25%	05/05/2028	1,022	1,022		818		0.15
Atlas Purchaser, Inc.	(4) (5) (7)	S +	7.50% (incl. 5.50% PIK)	4.25%	05/05/2028	2,384	2,384		1,431		0.25
Catalis Intermediate, Inc.	(4) (5) (7)	S +	5.50%	10.95%	04/08/2027	16,824	16,563		16,220		2.88
Catalis Intermediate, Inc.	(4) (5) (7)	S +	5.50%	10.95%	04/08/2027	3,785	3,735		3,650		0.65
Catalis Intermediate, Inc.	(4) (7) (12)	S +	5.50%	10.95%	04/08/2027	626	600		560		0.10
Donuts, Inc.	(4) (5) (6)	S +	6.00%	11.53%	12/29/2027	9,372	9,297		9,372		1.66
Redwood Services Group, LLC	(4) (5) (7)	S +	6.25%	11.66%	06/15/2029	1,790	1,770		1,790		0.32
Redwood Services Group, LLC	(4) (7) (12)	S +	6.25%	11.66%	06/15/2029	1,048	1,033		1,046		0.19
Syntax Systems, Ltd.	(4) (5) (7) (9)	S +	5.50%	10.93%	10/29/2028	15,001	14,894		14,799		2.63
Syntax Systems, Ltd.	(4) (7) (9) (12)	S +	5.50%	10.93%	10/29/2026	1,155	1,147		1,133		0.20
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	S +	6.00%	11.46%	01/22/2027	8,086	7,987		7,969		1.42
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	S +	6.00%	11.46%	01/22/2027	6,363	6,295		6,261		1.11
Thrive Buyer, Inc. (Thrive Networks)	(4) (12)	P +	6.00%	11.46%	01/22/2027	227	220		216		0.04
UpStack, Inc.	(4) (5) (6)	S +	6.00%	11.33%	08/20/2027	3,527	3,472		3,438		0.61

15

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
UpStack, Inc.	(4) (5) (6) (12)	S +	6.00%	11.33%	08/20/2027	1,699	$	1,666	$	1,651	0.29	%
UpStack, Inc.	(4) (6) (12)	S +	6.00%	11.33%	08/20/2027	244	238		234		0.04
							72,323		70,588		12.54
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.44%	11/16/2026	13,432	13,360		13,368		2.37
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.44%	11/16/2026	1,658	1,647		1,651		0.29
GSM Acquisition Corp. (GSM Outdoors)	(4) (6) (12)	S +	5.00%	10.44%	11/16/2026	—	(10)		(8)		—
							14,997		15,011		2.66
Machinery
Answer Acquisition, LLC	(4) (5) (6)	S +	5.75%	11.20%	12/30/2026	13,406	13,242		13,280		2.36
Answer Acquisition, LLC	(4) (6) (12)	S +	5.75%	11.20%	12/30/2026	498	480		484		0.09
Chase Intermediate, LLC	(4) (12)	S +	5.25%	10.95%	10/30/2028	—	(6)		(16)		—
Chase Intermediate, LLC	(4) (12)	S +	5.25%	10.95%	10/30/2028	—	(1)		(1)		—
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	11.53%	07/21/2027	7,706	7,609		7,661		1.36
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	11.53%	07/21/2027	1,570	1,551		1,560		0.28
MHE Intermediate Holdings, LLC	(4) (6) (12)	S +	6.00%	11.53%	07/21/2027	—	(12)		(7)		—
							22,863		22,961		4.09
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (6)	S +	5.50%	10.90%	12/24/2029	15,069	14,673		14,914		2.65
AWP Group Holdings, Inc.	(4) (6) (12)	S +	5.50%	10.90%	12/24/2029	15	(14)		11		—
AWP Group Holdings, Inc.	(4) (6) (12)	S +	5.50%	10.90%	12/24/2029	584	567		563		0.10
Ground Penetrating Radar Systems, LLC	(4) (5) (6)	S +	4.50%	9.97%	06/26/2026	4,361	4,321		4,361		0.77
Ground Penetrating Radar Systems, LLC	(4) (6) (12)	S +	4.50%	9.97%	06/26/2025	—	(4)		—		—
Vessco Midco Holdings, LLC	(4) (5) (6)	S +	4.50%	9.93%	02/11/2026	5,360	5,335		5,360		0.95
Vessco Midco Holdings, LLC	(4) (5) (6)	S +	4.50%	9.93%	02/11/2026	3,493	3,477		3,493		0.62
Vessco Midco Holdings, LLC	(4) (12)	P +	3.50%	12.00%	10/18/2026	20	16		20		—
							28,371		28,722		5.09
Pharmaceuticals
Caerus US 1, Inc.	(4) (7) (9)	S +	5.75%	11.06%	05/25/2029	1,823	1,792		1,823		0.32
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	11.06%	05/25/2029	118	115		118		0.02
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	11.06%	05/25/2029	—	(3)		—		—
							1,904		1,941		0.34
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(4) (5) (6)	S +	6.25%	11.17%	10/03/2027	7,877	7,778		7,877		1.40
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6)	S +	6.25%	11.17%	10/03/2027	825	821		825		0.15
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6) (12)	S +	6.25%	11.17%	10/03/2027	556	549		556		0.10
Bridgepointe Technologies, LLC	(4) (6)	S +	6.50%	11.96%	12/31/2027	5,786	5,623		5,705		1.01

16

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Bridgepointe Technologies, LLC	(4) (6) (12)	S +	6.50%	11.96%	12/31/2027	3,821	$	3,676	$	3,765	0.67	%
Bullhorn, Inc.	(4) (5) (6)	S +	5.50%	10.93%	09/30/2026	175	174		175		0.03
Bullhorn, Inc.	(4) (6)	S +	5.50%	10.93%	09/30/2026	12	12		12		—
Bullhorn, Inc.	(4) (6) (12)	S +	5.50%	10.93%	09/30/2026	—	—		—		—
Citrin Cooperman Advisors, LLC	(4) (5) (7)	S +	5.00%	10.57%	01/10/2027	8,671	8,558		8,572		1.52
Citrin Cooperman Advisors, LLC	(4) (5) (7) (12)	S +	5.00%	10.57%	01/10/2027	13,791	13,591		13,618		2.42
GPS Merger Sub, LLC	(4) (5) (6)	S +	6.00%	11.32%	02/10/2029	3,098	3,040		3,047		0.54
GPS Merger Sub, LLC	(4) (6) (12)	S +	6.00%	11.32%	02/10/2029	—	(7)		(13)		—
GPS Merger Sub, LLC	(4) (6) (12)	S +	6.00%	11.32%	02/10/2029	—	(12)		(11)		—
KENG Acquisition, Inc.	(4) (5) (6)	S +	6.25%	11.56%	01/08/2029	192	174		190		0.03
KENG Acquisition, Inc.	(4) (6) (12)	S +	6.25%	11.56%	01/08/2029	24	22		22		—
KENG Acquisition, Inc.	(4) (6) (12)	S +	6.25%	11.56%	01/08/2029	6	5		5		—
KWOR Acquisition, Inc.	(4) (5) (6)	S +	5.25%	10.68%	12/22/2028	865	855		856		0.15
KWOR Acquisition, Inc.	(4) (12)	P +	4.25%	12.75%	12/22/2027	69	68		68		0.01
							44,927		45,269		8.03
Real Estate Management & Development
Associations, Inc.	(4) (5) (6)	S +	6.50% (incl. 2.50% PIK)	12.09%	02/07/2027	3,884	3,862		3,852		0.68
Associations, Inc.	(4) (5) (6) (12)	S +	6.50% (incl. 2.50% PIK)	12.09%	02/07/2027	7,505	7,462		7,445		1.32
Associations, Inc.	(4) (6) (12)	S +	6.50% (incl. 2.50% PIK)	12.09%	02/07/2027	409	405		403		0.07
MRI Software, LLC	(4) (5) (6)	S +	5.50%	10.90%	10/02/2027	4,248	4,236		4,230		0.75
MRI Software, LLC	(4) (6) (12)	S +	5.50%	10.90%	10/02/2027	—	(1)		(1)		—
MRI Software, LLC	(4) (6) (12)	S +	5.50%	10.90%	10/02/2027	—	—		(1)		—
Pritchard Industries, LLC	(4) (5) (7)	S +	5.50%	10.93%	10/13/2027	10,804	10,663		10,548		1.87
Pritchard Industries, LLC	(4) (7)	S +	5.50%	10.93%	10/13/2027	2,583	2,548		2,522		0.45
Zarya Intermediate, LLC	(4) (5) (6) (9)	S +	6.50%	11.84%	01/07/2027	9,533	9,533		9,463		1.68
Zarya Intermediate, LLC	(4) (6) (9) (12)	S +	6.50%	11.84%	01/07/2027	—	—		(7)		—
							38,708		38,454		6.82
Software
Alert Media, Inc.	(4) (5) (6)	S +	6.25%	11.57%	04/12/2027	16,272	16,114		15,828		2.81
Alert Media, Inc.	(4) (6)	S +	6.25%	11.57%	04/12/2026	10,000	9,894		9,724		1.73
Alert Media, Inc.	(4) (6) (12)	S +	6.25%	11.57%	10/04/2026	—	(9)		(28)		—
Anaplan, Inc.	(4) (5) (7)	S +	6.50%	11.81%	06/21/2029	3,960	3,896		3,960		0.70
Appfire Technologies, LLC	(4) (5) (6)	S +	5.50%	10.95%	09/03/2027	7,781	7,744		7,706		1.37
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	10.95%	09/03/2027	—	(1)		(2)		—
Appfire Technologies, LLC	(4) (12)	P +	4.50%	13.00%	09/03/2027	6	6		6		—

17

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
CLEO Communications Holding, LLC	(4) (5) (6)	S +	5.50%	10.93%	09/06/2027	17,142	$	17,039	$	16,916	3.00	%
CLEO Communications Holding, LLC	(4) (6) (12)	S +	5.50%	10.93%	09/06/2027	—	(28)		(71)		(0.01)
Coupa Holdings, LLC	(4) (7)	S +	7.50%	12.81%	02/27/2030	315	308		313		0.06
Coupa Holdings, LLC	(4) (7) (12)	S +	7.50%	12.81%	02/27/2030	—	(2)		(1)		—
Coupa Holdings, LLC	(4) (7) (12)	S +	7.50%	12.81%	02/27/2029	—	(2)		(1)		—
Cyara AcquisitionCo, LLC	(4) (6)	S +	6.75% (incl.2.75% PIK)	12.06%	06/28/2029	956	933		942		0.17
Cyara AcquisitionCo, LLC	(4) (6) (12)	S +	6.75% (incl.2.75% PIK)	12.06%	06/28/2029	—	(2)		(1)		—
E-Discovery AcquireCo, LLC	(4) (5) (6)	S +	6.50%	11.84%	08/29/2029	458	448		452		0.08
E-Discovery AcquireCo, LLC	(4) (6) (12)	S +	6.50%	11.84%	08/29/2029	—	(1)		(1)		—
Formstack Acquisition Co	(4) (6)	S +	5.25%	10.57%	03/28/2030	9,375	9,235		9,235		1.64
Formstack Acquisition Co	(4) (6) (12)	S +	5.25%	10.57%	03/28/2030	—	(28)		(28)		—
Formstack Acquisition Co	(4) (6) (12)	S +	5.25%	10.57%	03/28/2030	—	(28)		(28)		—
Fullsteam Operations, LLC	(4) (5) (6)	S +	8.25%	13.73%	11/27/2029	663	644		658		0.12
Fullsteam Operations, LLC	(4) (6) (12)	S +	8.25%	13.73%	11/27/2029	157	149		153		0.03
Fullsteam Operations, LLC	(4) (6) (12)	S +	8.25%	13.73%	11/27/2029	—	(1)		—		—
Granicus, Inc.	(4) (5) (7)	S +	5.25%	10.62%	01/17/2031	2,135	2,115		2,115		0.38
Granicus, Inc.	(4) (7) (12)	S +	5.25%	10.62%	01/17/2031	—	(2)		(2)		—
Granicus, Inc.	(4) (7) (12)	S +	5.25%	10.62%	01/17/2031	—	(3)		(3)		—
GS AcquisitionCo, Inc.	(4) (5) (6)	S +	5.00%	10.30%	05/25/2028	25,319	25,208		25,319		4.50
GS AcquisitionCo, Inc.	(4) (6) (12)	S +	5.00%	10.30%	05/25/2028	—	—		—		—
GS AcquisitionCo, Inc.	(4) (6) (12)	S +	5.00%	10.30%	05/25/2028	—	(5)		—		—
Icefall Parent, Inc.	(4) (5) (6)	S +	6.50%	11.80%	01/25/2030	895	877		877		0.16
Icefall Parent, Inc.	(4) (6) (12)	S +	6.50%	11.80%	01/25/2030	—	(2)		(2)		—
LegitScript, LLC	(4) (5) (7)	S +	5.75%	11.08%	06/24/2029	4,141	4,074		4,116		0.73
LegitScript, LLC	(4) (7) (12)	S +	5.75%	11.08%	06/24/2029	109	100		103		0.02
LegitScript, LLC	(4) (7) (12)	S +	5.75%	11.08%	06/24/2028	156	147		152		0.03
Montana Buyer, Inc.	(4) (5) (7)	S +	5.75%	11.08%	07/22/2029	1,289	1,268		1,284		0.23
Montana Buyer, Inc.	(4) (12)	P +	4.75%	13.25%	07/22/2028	21	19		20		—
Netwrix Corporation And Concept Searching, Inc.	(4) (5) (7)	S +	5.00%	10.38%	11/06/2029	914	906		904		0.16
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	10.38%	11/06/2029	14	13		13		—
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	10.38%	11/06/2029	—	—		(1)		—
Oak Purchaser, Inc.	(4) (5) (7)	S +	5.50%	10.81%	04/28/2028	1,014	1,006		995		0.18
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.81%	04/28/2028	620	615		613		0.11
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.81%	04/28/2028	—	(1)		(1)		—
Pound Bidco, Inc.	(4) (5) (6) (9)	S +	6.50%	11.92%	01/30/2026	3,611	3,574		3,611		0.64
Pound Bidco, Inc.	(4) (6) (9) (12)	S +	6.50%	11.92%	01/30/2026	—	—		—		—
Pound Bidco, Inc.	(4) (6) (9) (12)	S +	6.50%	11.92%	01/30/2026	—	(3)		—		—

18

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
Project Leopard Holdings, Inc.	(5) (8) (9)	S +	5.25%	10.66%	07/20/2029	1,027	$	968	$	945	0.17	%
Revalize, Inc.	(4) (5) (6)	S +	5.75%	11.21%	04/15/2027	8,651	8,619		8,133		1.44
Revalize, Inc.	(4) (6) (12)	S +	5.75%	11.21%	04/15/2027	18	17		14		—
Riskonnect Parent, LLC	(4) (5) (7)	S +	5.50%	10.82%	07/12/2028	1,037	1,017		1,017		0.18
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	10.82%	07/12/2028	176	172		173		0.03
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	10.82%	07/12/2028	—	(3)		(3)		—
Securonix, Inc.	(4) (5) (7)	S +	6.00%	11.33%	05/04/2028	9,004	8,889		8,548		1.52
Securonix, Inc.	(4) (7) (12)	S +	6.00%	11.33%	05/04/2028	—	(19)		(82)		(0.01)
Skykick, Inc.	(4) (5) (6)	S +	10.25% (incl. 7.00% PIK)	15.84%	01/09/2027	3,516	3,473		3,147		0.56
Skykick, Inc.	(4) (6)	S +	10.25% (incl. 7.00% PIK)	15.84%	01/09/2027	1,078	1,060		964		0.17
Trunk Acquisition, Inc.	(4) (5) (6)	S +	5.75%	11.21%	02/19/2027	4,480	4,452		4,415		0.78
Trunk Acquisition, Inc.	(4) (6) (12)	S +	5.75%	11.21%	02/19/2026	—	(2)		(6)		—
							134,857		133,110		23.68
Wireless Telecommunication Services
Mobile Communications America, Inc.	(4) (5) (6)	S +	6.00%	11.31%	10/16/2029	261	258		258		0.05
Mobile Communications America, Inc.	(4) (6) (12)	S +	6.00%	11.31%	10/16/2029	—	(1)		(1)		—
Mobile Communications America, Inc.	(4) (6) (12)	S +	6.00%	11.31%	10/16/2029	—	(1)		—		—
							256		257		0.05
Total First Lien Debt							$	1,117,801	$	1,110,190	197.20	%
Second Lien Debt
Commercial Services & Supplies
Sweep Midco LLC	(4) (5) (6) (13)				03/12/2036	1,624	$	—	$	—	—	%
Sweep Midco LLC	(4) (5) (6) (13)				03/12/2034	558	278		279		0.05
							278		279		0.05
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(5) (8)	S +	7.00%	12.57%	02/03/2029	3,000	2,991		2,523		0.45
Infinite Bidco, LLC	(8)	S +	7.00%	10.56%	02/03/2029	1,500	1,500		1,261		0.22
							4,491		3,784		0.67
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	8.00%	13.43%	10/12/2027	360	355		354		0.06
Heartland Veterinary Partners, LLC	(4) (6)	S +	8.00%	13.43%	10/12/2027	140	138		137		0.02
							493		491		0.08

19

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(15)	Cost(3)		Fair Value		Percentage of Net Assets
IT Services
Idera, Inc.	(4) (5) (7)	S +	6.75%	12.21%	02/03/2029	530	$	527	$	530	0.09	%
Red Dawn SEI Buyer, Inc.	(4) (5) (6)	S +	8.50%	13.91%	11/20/2026	1,000	987		999		0.18
							1,514		1,529		0.27
Software
Flexera Software, LLC	(4) (5) (6)	S +	7.00%	12.45%	03/03/2029	1,500	1,479		1,500		0.27
Total Second Lien Debt							$	8,255	$	7,583	1.34	%
Other Securities
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(4) (10)			16.25% PIK	06/18/2026	500	$	500	$	84	0.01	%
Fetch Insurance Services, LLC	(4)			12.75% (incl. 3.75% PIK)	10/31/2027	430	421		417		0.07
Total Unsecured Debt							$	921	$	501	0.08	%

20

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(15)	Cost(3)			Fair Value		Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC	(4) (11)		12.25%	6/24/2022	1,000,000	$	1,217	$	$	970	0.17	%
Integrity Marketing Acquisition, LLC	(4) (11)		10.50%	12/21/2021	750,000	937			930		0.17
Revalize, Inc.	(4) (11)	S +	10.00%	12/14/2021	1,787	2,248			2,255		0.40
RSK Holdings, Inc. (Riskonnect)	(4) (11)	S +	10.50%	7/7/2022	320,600	389			403		0.07
Skykick, Inc.	(4) (11)			8/31/2021	23,665	225			225		0.04
Vardiman Black Holdings, LLC	(4) (11)		6.00% PIK	3/29/2024	1,766,298	1,125			1,125		0.20
Total Preferred Equity						$	6,141		$	5,908	1.05	%
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)	(4) (11)			12/7/2021	5,196	$	520	$	$	456	0.08	%
BP Purchaser, LLC	(4) (11)			12/10/2021	1,383,156	1,378			1,105		0.20
BP Purchaser, LLC Rights	(4) (11)			12/3/2024	1,250,241	57			57		0.01
CSC Thrive Holdings, LP (Thrive Networks)	(4) (11)			3/1/2021	54,103	140			259		0.05
Encore Holdings, LLC	(4) (11)			11/23/2021	559	70			139		0.02
Frisbee Holdings, LP (Fetch)	(4) (11)			10/31/2022	4,745	60			61		0.01
Fullsteam Operations, LLC	(4) (11)			10/31/2022	593	20			20		—
GSM Equity Investors, LP (GSM Outdoors)	(4) (11)			11/16/2020	500	50			133		0.02
LUV Car Wash	(4) (11)			4/6/2022	123	123			76		0.01
PCX Holding Corp.	(4) (11)			4/22/2021	1,154	115			149		0.03
Pritchard Industries, Inc.	(4) (11)			10/13/2021	332,248	342			352		0.06
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (11)			12/20/2021	500,000	500			650		0.12
Reveal Data Solutions	(4) (11)			8/29/2023	12,308	16			17		—
Shelby Co-invest, LP. (Spectrum Automotive)	(4) (11)			6/29/2021	1,500	150			232		0.04
SDB Holdco, LLC	(4) (11)			3/29/2024	3,640,370	—			—		—
Surewerx Topco, LP	(4) (9) (11)			12/28/2022	195	195			229		0.04
Suveto Buyer, LLC	(4) (9) (11)			11/19/2021	3,398	340			300		0.05
Total Common Equity						$	4,076		$	4,235	0.74	%
Total Other Securities						$	11,138		$	10,644	1.87	%
Total Portfolio Investments						$	1,137,194		$	1,128,417	200.41	%

21

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2024, 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”) 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 March 31, 2024. As of March 31, 2024, the reference rates for our variable rate loans were the 3-month E at 3.89%, the reference rates for our SOFR-based loans were the 1-month S at 5.33%, 3-month S at 5.30% , 6- month S at 5.22% 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 (as defined below). See Note 6 “Debt”.
(6)	Loan includes interest rate floor of 1.00%.
(7)	Loan includes interest rate floor of 0.75%.
(8)	Loan includes interest rate floor of 0.50%.
(9)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024 non-qualifying assets represented 6.06% of total assets as calculated in accordance with regulatory requirements.
(10)	Investment was on non-accrual status as of March 31, 2024
(11)	Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of March 31, 2024, the aggregate fair value of these securities is $10,143 or 1.80% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(12) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of March 31, 2024:

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
365 Retail Markets, LLC	Revolver	12/23/2026	$	1,200	$	—
48Forty Solutions, LLC	Revolver	11/30/2026	452		(58)
ARI Network Services, Inc.	Revolver	2/28/2025	1,039		(14)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	1/8/2025	294		(3)
AWP Group Holdings, Inc.	Revolver	12/24/2029	1,429		(15)
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	10/3/2027	60		—
Abracon Group Holdings, LLC	Delayed Draw Term Loan	6/7/2024	140		(36)
Alert Media, Inc.	Revolver	10/4/2026	1,015		(28)
Answer Acquisition, LLC	Revolver	12/30/2026	1,002		(9)
Apex Service Partners, LLC	Delayed Draw Term Loan	10/24/2025	1,549		(28)
Apex Service Partners, LLC	Revolver	10/24/2029	708		(13)
Appfire Technologies, LLC	Delayed Draw Term Loan	6/13/2024	171		(2)

22

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Appfire Technologies, LLC	Revolver	9/3/2027	$	21	$	—
Applitools, Inc.	Revolver	5/25/2028	200		(4)
Aptean, Inc.	Delayed Draw Term Loan	1/30/2026	358		(2)
Aptean, Inc.	Revolver	1/30/2031	193		(2)
Arcoro Holdings Corp.	Revolver	3/28/2030	1,304		(26)
Assembly Intermediate, LLC	Delayed Draw Term Loan	10/19/2023	667		(22)
Assembly Intermediate, LLC	Revolver	10/19/2027	889		(30)
Associations, Inc.	Delayed Draw Term Loan	10/6/2024	10		—
Associations, Inc.	Revolver	2/7/2027	388		(3)
Atlas Us Finco, Inc.	Revolver	9/12/2028	78		—
Avalara, Inc.	Revolver	10/19/2028	236		—
Bradyifs Holdings, LLC	Delayed Draw Term Loan	10/31/2025	72		(1)
Bradyifs Holdings, LLC	Revolver	10/31/2029	74		(1)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	1/4/2025	196		(3)
Bullhorn, Inc.	Revolver	9/30/2026	8		—
CLEO Communications Holding, LLC	Revolver	9/6/2027	5,358		(71)
COP Collisionright Parent, LLC	Delayed Draw Term Loan	9/6/2027	593		(6)
COP Collisionright Parent, LLC	Revolver	1/29/2030	148		(3)
Caerus US 1, Inc.	Delayed Draw Term Loan	10/28/2024	148		—
Caerus US 1, Inc.	Revolver	5/25/2029	194		—
Catalis Intermediate, Inc.	Revolver	4/8/2027	1,191		(43)
Chase Intermediate, LLC	Delayed Draw Term Loan	8/31/2025	700		(16)
Chase Intermediate, LLC	Revolver	10/30/2028	35		(1)
Citrin Cooperman Advisors, LLC	Delayed Draw Term Loan	12/13/2025	1,082		(15)
Coupa Holdings, LLC	Delayed Draw Term Loan	8/27/2024	151		(1)
Coupa Holdings, LLC	Revolver	2/27/2029	116		(1)
Cyara AcquisitionCo, LLC	Revolver	6/28/2029	64		(1)
Dwyer Instruments, Inc.	Delayed Draw Term Loan	12/22/2025	578		(8)
Dwyer Instruments, Inc.	Revolver	7/21/2027	321		(3)
E-Discovery AcquireCo, LLC	Revolver	8/29/2029	42		(1)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	10/2/2024	99		(1)
EVDR Purchaser, Inc.	Revolver	2/14/2031	35		(1)
Encore Holdings, LLC	Delayed Draw Term Loan	3/28/2026	991		(9)
Encore Holdings, LLC	Revolver	11/23/2027	2,695		—
Energy Labs Holdings Corp.	Revolver	7/4/2028	46		—
FLS Holding, Inc.	Revolver	12/17/2027	1,442		(8)
FMG Suite Holdings, LLC	Revolver	10/30/2026	860		(4)

23

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
FORTIS Solutions Group, LLC	Delayed Draw Term Loan	6/24/2024	$	784	$	—
FORTIS Solutions Group, LLC	Revolver	10/15/2027	1,099		—
Formstack Acquisition Co	Delayed Draw Term Loan	3/30/2026	3,750		(28)
Formstack Acquisition Co	Revolver	3/28/2030	1,875		(28)
Foundation Risk Partners Corp.	Revolver	10/29/2027	1,959		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	5/27/2025	78		(1)
Fullsteam Operations, LLC	Delayed Draw Term Loan	11/27/2025	67		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	8/25/2025	200		(2)
Fullsteam Operations, LLC	Delayed Draw Term Loan	2/23/2026	50		—
Fullsteam Operations, LLC	Revolver	11/27/2029	37		—
GC Waves Holdings, Inc.	Delayed Draw Term Loan	12/31/2024	565		(8)
GC Waves Holdings, Inc.	Revolver	10/8/2029	33		—
GPS Merger Sub, LLC	Delayed Draw Term Loan	2/10/2025	803		(13)
GPS Merger Sub, LLC	Revolver	2/10/2029	643		(11)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	3/26/2026	200		(1)
GS AcquisitionCo, Inc.	Revolver	5/25/2028	957		—
GSM Acquisition Corp. (GSM Outdoors)	Revolver	11/16/2026	1,633		(8)
Galway Borrower, LLC	Delayed Draw Term Loan	4/28/2024	3,397		(80)
Galway Borrower, LLC	Revolver	9/29/2028	752		(18)
Gateway US Holdings, Inc.	Revolver	9/22/2026	30		—
Granicus, Inc.	Delayed Draw Term Loan	1/17/2026	319		(2)
Granicus, Inc.	Revolver	1/17/2031	302		(3)
Ground Penetrating Radar Systems, LLC	Revolver	6/26/2025	703		—
Heartland Veterinary Partners, LLC	Revolver	10/12/2026	779		(5)
Helios Service Partners, LLC	Delayed Draw Term Loan	7/2/2025	109		(1)
Helios Service Partners, LLC	Revolver	3/19/2027	19		—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	3/27/2026	526		(3)
High Street Buyer, Inc.	Delayed Draw Term Loan	11/3/2026	574		(6)
High Street Buyer, Inc.	Revolver	4/16/2027	915		(9)
Hyland Software, Inc.	Revolver	9/19/2029	358		(2)
Icefall Parent, Inc.	Revolver	1/25/2030	85		(2)
Inszone Mid, LLC	Delayed Draw Term Loan	10/11/2025	48		(1)
Inszone Mid, LLC	Revolver	12/11/2029	7		—
Integrity Marketing Acquisition, LLC	Revolver	8/27/2026	52		(1)
Iris Buyer, LLC	Delayed Draw Term Loan	2/10/2030	215		(5)
Iris Buyer, LLC	Revolver	2/10/2029	632		(13)
Jonathan Acquisition Company	Revolver	12/22/2025	755		(6)

24

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
KENG Acquisition, Inc.	Delayed Draw Term Loan	1/8/2025	$	122	$	(1)
KENG Acquisition, Inc.	Revolver	1/8/2029	47		—
KWOR Acquisition, Inc.	Revolver	12/22/2027	53		(1)
LUV Car Wash Group, LLC	Delayed Draw Term Loan	4/15/2024	93		—
LegitScript, LLC	Delayed Draw Term Loan	6/24/2024	1,033		(6)
LegitScript, LLC	Revolver	6/24/2028	495		(3)
MHE Intermediate Holdings, LLC	Revolver	7/21/2027	1,071		(7)
MRI Software, LLC	Delayed Draw Term Loan	12/19/2025	204		(1)
MRI Software, LLC	Revolver	10/2/2027	118		—
Magneto Components Buyco, LLC	Delayed Draw Term Loan	5/6/2025	44		(1)
Magneto Components Buyco, LLC	Revolver	5/12/2029	36		(1)
Magnolia Wash Holdings	Revolver	7/14/2028	32		(4)
Mantech International CP	Delayed Draw Term Loan	9/14/2024	1,674		—
Mantech International CP	Revolver	9/14/2028	1,600		—
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2025	84		(1)
Mobile Communications America, Inc.	Revolver	10/16/2029	42		—
Montana Buyer, Inc.	Revolver	7/22/2028	126		—
Netwrix Corporation And Concept Searching, Inc.	Delayed Draw Term Loan	10/6/2024	7		—
Netwrix Corporation And Concept Searching, Inc.	Revolver	11/6/2029	57		(1)
Oak Purchaser, Inc.	Delayed Draw Term Loan	11/6/2029	155		(1)
Oak Purchaser, Inc.	Revolver	4/28/2028	124		(1)
Orion Group Holdco, LLC	Delayed Draw Term Loan	11/6/2029	583		(7)
PCX Holding Corp.	Revolver	4/22/2027	264		(1)
PDFTron Systems, Inc.	Revolver	7/15/2026	2,750		(12)
PDI TA Holdings, Inc.	Delayed Draw Term Loan	11/6/2029	254		(1)
PDI TA Holdings, Inc.	Revolver	3/2/2031	76		(1)
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/31/2025	6,330		(24)
Pareto Health Intermediate Holdings, Inc.	Revolver	1/6/2029	122		—
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	10/19/2024	300		—
Peter C. Foy & Associates Insurance Services, LLC	Revolver	1/11/2027	347		(3)
Pound Bidco, Inc.	Delayed Draw Term Loan	12/31/2025	99		—
Pound Bidco, Inc.	Revolver	1/30/2026	388		—
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	952		(6)
RSC Acquisition, Inc.	Delayed Draw Term Loan	2/14/2025	18		—
Randy's Holdings, Inc.	Delayed Draw Term Loan	11/1/2024	736		—
Randy's Holdings, Inc.	Revolver	11/1/2028	246		—
Raptor Merger Sub Debt, LLC	Revolver	1/4/2029	837		—

25

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Redwood Services Group, LLC	Delayed Draw Term Loan	5/2/2026	$	274	$	(2)
Revalize, Inc.	Revolver	4/15/2027	53		(3)
Riskonnect Parent, LLC	Delayed Draw Term Loan	7/22/2024	745		(1)
Riskonnect Parent, LLC	Revolver	7/12/2028	154		(3)
RoadOne IntermodaLogistics	Delayed Draw Term Loan	12/29/2028	104		(2)
RoadOne IntermodaLogistics	Revolver	12/29/2028	117		(2)
Securonix, Inc.	Revolver	5/4/2028	1,621		(82)
Sherlock Buyer Corp.	Revolver	8/12/2027	2,157		—
Smarsh, Inc.	Delayed Draw Term Loan	2/18/2025	536		(7)
Smarsh, Inc.	Revolver	2/16/2029	161		(2)
Sonny's Enterprises, LLC	Delayed Draw Term Loan	5/11/2024	95		—
Sonny's Enterprises, LLC	Revolver	5/8/2027	245		—
Spectrio, LLC	Revolver	9/12/2026	329		(21)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	6/29/2024	495		(9)
Spectrum Automotive Holdings Corp.	Revolver	6/29/2027	378		(7)
Spotless Brands, LLC	Revolver	7/25/2028	46		—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	625		(6)
Summit Buyer, LLC	Delayed Draw Term Loan	8/25/2025	145		(6)
Summit Buyer, LLC	Revolver	1/14/2027	864		(35)
Superman Holdings, LLC	Delayed Draw Term Loan	1/5/2025	95		(1)
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	6/28/2024	428		—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	233		—
Suveto	Revolver	9/9/2027	385		(15)
Sweep Purchaser, LLC	Revolver	6/30/2027	469		—
Syntax Systems, Ltd.	Revolver	10/29/2026	449		(6)
Tamarack Intermediate, LLC	Delayed Draw Term Loan	6/10/2025	398		(7)
Tamarack Intermediate, LLC	Revolver	3/13/2028	900		(16)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	1/22/2027	453		(7)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	6/19/2025	97		(2)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	70		(1)
Trintech, Inc.	Revolver	7/25/2029	918		(13)
Triple Lift, Inc.	Revolver	5/5/2028	1,057		(67)
Trunk Acquisition, Inc.	Revolver	2/19/2026	429		(6)
Two Six Labs, LLC	Revolver	8/20/2027	915		(25)
UpStack, Inc.	Delayed Draw Term Loan	6/30/2025	214		(5)
UpStack, Inc.	Revolver	8/20/2027	131		(3)
V Global Holdings, LLC	Revolver	12/22/2025	81		(5)

26

SL Investment Corp.

Consolidated Schedules of Investments (Unaudited)

March 31, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
VRC Companies, LLC	Delayed Draw Term Loan	8/15/2025	$	443	$	(6)
VRC Companies, LLC	Revolver	6/29/2027	708		—
Vardiman Black Holdings, LLC	Delayed Draw Term Loan	3/29/2026	441		(13)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	8/11/2025	7,471		(81)
Vertex Service Partners, LLC	Delayed Draw Term Loan	8/11/2025	218		(5)
Vertex Service Partners, LLC	Revolver	8/11/2030	54		(1)
Vessco Midco Holdings, LLC	Revolver	10/18/2026	875		—
World Insurance Associates, LLC	Revolver	3/4/2028	970		(27)
YI, LLC	Delayed Draw Term Loan	3/12/2029	51		(1)
YI, LLC	Revolver	3/12/2029	38		—
Zarya Intermediate, LLC	Revolver	1/7/2027	982		(7)
iCIMS, Inc.	Delayed Draw Term Loan	8/18/2025	37		—
iCIMS, Inc.	Revolver	8/18/2028	16		—
Total First Lien Debt Unfunded Commitments			$	106,641	$	(1,342)
Total Unfunded Commitments			$	106,641	$	(1,342)

(13)	Non - income producing security.
(14)	The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 “Significant Accounting Policies".
(15)	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“GBP”), or Canadian dollar ("CAD").

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

27

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company	(4) (5) (6)	S +	5.00%	10.45%	12/22/2026	11,986	$	11,821	$	11,872	2.11	%
Jonathan Acquisition Company	(4) (6) (12)	S +	5.00%	10.45%	12/22/2025	1,098	1,079		1,080		0.19
Mantech International CP	(4) (5) (7)	S +	5.75%	11.13%	09/14/2029	10,665	10,481		10,665		1.90
Mantech International CP	(4) (7) (12)	S +	5.75%	11.13%	09/14/2029	921	891		921		0.16
Mantech International CP	(4) (7) (12)	S +	5.75%	11.13%	09/14/2028	—	(25)		—		—
PCX Holding Corp.	(4) (5) (6)	S +	6.25%	11.75%	04/22/2027	7,734	7,687		7,690		1.37
PCX Holding Corp.	(4) (5) (6)	S +	6.25%	11.75%	04/22/2027	7,789	7,688		7,745		1.38
PCX Holding Corp.	(4) (6) (12)	S +	6.25%	11.75%	04/22/2027	370	366		366		0.07
Two Six Labs, LLC	(4) (5) (7)	S +	5.50%	10.88%	08/20/2027	4,992	4,924		4,882		0.87
Two Six Labs, LLC	(4) (7)	S +	5.50%	10.88%	08/20/2027	1,813	1,787		1,773		0.32
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.88%	08/20/2027	—	(11)		(21)		—
							46,688		46,973		8.35
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (5) (7)	S +	5.75%	11.18%	06/11/2027	2,364	2,328		2,347		0.42
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	5.00%	10.54%	12/30/2026	14,506	14,412		13,819		2.46
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	10.54%	12/30/2026	1,545	1,530		1,471		0.26
Omni Intermediate Holdings, LLC	(4) (12)	P +	4.00%	12.50%	12/30/2025	1,030	1,022		968		0.17
RoadOne IntermodaLogistics	(4) (6)	S +	6.25%	11.61%	12/29/2028	629	612		617		0.11
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.61%	12/29/2028	58	55		55		0.01
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.61%	12/29/2028	8	4		5		—
							19,963		19,282		3.43
Automobile Components
Continental Battery Company	(4) (5) (6)	S +	6.75% (incl. 4.08% PIK)	12.34%	01/20/2027	6,204	6,121		5,165		0.92
Randy's Holdings, Inc.	(4) (5) (6)	S +	6.50%	11.87%	11/01/2028	2,484	2,420		2,476		0.44
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.87%	11/01/2028	—	(10)		(3)		—
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.87%	11/01/2028	97	89		95		0.02
Sonny's Enterprises, LLC	(4) (5) (6)	S +	6.75%	12.28%	08/05/2026	19,852	19,595		19,852		3.53
Sonny's Enterprises, LLC	(4) (6) (12)	S +	6.75%	12.28%	08/05/2028	109	103		109		0.02
Sonny's Enterprises, LLC	(4) (6) (12)	S +	6.75%	12.28%	08/05/2027	—	(5)		—		—
Spectrum Automotive Holdings Corp.	(4) (5) (7)	S +	5.75%	11.22%	06/29/2028	10,033	9,926		9,809		1.74
Spectrum Automotive Holdings Corp.	(4) (7) (12)	S +	5.75%	11.22%	06/29/2028	2,300	2,272		2,237		0.40
Spectrum Automotive Holdings Corp.	(4) (7) (12)	S +	5.75%	11.22%	06/29/2027	—	(3)		(8)		—
							40,508		39,732		7.06

28

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Automobiles
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.63%	02/28/2025	8,796	$	8,735	$	8,712	1.55	%
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.63%	02/28/2025	1,540	1,529		1,525		0.27
ARI Network Services, Inc.	(4) (7) (12)	S +	5.25%	10.63%	02/28/2025	—	(8)		(12)		—
Summit Buyer, LLC	(4) (5) (6)	S +	5.75%	11.26%	01/14/2026	9,384	9,287		9,159		1.63
Summit Buyer, LLC	(4) (6) (12)	S +	5.75%	11.26%	01/14/2026	13,736	13,587		13,402		2.38
Summit Buyer, LLC	(4) (12)	P +	4.75%	13.25%	01/14/2026	—	(10)		(25)		—
Turbo Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.50%	12/02/2025	16,095	15,942		15,943		2.83
Turbo Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.50%	12/02/2025	1,473	1,458		1,460		0.26
							50,520		50,164		8.92
Biotechnology
GraphPad Software, LLC	(4) (5) (6)	S +	5.50%	11.20%	04/27/2027	6,346	6,306		6,322		1.12
GraphPad Software, LLC	(4) (12)	P +	5.00%	13.50%	04/27/2027	375	371		372		0.07
							6,677		6,694		1.19
Chemicals
V Global Holdings, LLC	(4) (5) (7)	S +	5.75%	11.21%	12/22/2027	1,517	1,494		1,486		0.26
V Global Holdings, LLC	(4) (7) (12)	S +	5.75%	11.21%	12/22/2025	86	84		82		0.01
							1,578		1,568		0.28
Commercial Services & Supplies
365 Retail Markets, LLC	(4) (5) (6)	S +	4.75%	10.30%	12/23/2026	7,331	7,252		7,331		1.30
365 Retail Markets, LLC	(4) (5) (6)	S +	4.75%	10.30%	12/23/2026	2,352	2,332		2,352		0.42
365 Retail Markets, LLC	(4) (6) (12)	S +	4.75%	10.30%	12/23/2026	—	(12)		—		—
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	12.51%	12/09/2029	840	817		840		0.15
Atlas Us Finco, Inc.	(4) (6) (9) (12)	S +	7.25%	12.51%	12/09/2028	—	(2)		—		—
BPG Holdings IV Corp.	(4) (5) (7)	S +	6.00%	11.36%	07/29/2029	9,529	8,977		9,306		1.65
Encore Holdings, LLC	(4) (5) (7)	S +	4.50%	10.45%	11/23/2028	9,154	9,034		9,154		1.63
Encore Holdings, LLC	(4) (5) (7)	S +	4.50%	10.45%	11/23/2028	17,803	17,617		17,803		3.16
Encore Holdings, LLC	(4) (7) (12)	S +	4.50%	10.45%	11/23/2027	—	(31)		—		—
Energy Labs Holdings Corp.	(4) (5) (6)	S +	5.25%	10.71%	04/07/2028	384	379		379		0.07
Energy Labs Holdings Corp.	(4) (6)	S +	5.25%	10.71%	04/07/2028	36	36		36		0.01
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	10.71%	04/07/2028	24	23		23		—
FLS Holding, Inc.	(4) (5) (6) (9)	S +	5.25%	10.77%	12/15/2028	15,220	14,986		15,129		2.69
FLS Holding, Inc.	(4) (5) (6) (9)	S +	5.25%	10.77%	12/15/2028	3,569	3,515		3,547		0.63
FLS Holding, Inc.	(4) (6) (9) (12)	S +	5.25%	10.77%	12/17/2027	—	(19)		(9)		—
Helios Service Partners, LLC	(4) (6)	S +	6.25%	11.88%	03/19/2027	244	239		242		0.04
Helios Service Partners, LLC	(4) (6) (12)	S +	6.25%	11.88%	03/19/2027	248	240		243		0.04
Helios Service Partners, LLC	(4) (6) (12)	S +	6.00%	11.88%	03/19/2027	27	26		26		—

29

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Iris Buyer, LLC	(4) (5) (6)	S +	6.25%	11.60%	10/02/2030	4,422	$	4,303	$	4,303	0.76	%
Iris Buyer, LLC	(4) (5) (6) (12)	S +	6.25%	11.60%	10/02/2030	92	82		82		0.01
Iris Buyer, LLC	(4) (5) (6) (12)	S +	6.25%	11.60%	10/02/2029	—	(17)		(17)		—
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	12.51%	12/09/2029	67	66		66		0.01
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.86%	07/15/2027	12,870	12,726		12,664		2.25
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.86%	07/15/2027	4,169	4,112		4,102		0.73
PDFTron Systems, Inc.	(4) (6) (9) (12)	S +	5.50%	10.86%	07/15/2026	1,650	1,616		1,597		0.28
Procure Acquireco, Inc. (Procure Analytics)	(4) (5) (7)	S +	5.00%	10.54%	12/20/2028	15,556	15,317		15,094		2.68
Procure Acquireco, Inc. (Procure Analytics)	(4) (7)	S +	5.00%	10.54%	12/20/2028	769	756		746		0.13
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	S +	5.00%	10.54%	12/20/2028	—	(11)		(28)		—
Sherlock Buyer Corp.	(4) (5) (6)	S +	5.75%	11.20%	12/08/2028	18,367	18,085		18,356		3.26
Sherlock Buyer Corp.	(4) (6) (12)	S +	5.75%	11.20%	12/08/2028	—	(38)		(3)		—
Sherlock Buyer Corp.	(4) (6) (12)	S +	5.75%	11.20%	12/08/2027	—	(28)		(1)		—
Surewerx Purchaser III, Inc.	(4) (5) (7) (9)	S +	6.75%	12.10%	12/28/2029	2,068	2,012		2,068		0.37
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	12.10%	12/28/2029	—	(7)		—		—
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	12.10%	12/28/2028	218	208		218		0.04
Sweep Purchaser, LLC	(4) (5) (6)	S +	5.75%	11.23%	11/30/2026	2,872	2,841		2,293		0.41
Sweep Purchaser, LLC	(4) (5) (6) (12)	S +	5.75%	11.23%	11/30/2026	1,958	1,935		1,545		0.27
Sweep Purchaser, LLC	(4) (6) (12)	S +	5.75%	11.23%	11/30/2026	459	455		365		0.06
Tamarack Intermediate, LLC	(4) (5) (7)	S +	5.75%	11.28%	03/13/2028	5,548	5,462		5,415		0.96
Tamarack Intermediate, LLC	(4) (7) (12)	S +	5.75%	11.28%	03/13/2028	202	192		192		0.03
Tamarack Intermediate, LLC	(4) (7) (12)	S +	5.75%	11.28%	03/13/2028	—	(13)		(22)		—
Vensure Employer Services, Inc.	(4) (7) (12)	S +	5.25%	10.63%	04/01/2027	1,280	1,193		1,193		0.21
VRC Companies, LLC	(4) (5) (6)	S +	5.75%	11.12%	06/29/2027	26,566	26,305		26,531		4.72
VRC Companies, LLC	(4) (6)	S +	5.75%	11.12%	06/29/2027	2,868	2,837		2,864		0.51
VRC Companies, LLC	(4) (6) (12)	S +	5.75%	11.12%	06/29/2027	—	(6)		(1)		—
							165,792		166,024		29.51
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (5) (7)	S +	5.25%	10.74%	10/19/2028	14,513	14,296		14,179		2.52
KPSKY Acquisition, Inc.	(4) (5) (7)	S +	5.25%	10.74%	10/19/2028	3,451	3,395		3,371		0.60
Superman Holdings, LLC	(4) (6)	S +	6.13%	11.47%	08/31/2027	402	393		397		0.07
Superman Holdings, LLC	(4) (6) (12)	S +	6.13%	11.47%	08/31/2027	—	(1)		(1)		—
							18,083		17,946		3.19
Containers & Packaging
BP Purchaser, LLC	(4) (5) (7)	S +	5.50%	10.95%	12/11/2028	23,250	22,894		22,595		4.02
FORTIS Solutions Group, LLC	(4) (5) (7)	S +	5.50%	10.95%	10/13/2028	11,510	11,338		11,510		2.05
FORTIS Solutions Group, LLC	(4) (7) (12)	S +	5.50%	10.95%	10/15/2028	60	55		60		0.01

30

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
FORTIS Solutions Group, LLC	(4) (7) (12)	S +	5.50%	10.95%	10/15/2027	58	$	43	$	58	0.01	%
							34,330		34,223		6.08
Distributors
48Forty Solutions, LLC	(4) (5) (6)	S +	6.00%	11.44%	11/30/2026	9,846	9,698		9,232		1.64
48Forty Solutions, LLC	(4) (12)	P +	5.00%	13.50%	11/30/2026	905	886		811		0.14
Avalara, Inc.	(4) (5) (7)	S +	7.25%	12.60%	10/19/2028	2,563	2,512		2,563		0.46
Avalara, Inc.	(4) (7) (12)	S +	7.25%	12.60%	10/19/2028	—	(5)		—		—
Bradyifs Holdings, LLC	(4) (5) (6)	S +	6.00%	11.38%	10/31/2029	869	852		852		0.15
Bradyifs Holdings, LLC	(4) (6) (12)	S +	6.00%	11.38%	10/31/2029	23	22		22		—
Bradyifs Holdings, LLC	(4) (6) (12)	S +	6.00%	11.38%	10/31/2029	—	(1)		(1)		—
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.47%	11/01/2028	14,989	14,875		14,415		2.56
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.47%	11/01/2028	8,340	8,279		8,020		1.43
							37,118		35,914		6.38
Diversified Consumer Services
Apex Service Partners, LLC	(4) (5) (6)	S +	7.00% (incl. 2.00% PIK)	12.38%	10/24/2030	14,317	14,048		14,048		2.50
Apex Service Partners, LLC	(4) (6) (12)	S +	7.00% (incl. 2.00% PIK)	12.38%	10/24/2030	761	719		719		0.13
Apex Service Partners, LLC	(4) (6) (12)	S +	7.00% (incl. 2.00% PIK)	12.38%	10/24/2029	91	70		70		0.01
Assembly Intermediate, LLC	(4) (5) (6)	S +	6.00%	11.45%	10/19/2027	8,889	8,765		8,555		1.52
Assembly Intermediate, LLC	(4) (6) (12)	S +	6.00%	11.45%	10/19/2027	1,556	1,529		1,472		0.26
Assembly Intermediate, LLC	(4) (6) (12)	S +	6.00%	11.45%	10/19/2027	—	(11)		(33)		(0.01)
FPG Intermediate Holdco, LLC	(4) (6)	S +	6.50%	12.04%	03/05/2027	704	694		649		0.12
FPG Intermediate Holdco, LLC	(4) (6) (12)	S +	6.50%	12.04%	03/05/2027	—	(35)		(197)		(0.04)
Groundworks, LLC	(4) (5) (6)	S +	6.50%	11.90%	03/14/2030	163	158		162		0.03
Groundworks, LLC	(4) (6) (12)	S +	6.50%	11.90%	03/14/2030	4	3		4		—
Groundworks, LLC	(4) (6) (12)	S +	6.50%	11.90%	03/14/2029	—	—		—		—
Heartland Home Services, Inc.	(4) (7)	S +	5.75%	11.11%	12/15/2026	1,946	1,932		1,942		0.35
Lightspeed Solution, LLC	(4) (5) (7)	S +	6.50% (incl. 2.17% PIK)	11.86%	03/01/2028	3,941	3,884		3,870		0.69
Lightspeed Solution, LLC	(4) (7) (12)	S +	6.50% (incl. 2.17% PIK)	11.82%	03/01/2028	212	202		190		0.03
LUV Car Wash Group, LLC	(4) (5) (6) (12)	S +	7.00%	12.55%	12/09/2026	714	707		711		0.13
Magnolia Wash Holdings	(4) (5) (6)	S +	6.50%	12.16%	07/14/2028	1,464	1,440		1,322		0.23
Magnolia Wash Holdings	(4) (6)	S +	6.50%	12.16%	07/14/2028	313	308		283		0.05
Magnolia Wash Holdings	(4) (6) (12)	S +	6.50%	12.01%	07/14/2028	39	38		32		0.01
Spotless Brands, LLC	(4) (5) (6)	S +	6.50%	12.03%	07/25/2028	1,424	1,401		1,411		0.25
Spotless Brands, LLC	(4) (6)	S +	6.50%	12.03%	07/25/2028	270	265		267		0.05
Spotless Brands, LLC	(4) (6) (12)	S +	6.50%	12.03%	07/25/2028	10	9		10		—
Vertex Service Partners, LLC	(4) (5) (7)	S +	5.50%	10.90%	11/08/2030	207	202		202		0.04
Vertex Service Partners, LLC	(4) (7) (12)	S +	5.50%	10.90%	11/08/2030	100	94		94		0.02

31

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Vertex Service Partners, LLC	(4) (7) (12)	S +	5.50%	10.90%	11/08/2030	—	$	(1)	$	(1)	—	%
							36,421		35,782		6.36
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (5) (7)	S +	6.00%	11.54%	07/06/2028	1,910	1,881		1,578		0.28
Abracon Group Holdings, LLC	(4) (7) (12)	S +	6.00%	11.54%	07/06/2028	—	(2)		(24)		—
Abracon Group Holdings, LLC	(4) (7)	S +	6.00%	11.54%	07/06/2028	127	125		105		0.02
Dwyer Instruments, Inc.	(4) (5) (7)	S +	5.75%	11.17%	07/21/2027	3,020	2,972		2,959		0.53
Dwyer Instruments, Inc.	(4) (7) (12)	S +	5.75%	11.17%	07/21/2027	640	623		621		0.11
Dwyer Instruments, Inc.	(4) (7) (12)	S +	5.75%	11.17%	07/21/2027	—	(5)		(6)		—
Infinite Bidco, LLC	(4) (8)	S +	6.25%	11.88%	03/02/2028	4,694	4,573		4,665		0.83
Magneto Components Buyco, LLC	(4) (5)	S +	6.00%	11.36%	12/05/2030	220	216		216		0.04
Magneto Components Buyco, LLC	(4) (12)	S +	6.00%	11.36%	12/05/2030	—	—		—		—
Magneto Components Buyco, LLC	(4) (12)	S +	6.00%	11.36%	12/05/2029	—	(1)		(1)		—
							10,382		10,113		1.80
Financial Services
Applitools, Inc.	(4) (5) (7) (9)	S +	6.25% PIK	11.61%	05/25/2029	1,654	1,634		1,614		0.29
Applitools, Inc.	(4) (7) (9) (12)	S +	6.25%	11.61%	05/25/2028	—	(3)		(5)		—
Cerity Partners, LLC	(4) (5) (7)	S +	6.75%	12.11%	07/30/2029	1,810	1,762		1,810		0.32
Cerity Partners, LLC	(4) (7)	S +	6.75%	12.11%	07/30/2029	2,544	2,479		2,544		0.45
GC Waves Holdings, Inc.	(4) (7)	S +	6.00%	11.46%	08/11/2028	229	225		225		0.04
GC Waves Holdings, Inc.	(4) (7) (12)	S +	6.00%	11.46%	08/11/2028	63	47		50		0.01
GC Waves Holdings, Inc.	(4) (7) (12)	S +	6.00%	11.46%	08/11/2028	—	(1)		(1)		—
SitusAMC Holdings Corp.	(4) (5) (7)	S +	5.50%	10.95%	12/22/2027	6,674	6,623		6,661		1.18
Smarsh, Inc.	(4) (5) (7)	S +	5.75%	11.10%	02/16/2029	4,286	4,218		4,213		0.75
Smarsh, Inc.	(4) (7) (12)	S +	5.75%	11.10%	02/16/2029	536	523		518		0.09
Smarsh, Inc.	(4) (7) (12)	S +	5.75%	11.10%	02/16/2029	—	(4)		(5)		—
Trintech, Inc.	(4) (5) (6)	S +	6.50%	11.86%	07/25/2029	14,961	14,677		14,680		2.61
Trintech, Inc.	(4) (6) (12)	S +	6.50%	11.86%	07/25/2029	367	344		343		0.06
							32,524		32,647		5.80
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)	(4) (5) (6)	S +	7.25% (incl. 1.00% PIK)	12.68%	12/18/2025	3,612	3,581		3,309		0.59
Health Care Equipment & Supplies
Performance Health Holdings, Inc	(4) (5) (6)	S +	5.75%	11.32%	07/12/2027	4,028	3,975		4,007		0.71
PerkinElmer U.S., LLC	(4) (5) (6)	S +	6.75%	12.00%	03/13/2029	655	637		653		0.12
Tidi Legacy Products, Inc.	(4) (5) (6)	S +	5.50%	10.86%	12/19/2029	682	668		668		0.12
Tidi Legacy Products, Inc.	(4) (6) (12)	S +	5.50%	10.86%	12/19/2029	—	(2)		(2)		—

32

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Tidi Legacy Products, Inc.	(4) (6) (12)	S +	5.50%	10.86%	12/19/2029	—	$	(2)	$	(2)	—	%
YI, LLC	(4) (5) (6)	S +	5.75%	11.09%	12/03/2029	245	241		241		0.04
YI, LLC	(4) (6) (12)	S +	5.75%	11.09%	12/01/2029	—	(1)		(1)		—
YI, LLC	(4) (6) (12)	S +	5.75%	11.09%	12/03/2029	—	(1)		(1)		—
							5,515		5,563		0.99
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.50%	11.85%	04/03/2028	14,564	14,244		14,225		2.53
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.50%	11.85%	04/03/2028	1,503	1,478		1,468		0.26
Gateway US Holdings, Inc.	(4) (5) (7) (9)	S +	6.50%	11.85%	09/22/2026	750	745		750		0.13
Gateway US Holdings, Inc.	(4) (7) (9)	S +	6.50%	11.85%	09/22/2026	211	210		211		0.04
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.85%	09/22/2026	—	—		—		—
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	10.21%	12/10/2026	3,836	3,812		3,801		0.68
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	10.21%	12/10/2026	8,685	8,632		8,605		1.53
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	4.75%	10.21%	12/10/2026	—	(5)		(7)		—
iCIMS, Inc.	(4) (5) (7)	S +	7.25% (incl. 3.88% PIK)	12.62%	08/18/2028	1,622	1,599		1,622		0.29
iCIMS, Inc.	(4) (7) (12)	S +	7.25% (incl. 3.88% PIK)	12.62%	08/18/2028	—	—		—		—
iCIMS, Inc.	(4) (7) (12)	S +	7.25% (incl. 3.88% PIK)	12.62%	08/18/2028	3	3		3		—
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	12.03%	08/21/2026	928	908		874		0.16
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	12.03%	08/21/2026	63	63		60		0.01
Pareto Health Intermediate Holdings, Inc.	(4) (6)	S +	6.50%	11.97%	05/31/2030	1,044	1,024		1,036		0.18
Pareto Health Intermediate Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.97%	05/31/2029	—	(2)		(1)		—
PPV Intermediate Holdings, LLC	(4) (7)	S +	5.75%	11.14%	08/31/2029	994	957		975		0.17
PPV Intermediate Holdings, LLC	(4) (7) (12)	S +	5.75%	11.14%	08/31/2029	—	(30)		(52)		(0.01)
Promptcare Infusion Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.46%	09/01/2027	3,849	3,797		3,799		0.68
Promptcare Infusion Buyer, Inc.	(4) (6)	S +	6.00%	11.46%	09/01/2027	600	593		592		0.11
Stepping Stones Healthcare Services, LLC	(4) (5) (7)	S +	5.75%	11.20%	01/02/2029	4,288	4,238		4,227		0.75
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	S +	5.75%	11.20%	01/02/2029	965	952		947		0.17
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	S +	5.75%	11.20%	12/30/2026	—	(6)		(9)		—
Suveto	(4) (5) (7)	S +	4.25%	9.71%	09/09/2027	5,073	5,037		4,970		0.88
Suveto	(4) (7) (12)	S +	4.25%	9.71%	09/09/2027	157	151		146		0.03
Vardiman Black Holdings, LLC	(4) (5) (8) (10)	S +	9.00% (incl. 2.00% PIK)	14.40%	03/18/2027	2,257	2,240		1,877		0.33
Vardiman Black Holdings, LLC	(4) (8) (10)	S +	9.00% (incl. 2.00% PIK)	14.40%	03/18/2027	2,680	2,658		2,228		0.40
Vermont Aus Pty Ltd	(4) (5) (7) (9)	S +	5.50%	11.00%	03/23/2028	491	482		482		0.09
							53,780		52,829		9.39
Health Care Technology
Lightspeed Buyer, Inc.	(4) (5) (6)	S +	5.25%	10.71%	02/03/2026	4,180	4,127		4,143		0.74

33

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Lightspeed Buyer, Inc.	(4) (5) (6)	S +	5.25%	10.71%	02/03/2026	3,304	$	3,258	$	3,274	0.58	%
							7,385		7,417		1.32
Industrial Conglomerates
Raptor Merger Sub Debt, LLC	(4) (5) (7)	S +	6.75%	12.10%	04/01/2029	13,814	13,457		13,800		2.45
Raptor Merger Sub Debt, LLC	(4) (7) (12)	S +	6.75%	12.10%	04/01/2028	209	185		208		0.04
							13,642		14,008		2.49
Insurance Services
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	11.45%	10/29/2028	18,228	18,023		18,228		3.24
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	11.45%	10/29/2028	3,965	3,923		3,965		0.70
Foundation Risk Partners Corp.	(4) (7) (12)	S +	6.00%	11.45%	10/29/2027	—	(19)		—		—
Galway Borrower, LLC	(4) (5) (7)	S +	5.25%	10.75%	09/29/2028	15,983	15,741		15,560		2.77
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.75%	09/29/2028	—	(29)		(34)		(0.01)
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.75%	09/30/2027	—	(12)		(26)		—
Higginbotham Insurance Agency, Inc.	(4) (5) (6)	S +	5.50%	10.96%	11/24/2028	6,098	6,039		6,097		1.08
Higginbotham Insurance Agency, Inc.	(4) (6) (12)	S +	5.50%	10.96%	11/24/2028	66	66		66		0.01
High Street Buyer, Inc.	(4) (5) (7)	S +	5.75%	11.25%	04/14/2028	4,239	4,181		4,239		0.75
High Street Buyer, Inc.	(4) (5) (7)	S +	5.75%	11.25%	04/14/2028	17,022	16,790		17,022		3.03
High Street Buyer, Inc.	(4) (7) (12)	S +	5.75%	11.25%	04/16/2027	—	(10)		—		—
Long Term Care Group, ,Inc.	(4) (5) (7)	S +	7.00% (incl. 6.00% PIK)	12.66%	09/08/2027	2,046	2,017		1,694		0.30
Inszone Mid, LLC	(4) (6)	S +	5.75%	11.11%	11/12/2029	58	57		57		0.01
Inszone Mid, LLC	(4) (6) (12)	S +	5.75%	11.11%	11/12/2029	5	4		4		—
Inszone Mid, LLC	(4) (6) (12)	S +	5.75%	11.11%	11/12/2029	—	—		—		—
Integrity Marketing Acquisition, LLC	(4) (5) (7)	S +	6.00%	11.39%	08/27/2026	392	385		384		0.07
Integrity Marketing Acquisition, LLC	(4) (5) (7)	S +	6.00%	11.54%	08/27/2026	31,949	31,705		31,335		5.57
Integrity Marketing Acquisition, LLC	(4) (7) (12)	S +	6.00%	11.39%	08/27/2026	—	(2)		(1)		—
Keystone Agency Investors	(4) (5) (6)	S +	5.50%	11.00%	05/03/2027	2,614	2,586		2,576		0.46
Keystone Agency Investors	(4) (5) (6)	S +	5.50%	11.00%	05/03/2027	3,168	3,135		3,121		0.55
Patriot Growth Insurance Services, LLC	(4) (7)	S +	5.75%	11.25%	10/14/2028	678	667		671		0.12
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	S +	6.00%	11.49%	11/01/2028	7,919	7,855		7,813		1.39
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7) (12)	S +	6.00%	11.47%	11/01/2028	2,743	2,717		2,702		0.48
Peter C. Foy & Associates Insurance Services, LLC	(4) (7) (12)	S +	6.00%	11.49%	11/01/2027	—	(2)		(5)		—
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	11.01%	11/01/2029	10,429	10,349		10,340		1.84
RSC Acquisition, Inc.	(4) (7) (12)	S +	6.00%	11.39%	11/01/2029	6	5		6		—
World Insurance Associates, LLC	(4) (5) (6)	S +	6.00%	11.38%	04/03/2028	27,315	26,847		26,453		4.70
World Insurance Associates, LLC	(4) (6) (12)	S +	6.00%	11.38%	04/03/2028	—	(9)		(31)		(0.01)
							153,009		152,236		27.06

34

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Interactive Media & Services
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.78%	10/30/2026	9,262	$	9,142	$	9,189	1.63	%
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.78%	10/30/2026	1,958	1,938		1,945		0.35
FMG Suite Holdings, LLC	(4) (5) (12)	P +	4.25%	12.75%	10/30/2026	333	323		326		0.06
Spectrio, LLC	(4) (5)	S +	6.00% (incl. 5.00% PIK)	11.38%	12/09/2026	11,346	11,241		10,767		1.91
Spectrio, LLC	(4) (5)	S +	6.00% (incl. 5.00% PIK)	11.38%	12/09/2026	4,507	4,493		4,277		0.76
Spectrio, LLC	(4) (12)	S +	6.00% (incl. 5.00% PIK)	11.38%	12/09/2026	1,312	1,299		1,245		0.22
Triple Lift, Inc.	(4) (5) (7)	S +	5.75%	11.17%	05/05/2028	11,700	11,540		10,886		1.93
Triple Lift, Inc.	(4) (7) (12)	S +	5.75%	11.17%	05/05/2028	657	636		538		0.10
							40,612		39,173		6.96
IT Services
Atlas Purchaser, Inc.	(5) (7)	S +	5.25%	10.88%	05/08/2028	3,785	3,733		2,233		0.40
Catalis Intermediate, Inc.	(4) (5) (7)	S +	5.50%	11.00%	08/04/2027	16,867	16,590		15,940		2.83
Catalis Intermediate, Inc.	(4) (5) (7)	S +	5.50%	11.00%	08/04/2027	3,795	3,741		3,587		0.64
Catalis Intermediate, Inc.	(4) (7) (12)	S +	5.50%	11.00%	08/04/2027	626	598		526		0.09
Donuts, Inc.	(4) (5) (6)	S +	6.00%	11.59%	12/29/2027	9,397	9,317		9,389		1.67
Redwood Services Group, LLC	(4) (5) (7)	S +	6.25%	11.70%	06/15/2029	1,795	1,765		1,751		0.31
Redwood Services Group, LLC	(4) (7) (12)	S +	6.25%	11.70%	06/15/2029	940	931		916		0.16
Syntax Systems Ltd	(4) (5) (7) (9)	S +	5.50%	10.96%	10/29/2028	15,040	14,927		14,772		2.63
Syntax Systems Ltd	(4) (7) (9) (12)	S +	5.50%	10.96%	10/29/2026	984	975		955		0.17
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	S +	6.00%	11.50%	01/22/2027	8,107	7,999		7,959		1.41
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	S +	6.00%	11.50%	01/22/2027	6,380	6,305		6,253		1.11
Thrive Buyer, Inc. (Thrive Networks)	(4) (12)	P +	5.00%	13.50%	01/22/2027	227	219		213		0.04
UpStack, Inc.	(4) (5) (6)	S +	5.75%	11.60%	08/20/2027	3,536	3,478		3,447		0.61
UpStack, Inc.	(4) (5) (6) (12)	S +	6.25%	11.60%	08/20/2027	1,675	1,641		1,627		0.29
UpStack, Inc.	(4) (6) (12)	S +	6.25%	11.60%	08/20/2027	113	106		103		0.02
							72,325		69,671		12.38
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.47%	11/16/2026	19,482	19,356		19,288		3.43
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.47%	11/16/2026	1,663	1,651		1,646		0.29
GSM Acquisition Corp. (GSM Outdoors)	(4) (6) (12)	S +	5.00%	10.47%	11/16/2026	—	(11)		(17)		—
							20,996		20,917		3.72
Machinery
Answer Acquisition, LLC	(4) (5) (6)	S +	5.75%	11.25%	12/30/2026	12,740	12,574		12,551		2.23
Answer Acquisition, LLC	(4) (6) (12)	S +	5.75%	11.25%	12/30/2026	770	758		755		0.13
Chase Intermediate, LLC	(4) (7) (12)	S +	5.25%	11.00%	10/30/2028	—	(6)		(13)		—
Chase Intermediate, LLC	(4) (7) (12)	S +	5.25%	11.00%	10/30/2028	—	(1)		(1)		—

35

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	11.60%	07/21/2027	8,139	$	8,029	$	8,065	1.43	%
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	11.60%	07/21/2027	1,574	1,553		1,559		0.28
MHE Intermediate Holdings, LLC	(4) (6) (12)	S +	6.00%	11.60%	07/21/2027	—	(13)		(11)		—
							22,894		22,905		4.07
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (6)	S +	5.50%	10.95%	12/24/2029	15,107	14,698		14,877		2.64
AWP Group Holdings, Inc.	(4) (6) (12)	S +	5.50%	10.95%	12/24/2029	15	(15)		10		—
AWP Group Holdings, Inc.	(4) (6) (12)	S +	5.50%	10.95%	12/24/2029	433	415		402		0.07
Ground Penetrating Radar Systems, LLC	(4) (5) (6)	S +	4.50%	10.03%	06/26/2026	4,372	4,328		4,335		0.77
Ground Penetrating Radar Systems, LLC	(4) (6) (12)	S +	4.50%	10.03%	06/26/2025	—	(5)		(6)		—
Vessco Midco Holdings, LLC	(4) (5) (6)	S +	4.50%	9.97%	11/02/2026	5,374	5,346		5,374		0.96
Vessco Midco Holdings, LLC	(4) (5) (6)	S +	4.50%	9.97%	11/02/2026	3,502	3,485		3,502		0.62
Vessco Midco Holdings, LLC	(4) (12)	P +	3.50%	12.00%	10/18/2026	40	36		40		0.01
							28,288		28,534		5.07
Pharmaceuticals
Caerus US 1, Inc.	(4) (7) (9)	S +	5.75%	11.11%	05/25/2029	1,828	1,796		1,828		0.32
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	11.11%	05/25/2029	118	115		118		0.02
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	11.11%	05/25/2029	145	142		145		0.03
							2,053		2,091		0.37
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(4) (5) (6)	S +	6.25%	11.71%	03/10/2027	7,898	7,791		7,898		1.40
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6)	S +	6.25%	11.71%	03/10/2027	827	822		827		0.15
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6) (12)	S +	6.25%	11.71%	03/10/2027	450	442		450		0.08
Bridgepointe Technologies, LLC	(4) (6)	S +	6.50%	12.00%	12/31/2027	5,800	5,629		5,704		1.01
Bridgepointe Technologies, LLC	(4) (6) (12)	S +	6.50%	12.00%	12/31/2027	3,830	3,678		3,764		0.67
Bullhorn, Inc.	(4) (5) (6)	S +	5.50%	10.96%	09/30/2026	178	177		177		0.03
Bullhorn, Inc.	(4) (6)	S +	5.50%	10.96%	09/30/2026	10	10		10		—
Bullhorn, Inc.	(4) (6) (12)	S +	5.50%	10.96%	09/30/2026	—	—		—		—
Citrin Cooperman Advisors, LLC	(4) (5) (7)	S +	5.75%	11.37%	10/01/2027	8,693	8,573		8,689		1.54
Citrin Cooperman Advisors, LLC	(4) (5) (7) (12)	S +	5.75%	11.37%	10/01/2027	13,542	13,331		13,528		2.40
GPS Merger Sub, LLC	(4) (5) (6)	S +	6.00%	11.38%	10/02/2029	3,106	3,046		3,046		0.54
GPS Merger Sub, LLC	(4) (6) (12)	S +	6.00%	11.38%	10/02/2029	—	(8)		(8)		—
GPS Merger Sub, LLC	(4) (6) (12)	S +	6.00%	11.38%	10/02/2029	—	(12)		(12)		—
KENG Acquisition, Inc.	(4) (5) (6)	S +	6.25%	11.60%	08/01/2029	192	174		190		0.03
KENG Acquisition, Inc.	(4) (6) (12)	S +	6.25%	11.60%	08/01/2029	24	22		22		—
KENG Acquisition, Inc.	(4) (6) (12)	S +	6.25%	11.60%	08/01/2029	6	5		5		—
KWOR Acquisition, Inc.	(4) (5) (6)	S +	5.25%	10.71%	12/22/2028	867	857		855		0.15

36

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
KWOR Acquisition, Inc.	(4) (12)	P +	4.25%	12.75%	12/22/2027	52	$	51	$	51	0.01	%
							44,588		45,196		8.03
Real Estate Management & Development
Associations, Inc.	(4) (5) (6)	S +	6.50% (incl. 2.50% PIK)	12.18%	07/02/2027	7,843	7,793		7,768		1.38
Associations, Inc.	(4) (5) (6) (12)	S +	6.50% (incl. 2.50% PIK)	12.18%	07/02/2027	7,475	7,431		7,405		1.32
Associations, Inc.	(4) (6) (12)	S +	6.50% (incl. 2.50% PIK)	12.18%	07/02/2027	282	277		274		0.05
MRI Software, LLC	(4) (5) (6)	S +	5.50%	10.95%	02/10/2027	4,258	4,247		4,235		0.75
MRI Software, LLC	(4) (6) (12)	S +	5.50%	10.95%	02/10/2027	—	(1)		(1)		—
MRI Software, LLC	(4) (6) (12)	S +	5.50%	10.95%	02/10/2027	—	—		(1)		—
Pritchard Industries, LLC	(4) (5) (7)	S +	5.50%	10.94%	10/13/2027	10,832	10,682		10,616		1.89
Pritchard Industries, LLC	(4) (7)	S +	5.50%	10.94%	10/13/2027	2,590	2,553		2,538		0.45
Zarya Intermediate, LLC	(4) (5) (6) (9)	S +	6.50%	11.89%	07/01/2027	9,533	9,533		9,533		1.69
Zarya Intermediate, LLC	(4) (6) (9) (12)	S +	6.50%	11.89%	07/01/2027	842	842		842		0.15
							43,357		43,209		7.68
Software
Alert Media, Inc.	(4) (5) (6)	S +	7.75% (incl. 6.75% PIK)	13.08%	04/12/2027	16,264	16,096		15,981		2.84
Alert Media, Inc.	(4) (6)	S +	7.75% (incl. 6.75% PIK)	13.08%	04/12/2027	10,000	9,886		9,825		1.75
Alert Media, Inc.	(4) (6) (12)	S +	7.75% (incl. 6.75% PIK)	13.08%	04/10/2026	—	(10)		(18)		—
Anaplan, Inc.	(4) (5) (7)	S +	6.50%	11.85%	06/21/2029	4,125	4,058		4,125		0.73
Appfire Technologies, LLC	(4) (5) (6)	S +	5.65%	11.03%	03/09/2027	7,793	7,752		7,692		1.37
Appfire Technologies, LLC	(4) (6) (12)	S +	5.65%	11.03%	03/09/2027	—	(2)		(2)		—
Appfire Technologies, LLC	(4) (12)	P +	4.50%	13.00%	03/09/2027	6	6		6		—
CLEO Communications Holding, LLC	(4) (5) (6)	S +	6.50%	11.96%	06/09/2027	17,142	17,033		16,873		3.00
CLEO Communications Holding, LLC	(4) (6) (12)	S +	6.50%	11.96%	06/09/2027	—	(31)		(84)		(0.01)
Coupa Holdings, LLC	(4) (7)	S +	7.50%	12.86%	02/27/2030	315	308		312		0.06
Coupa Holdings, LLC	(4) (7) (12)	S +	7.50%	12.86%	02/27/2030	—	(2)		(2)		—
Coupa Holdings, LLC	(4) (7) (12)	S +	7.50%	12.86%	02/27/2029	—	(3)		(1)		—

37

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Cyara AcquisitionCo, LLC	(4) (6)	S +	6.75% (incl. 2.75% PIK)	12.08%	06/28/2029	949	$	925	$	932	0.17	%
Cyara AcquisitionCo, LLC	(4) (6) (12)	S +	6.75% (incl. 2.75% PIK)	12.08%	06/28/2029	—	(2)		(1)		—
E-Discovery AcquireCo, LLC	(4) (5) (6)	S +	6.50%	11.89%	08/29/2029	458	447		450		0.08
E-Discovery AcquireCo, LLC	(4) (6) (12)	S +	6.50%	11.89%	08/29/2029	—	(1)		(1)		—
Fullsteam Operations, LLC	(4) (5) (6)	S +	8.25%	13.78%	11/27/2029	663	644		644		0.11
Fullsteam Operations, LLC	(4) (6) (12)	S +	8.25%	13.78%	11/27/2029	63	58		58		0.01
Fullsteam Operations, LLC	(4) (6) (12)	S +	8.25%	13.78%	11/27/2029	—	(1)		(1)		—
GS AcquisitionCo, Inc.	(4) (5) (6)	S +	5.50%	11.00%	05/22/2026	28,343	28,212		28,343		5.04
GS AcquisitionCo, Inc.	(4) (6) (12)	S +	5.50%	11.00%	05/22/2026	—	(5)		—		—
LegitScript, LLC	(4) (5) (7)	S +	5.75%	11.11%	06/24/2029	4,151	4,082		4,114		0.73
LegitScript, LLC	(4) (7) (12)	S +	5.75%	11.11%	06/24/2029	110	100		100		0.02
LegitScript, LLC	(4) (7) (12)	S +	5.75%	11.11%	06/24/2028	156	146		150		0.03
Montana Buyer, Inc.	(4) (5) (7)	S +	5.75%	11.11%	07/22/2029	1,293	1,271		1,282		0.23
Montana Buyer, Inc.	(4) (12)	P +	4.75%	13.25%	07/22/2028	21	19		20		—
Netwrix Corporation And Concept Searching, Inc.	(4) (5) (7)	S +	5.00%	10.39%	06/11/2029	732	726		721		0.13
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	10.39%	06/11/2029	—	(1)		(3)		—
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	10.39%	06/11/2029	—	—		(1)		—
Oak Purchaser, Inc.	(4) (5) (7)	S +	5.50%	10.85%	04/28/2028	931	923		911		0.16
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.85%	04/28/2028	578	574		565		0.10
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.85%	04/28/2028	—	(1)		(3)		—
Pound Bidco, Inc.	(4) (5) (6) (9)	S +	6.50%	11.96%	01/30/2026	3,611	3,570		3,599		0.64
Pound Bidco, Inc.	(4) (6) (9) (12)	S +	6.50%	11.96%	01/30/2026	—	—		—		—
Pound Bidco, Inc.	(4) (5) (6) (9) (12)	S +	6.50%	11.96%	01/30/2026	—	(3)		—		—
Project Leopard Holdings, Inc.	(5) (8) (9)	S +	5.25%	10.73%	07/20/2029	1,030	969		926		0.16
Revalize, Inc.	(4) (5) (6)	S +	5.75%	11.21%	04/15/2027	8,671	8,638		8,493		1.51
Revalize, Inc.	(4) (6) (12)	S +	5.75%	11.23%	04/15/2027	18	17		16		—
Riskonnect Parent, LLC	(4) (5) (7)	S +	5.50%	11.00%	12/07/2028	164	162		164		0.03
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	11.00%	12/07/2028	—	(2)		—		—
Securonix, Inc.	(4) (5) (7)	S +	6.00%	11.41%	04/05/2028	9,004	8,883		8,505		1.51
Securonix, Inc.	(4) (7) (12)	S +	6.00%	11.41%	04/05/2028	—	(20)		(90)		(0.02)
Skykick, Inc.	(4) (5) (6)	S +	10.25%(incl. 7.00% PIK)	15.93%	09/01/2027	3,282	3,236		3,036		0.54
Skykick, Inc.	(4) (6)	S +	10.25% (incl. 7.00% PIK)	15.91%	09/01/2027	1,059	1,040		964		0.17

38

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Trunk Acquisition, Inc.	(4) (5) (6)	S +	5.75%	11.25%	02/19/2027	4,480	$	4,450	$	4,398	0.78	%
Trunk Acquisition, Inc.	(4) (6) (12)	S +	5.75%	11.25%	02/19/2026	—	(2)		(8)		—
							124,145		122,990		21.86
Wireless Telecommunication Services
Mobile Communications America, Inc.	(4) (5) (6)	S +	6.00%	11.35%	10/16/2029	261	258		258		0.05
Mobile Communications America, Inc.	(4) (6) (12)	S +	6.00%	11.35%	10/16/2029	—	(1)		(1)		—
Mobile Communications America, Inc.	(4) (6) (12)	S +	6.00%	11.35%	10/16/2029	—	(1)		(1)		—
							256		256		0.05
Total First Lien Debt							$	1,137,010	$	1,127,366	200.37	%
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	9.15%	14.53%	12/30/2027	900	$	879	$	844	0.15	%
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(5) (8)	S +	7.00%	12.65%	03/02/2029	3,000	2,990		2,520		0.45
Infinite Bidco, LLC	(8)	S +	7.00%	12.65%	03/02/2029	1,500	1,500		1,260		0.22
							4,490		3,780		0.67
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	8.00%	13.46%	12/10/2027	360	355		353		0.06
Heartland Veterinary Partners, LLC	(4) (6)	S +	8.00%	13.46%	12/10/2027	140	138		137		0.02
							493		490		0.09
Industrial Conglomerates
Aptean, Inc.	(4) (5) (7)	S +	7.00%	12.46%	04/23/2027	1,050	1,050		1,050		0.19
IT Services
Idera, Inc.	(4) (5) (7)	S +	6.75%	12.28%	03/02/2029	530	527		530		0.09
Red Dawn SEI Buyer, Inc.	(4) (5) (6)	S +	8.50%	13.86%	11/20/2026	1,000	986		997		0.18
							1,513		1,527		0.27
Software
Flexera Software, LLC	(4) (5) (6)	S +	7.00%	12.47%	03/03/2029	1,500	1,478		1,500		0.27
Total Second Lien Debt							$	9,903	$	9,191	1.63	%
Other Investments
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(4) (10)		16.25% PIK		06/18/2026	500	500		57		0.01

39

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Fetch Insurance Services, LLC	(4)		12.75%(incl. 3.75% PIK)	12.75%	10/31/2027	426	$	416	$	413	0.07	%
Total Unsecured Debt							$	916	$	470	0.08	%

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date		Par Amount/ Shares		Cost(3)			Fair Value			Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC	(4) (11)		12.25%		6/24/2022		1,000,000		$	1,179		$	970		0.17	%
Integrity Marketing Acquisition, LLC	(4) (11)		10.50%		12/21/2021		750,000		913			900			0.16
Revalize, Inc.	(4) (11)	S +	10.00%		12/14/2021		1,787		2,248			2,244			0.40
RSK Holdings, Inc. (Riskonnect)	(4) (11)	S +	10.50%		7/7/2022		320,600		360			404			0.07
Skykick, Inc.	(4) (11)				8/31/2021		23,665		225			225			0.04
Total Preferred Equity									$	4,925		$	4,743		0.84	%
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)	(4) (11)				7/12/2021		5,196		$	520		$	456		0.08	%
BP Purchaser, LLC	(4) (11)				12/10/2021		1,383,156		1,378			1,297			0.23
CSC Thrive Holdings, LP (Thrive Networks)	(4) (11)				3/1/2021		54,103		140			285			0.05
Encore Holdings, LLC	(4) (11)				11/23/2021		559		70			139			0.02
Frisbee Holdings, LP (Fetch)	(4) (11)				10/31/2022		4,745		60			60			0.01
Fullsteam Operations, LLC	(4) (11)				10/31/2022		609		20			20			—
GSM Equity Investors, LP (GSM Outdoors)	(4) (11)				11/16/2020		500		50			98			0.02
LUV Car Wash	(4) (11)				4/6/2022		123		123			69			0.01
PCX Holding Corp.	(4) (11)				4/22/2021		1,154		115			119			0.02
Pritchard Industries, Inc.	(4) (11)				10/13/2021		300,000		300			315			0.06
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (11)				12/20/2021		500,000		500			645			0.11
Reveal Data Solutions	(4) (11)				8/29/2023		12,308		16			16			—
Shelby Co-invest, LP. (Spectrum Automotive)	(4) (11)				6/29/2021		1,500		150			232			0.04
Surewerx Topco, LP	(4) (9) (11)				12/28/2022		195		195			215			0.04
Suveto Buyer, LLC	(4) (9) (11)				11/19/2021		3,398		340			300			0.05
Total Common Equity									$	3,977		$	4,266		0.76	%
Total Other Investments									$	9,818		$	9,479		1.68	%
Total Portfolio Investments									$	1,156,731		$	1,146,036		203.69	%

40

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR (“E”) 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 December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 3-month E at 3.91%, the reference rates for our SOFR-based loans were the 1-month S at 5.35%, 3-month S at 5.33% , 6- month S at 5.16% 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 December 31, 2023 non-qualifying assets represented 6.46% of total assets as calculated in accordance with regulatory requirements.
(10)	Investment was on non-accrual status as of December 31, 2023
(11)	Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of December 31, 2023, the aggregate fair value of these securities is $9,009 or 1.60% 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, 2023:

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
365 Retail Markets, LLC	Revolver	12/23/2026	$	1,200	$	—
48Forty Solutions, LLC	Revolver	11/30/2026	603		(38)
ARI Network Services, Inc.	Revolver	2/28/2025	1,299		(12)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	8/1/2025	294		(4)
AWP Group Holdings, Inc.	Revolver	12/24/2029	1,580		(24)
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	3/10/2027	150		—
Abracon Group Holdings, LLC	Delayed Draw Term Loan	7/6/2024	140		(24)
Alert Media, Inc.	Revolver	4/10/2026	1,015		(18)
Answer Acquisition, LLC	Revolver	12/30/2026	230		(3)
Apex Service Partners, LLC	Delayed Draw Term Loan	10/24/2025	2,663		(33)
Apex Service Partners, LLC	Revolver	10/24/2029	1,050		(19)
Appfire Technologies, LLC	Delayed Draw Term Loan	6/13/2024	179		(2)
Appfire Technologies, LLC	Revolver	3/9/2027	21		—
Applitools, Inc.	Revolver	5/25/2028	200		(5)

41

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Assembly Intermediate, LLC	Delayed Draw Term Loan	1/1/2024	$	667	$	(25)
Assembly Intermediate, LLC	Revolver	10/19/2027	889		(33)
Associations, Inc.	Delayed Draw Term Loan	6/10/2024	10		—
Associations, Inc.	Revolver	7/2/2027	516		(5)
Atlas Us Finco, Inc.	Revolver	12/9/2028	78		—
Avalara, Inc.	Revolver	10/19/2028	256		—
Bradyifs Holdings, LLC	Delayed Draw Term Loan	10/31/2025	72		(1)
Bradyifs Holdings, LLC	Revolver	10/31/2029	74		(1)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	4/1/2025	196		(3)
Bullhorn, Inc.	Revolver	9/30/2026	8		—
CLEO Communications Holding, LLC	Revolver	6/9/2027	5,358		(84)
Caerus US 1, Inc.	Delayed Draw Term Loan	10/28/2024	148		—
Caerus US 1, Inc.	Revolver	5/25/2029	48		—
Catalis Intermediate, Inc.	Revolver	8/4/2027	1,191		(65)
Chase Intermediate, LLC	Delayed Draw Term Loan	8/31/2025	700		(13)
Chase Intermediate, LLC	Revolver	10/30/2028	35		(1)
Citrin Cooperman Advisors, LLC	Delayed Draw Term Loan	12/13/2025	1,376		(14)
Coupa Holdings, LLC	Delayed Draw Term Loan	8/27/2024	151		(2)
Coupa Holdings, LLC	Revolver	2/27/2029	116		(1)
Cyara AcquisitionCo, LLC	Revolver	6/28/2029	64		(1)
Dwyer Instruments, Inc.	Delayed Draw Term Loan	12/22/2025	578		(6)
Dwyer Instruments, Inc.	Revolver	7/21/2027	321		(6)
E-Discovery AcquireCo, LLC	Revolver	8/29/2029	42		(1)
Encore Holdings, LLC	Revolver	11/23/2027	2,695		—
Energy Labs Holdings Corp.	Revolver	4/7/2028	39		—
FLS Holding, Inc.	Revolver	12/17/2027	1,442		(9)
FMG Suite Holdings, LLC	Revolver	10/30/2026	661		(4)
FORTIS Solutions Group, LLC	Delayed Draw Term Loan	6/24/2024	908		—
FORTIS Solutions Group, LLC	Revolver	10/15/2027	1,099		—
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	8/5/2024	2,500		(197)
Foundation Risk Partners Corp.	Revolver	10/29/2027	1,959		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	5/27/2025	239		(4)
Fullsteam Operations, LLC	Revolver	11/27/2029	37		(1)
GC Waves Holdings, Inc.	Delayed Draw Term Loan	12/31/2024	606		(11)
GC Waves Holdings, Inc.	Revolver	8/11/2028	33		(1)
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/2/2025	803		(8)
GPS Merger Sub, LLC	Revolver	10/2/2029	643		(12)

42

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
GS AcquisitionCo, Inc.	Revolver	5/22/2026	$	907	$	—
GSM Acquisition Corp. (GSM Outdoors)	Revolver	11/16/2026	1,633		(16)
Galway Borrower, LLC	Delayed Draw Term Loan	4/28/2024	3,264		(34)
Galway Borrower, LLC	Revolver	9/30/2027	880		(26)
Gateway US Holdings, Inc.	Revolver	9/22/2026	30		—
GraphPad Software, LLC	Revolver	4/27/2027	375		(2)
Ground Penetrating Radar Systems, LLC	Revolver	6/26/2025	703		(6)
Groundworks, LLC	Delayed Draw Term Loan	9/14/2024	8		—
Groundworks, LLC	Revolver	3/14/2029	9		—
Heartland Veterinary Partners, LLC	Revolver	12/10/2026	779		(7)
Helios Service Partners, LLC	Delayed Draw Term Loan	2/7/2025	211		(2)
Helios Service Partners, LLC	Revolver	3/19/2027	19		—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	8/23/2025	33		—
High Street Buyer, Inc.	Revolver	4/16/2027	915		—
Inszone Mid, LLC	Delayed Draw Term Loan	11/10/2025	53		(1)
Inszone Mid, LLC	Revolver	11/12/2029	7		—
Integrity Marketing Acquisition, LLC	Revolver	8/27/2026	52		(1)
Iris Buyer, LLC	Delayed Draw Term Loan	10/2/2030	540		(8)
Iris Buyer, LLC	Revolver	10/2/2029	632		(17)
Jonathan Acquisition Company	Revolver	12/22/2025	824		(8)
KENG Acquisition, Inc.	Delayed Draw Term Loan	8/1/2025	122		(2)
KENG Acquisition, Inc.	Revolver	8/1/2029	47		(1)
KWOR Acquisition, Inc.	Revolver	12/22/2027	70		(1)
LUV Car Wash Group, LLC	Delayed Draw Term Loan	3/14/2024	274		(1)
LegitScript, LLC	Delayed Draw Term Loan	6/24/2024	1,033		(9)
LegitScript, LLC	Revolver	6/24/2028	495		(4)
Lightspeed Solution, LLC	Delayed Draw Term Loan	3/1/2024	1,011		(18)
MHE Intermediate Holdings, LLC	Revolver	7/21/2027	1,071		(11)
MRI Software, LLC	Delayed Draw Term Loan	12/19/2025	204		(1)
MRI Software, LLC	Revolver	2/10/2027	118		(1)
Magneto Components Buyco, LLC	Delayed Draw Term Loan	6/5/2025	44		—
Magneto Components Buyco, LLC	Revolver	12/5/2029	36		(1)
Magnolia Wash Holdings	Revolver	7/14/2028	32		(3)
Mantech International CP	Delayed Draw Term Loan	9/14/2024	1,674		—
Mantech International CP	Revolver	9/14/2028	1,600		—
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2025	84		(1)
Mobile Communications America, Inc.	Revolver	10/16/2029	42		(1)

43

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Montana Buyer, Inc.	Revolver	7/22/2028	$	126	$	(1)
Netwrix Corporation And Concept Searching, Inc.	Delayed Draw Term Loan	6/10/2024	204		(3)
Netwrix Corporation And Concept Searching, Inc.	Revolver	6/11/2029	57		(1)
Oak Purchaser, Inc.	Delayed Draw Term Loan	4/28/2024	42		(1)
Oak Purchaser, Inc.	Revolver	4/28/2028	124		(3)
Omni Intermediate Holdings, LLC	Delayed Draw Term Loan	6/24/2024	28		(1)
Omni Intermediate Holdings, LLC	Revolver	12/30/2025	288		(14)
PCX Holding Corp.	Revolver	4/22/2027	423		(2)
PDFTron Systems, Inc.	Revolver	7/15/2026	1,650		(26)
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/31/2025	6,330		(52)
Pareto Health Intermediate Holdings, Inc.	Revolver	6/1/2029	122		(1)
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	10/19/2024	300		(2)
Peter C. Foy & Associates Insurance Services, LLC	Revolver	11/1/2027	347		(5)
Pound Bidco, Inc.	Delayed Draw Term Loan	12/31/2024	99		—
Pound Bidco, Inc.	Revolver	1/30/2026	388		—
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	952		(28)
RSC Acquisition, Inc.	Delayed Draw Term Loan	2/14/2025	27		—
Randy's Holdings, Inc.	Delayed Draw Term Loan	11/1/2024	836		(3)
Randy's Holdings, Inc.	Revolver	11/1/2028	238		(1)
Raptor Merger Sub Debt, LLC	Revolver	4/1/2028	837		(1)
Redwood Services Group, LLC	Delayed Draw Term Loan	1/31/2025	89		(2)
Revalize, Inc.	Revolver	4/15/2027	53		(1)
Riskonnect Parent, LLC	Delayed Draw Term Loan	7/7/2024	177		—
RoadOne IntermodaLogistics	Delayed Draw Term Loan	6/30/2024	104		(2)
RoadOne IntermodaLogistics	Revolver	12/29/2028	117		(2)
Securonix, Inc.	Revolver	4/5/2028	1,621		(90)
Sherlock Buyer Corp.	Delayed Draw Term Loan	9/6/2025	5,392		(3)
Sherlock Buyer Corp.	Revolver	12/8/2027	2,157		(1)
Smarsh, Inc.	Delayed Draw Term Loan	2/18/2024	536		(9)
Smarsh, Inc.	Revolver	2/16/2029	268		(5)
Sonny's Enterprises, LLC	Delayed Draw Term Loan	11/5/2024	146		—
Sonny's Enterprises, LLC	Revolver	8/5/2027	245		—
Spectrio, LLC	Revolver	12/9/2026	3		—
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	6/29/2024	495		(11)
Spectrum Automotive Holdings Corp.	Revolver	6/29/2027	378		(8)
Spotless Brands, LLC	Revolver	7/25/2028	36		—
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	1/1/2024	276		(4)

44

SL Investment Corp.

Consolidated Schedules of Investments

December 31, 2023

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	$	625	$	(9)
Summit Buyer, LLC	Delayed Draw Term Loan	8/25/2025	197		(5)
Summit Buyer, LLC	Revolver	1/14/2026	1,060		(25)
Superman Holdings, LLC	Delayed Draw Term Loan	5/1/2025	95		(1)
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	6/28/2024	428		—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	187		—
Suveto	Revolver	9/9/2027	399		(8)
Sweep Purchaser, LLC	Delayed Draw Term Loan	5/5/2024	91		(18)
Sweep Purchaser, LLC	Revolver	11/30/2026	9		(2)
Syntax Systems Ltd	Revolver	10/29/2026	620		(11)
Tamarack Intermediate, LLC	Delayed Draw Term Loan	10/6/2025	398		(6)
Tamarack Intermediate, LLC	Revolver	3/13/2028	900		(22)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	1/22/2027	453		(9)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	6/19/2025	179		(2)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	129		(3)
Trintech, Inc.	Revolver	7/25/2029	918		(17)
Triple Lift, Inc.	Revolver	5/5/2028	1,057		(74)
Trunk Acquisition, Inc.	Revolver	2/19/2026	429		(8)
Two Six Labs, LLC	Revolver	8/20/2027	915		(20)
UpStack, Inc.	Delayed Draw Term Loan	6/30/2025	241		(6)
UpStack, Inc.	Revolver	8/20/2027	263		(7)
V Global Holdings, LLC	Revolver	12/22/2025	124		(2)
VRC Companies, LLC	Revolver	6/29/2027	708		(1)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	6/15/2025	9,217		(77)
Vertex Service Partners, LLC	Delayed Draw Term Loan	11/8/2025	299		(5)
Vertex Service Partners, LLC	Revolver	11/8/2030	54		(1)
Vessco Midco Holdings, LLC	Revolver	10/18/2026	855		—
World Insurance Associates, LLC	Revolver	4/3/2028	970		(31)
YI, LLC	Delayed Draw Term Loan	6/6/2025	51		(1)
YI, LLC	Revolver	12/3/2029	38		(1)
Zarya Intermediate, LLC	Revolver	7/1/2027	140		—
iCIMS, Inc.	Delayed Draw Term Loan	8/18/2025	39		—
iCIMS, Inc.	Revolver	8/18/2028	15		—
Total First Lien Debt Unfunded Commitments			$	104,627	$	(1,529)
Total Unfunded Commitments			$	104,627	$	(1,529)

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

45

SL Investment Corp.

Notes to Consolidated Financial Statements

March 31, 2024

(In thousands, except shares and per share amounts)

(1)     ORGANIZATION

SL Investment Corp. (the “Company”) is a non-diversified externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware corporation on August 24, 2020 and commenced investment operations in October 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

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

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

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

The Company has conducted and from time to time may conduct private offerings (the “Private Offerings”) of shares of Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act. 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 March 31, 2024, the Company's wholly-owned subsidiaries were formed as Delaware limited liability companies and included: SLIC Financing SPV LLC (“Financing SPV”), SLIC CA SPV LLC (“SLIC CA”) and SLIC Equity Holdings LLC (“SLIC Equity Holdings,” and collectively with Financing SPV and SLIC CA, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

46

(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2024.

Use of Estimates

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

Consolidation

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

Cash

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

Foreign Currency Translation

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

Investments

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

The Company’s Board of Directors (the “Board of Directors” or the “Board”), 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 the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (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

47

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 “Fair Value Measurements” for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, 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. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

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

Dividend Income

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

Other Income

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

Non-Accrual Investments

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.

As of March 31, 2024 and December 31, 2023, the Company had one and two investments, respectively, that were on non-accrual status. The amortized cost of the investments on non-accrual status as of March 31, 2024 and December 31, 2023 was $500 and $5,398.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as 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. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock, and issuance of its Series A Preferred Stock.

Deferred Financing Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of the revolving debt facility as deferred financing costs. These costs are deferred and amortized over the life of the related revolving credit facility

48

using the straight-line method. Deferred financing costs related to the revolving credit facility 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

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

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

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

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

For the three months ended March 31, 2024 and March 31, 2023, the Company accrued $21 and $23 of U.S. federal excise taxes.

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.

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

(3)RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On February 1, 2021, the Company entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Investment Advisory Agreement in August 2023.

The Company pays the Investment Adviser a base management fee (the “Base Management Fee”) for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf. The Investment Adviser is an indirect, wholly owned subsidiary, of Morgan Stanley.

Base Management Fee

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

For the three months ended March 31, 2024 and March 31, 2023, $356 and $337 respectively, of Base Management Fee was accrued to the Investment Adviser. As of March 31, 2024 and December 31, 2023, $356 and $356, respectively, was payable to the Investment Adviser relating to Base Management Fees.

Administration Agreement

49

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company. The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the amended and restated administration agreement dated February 1, 2021 with the Administrator (the “Administration Agreement”), the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead 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 months ended March 31, 2024 and March 31, 2023, no expenses were incurred under the Administration Agreement.

Indemnification Agreements

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

Adviser Investment

On September 10, 2020, the Investment Adviser purchased 1,000 of the Company’s Common Stock at a price per share of $20.00 for an aggregate purchase price of $20. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

(4) INVESTMENTS

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

	March 31, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,117,801	$	1,110,190	98.4	%	$	1,137,010	$	1,127,366	98.4	%
Second Lien Debt	8,255		7,583		0.7		9,903		9,191		0.8
Other Investments	11,138		10,644		0.9		9,818		9,479		0.8
Total	$	1,137,194	$	1,128,417	100.0	%	$	1,156,731	$	1,146,036	100.0	%

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

50

	March 31, 2024		December 31, 2023
Aerospace and Defense	4.2	%	4.1	%
Air Freight and Logistics	0.3		1.8
Automobile Components	3.5		3.5
Automobiles	4.5		4.4
Biotechnology	0.6		0.6
Chemicals	0.1		0.1
Commercial Services & Supplies	13.9		14.6
Construction and Engineering	2.4		1.5
Consumer Staples Distribution & Retail	0.1		—
Containers & Packaging	3.2		3.2
Distributors	3.1		3.1
Diversified Consumer Services	3.4		3.1
Electronic Equipment, Instruments & Components	1.2		1.2
Financial Services	2.9		2.9
Food Products	0.3		0.3
Health Care Equipment & Supplies	0.5		0.5
Health Care Providers & Services	4.8		4.7
Health Care Technology	1.3		0.7
Industrial Conglomerates	1.4		1.3
Insurance Services	12.7		13.4
Interactive Media & Services	3.4		3.4
IT Services	6.4		6.2
Leisure Products	1.3		1.8
Machinery	2.0		2.0
Multi-Utilities	2.6		2.5
Pharmaceuticals	0.2		0.2
Professional Services	4.1		4.0
Real Estate Management & Development	3.4		3.8
Software	12.2		11.1
Wireless Telecommunication Services(1)	—		—
Total	100.0	%	100.0	%

(1) Amounts rounds to 0.0%

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

	March 31, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	1,363	$	1,390	0.1	%	$	1,363	$	1,388	0.1	%
Canada	38,263		38,392		3.4		42,257		42,085		3.7
United Kingdom	1,904		1,941		0.2		2,053		2,091		0.2
United States	1,095,664		1,086,694		96.3		1,111,058		1,100,472		96.0
Total	$	1,137,194	$	1,128,417	100.0	%	$	1,156,731	$	1,146,036	100.0	%

(5) FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments

51

and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

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

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

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

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

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

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

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

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

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

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

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

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

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

52

•     the nature and realizable value of any collateral;

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

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

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

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

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

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

•     comparisons to publicly traded securities.

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

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

The following tables present the fair value hierarchy of investments as of March 31, 2024 and December 31, 2023:

	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	945	$	1,109,245	$	1,110,190	$	—	$	3,159	$	1,124,207	$	1,127,366
Second Lien Debt	—		3,784		3,799		7,583		—		3,780		5,411		9,191
Other Investments	—		—		10,644		10,644		—		—		9,479		9,479
Total	$	—	$	4,729	$	1,123,688	$	1,128,417	$	—	$	6,939	$	1,139,097	$	1,146,036

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, 2024:

	First Lien Debt		Second Lien Debt		Other Investments		Total Investments
Fair value, beginning of period	$	1,124,207	$	5,411	$	9,479	$	1,139,097
Purchases of investments(1)	55,478		279		1,223		56,980
Proceeds from principal repayments and sales of investments(1)	(74,921)		(1,950)		—		(76,871)
Accretion of discount/amortization of premium	1,016		24		1		1,041
Payment-in-kind	934		—		95		1,029
Net change in unrealized appreciation (depreciation)	2,013		35		(154)		1,894
Net realized gains (losses)	(1,715)		—		—		(1,715)
Transfers into/(out) of Level 3(2)	2,233		—		—		2,233
Fair value, end of period	$	1,109,245	$	3,799	$	10,644	$	1,123,688
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	1,311	$	1	$	(154)	$	1,158

(1) Includes transactions relating to restructurings.     

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

53

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

	First Lien Debt		Second Lien Debt		Other Investments		Total Investments
Fair value, beginning of period	$	1,057,549	$	7,009	$	8,985	$	1,073,543
Purchases of investments	50,051		1,500		15		51,566
Proceeds from principal repayments and sales of investments	(32,764)		—		—		(32,764)
Accretion of discount/amortization of premium	960		3		—		963
Payment-in-kind	150		—		69		219
Net change in unrealized appreciation (depreciation)	(1,507)		124		132		(1,251)
Net realized gains (losses)	63		—		—		63
Fair value, end of period	$	1,074,502	$	8,636	$	9,201	$	1,092,339
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	(1,507)	$	124	$	132	$	(1,251)

The following table presents 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, 2024
	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average (1)
					Low		High
Investments in first lien debt	$	1,109,245	Yield Analysis	Discount Rate	8.99	%	24.76	%	11.26	%
Investments in second lien debt	3,799		Yield Analysis	Discount Rate	11.19	%	15.35	%	12.70	%
Investments in other investments:
Other debt	84		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
	417		Income Approach	Discount Rate	14.70	%	14.70	%	14.70	%
Preferred equity	5,683		Income Approach	Discount Rate	9.90	%	24.76	%	14.51	%
	225		Income Approach	Revenue Multiple	7.5x		7.5x		7.5x
Common equity	4,198		Market Approach	EBITDA Multiple	8.05x		18.69x		13.96x
	37		Market Approach	Revenue Multiple	7.58x		9.80x		8.61x
Total investments	$	1,123,688

54

	December 31, 2023
	Fair Value		Valuation Technique	Significant Unobservable Input	Range				Weighted Average (1)
					Low		High
Investments in first lien debt	$	1,124,207	Yield Analysis	Discount Rate	8.61	%	25.09	%	10.87	%
Investments in second lien debt	5,411		Yield Analysis	Discount Rate	10.80	%	16.05	%	12.45	%
Investments in other investments:
Other debt	57		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
	413		Income Approach	Discount Rate	14.60	%	14.60	%	14.60	%
Preferred equity	4,518		Income Approach	Discount Rate	12.19	%	14.90	%	13.96	%
	225		Market Approach	Revenue Multiple	7.5x		7.5x		7.5x
Common equity	4,230		Market Approach	EBITDA Multiple	8.10x		18.70x		14.12x
	36		Market Approach	Revenue Multiple	7.60x		9.80x		8.82x
Total investments	$	1,139,097

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

As noted above, the significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the recent transaction is the transaction price. Significant increase in the transaction price in isolation would result in an increase in fair value measurement.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying cost on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s credit facility is estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:

		March 31, 2024				December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
JPM Funding Facility	3	$	603,073	$	603,073	$	599,373	$	599,373
Total		$	603,073	$	603,073	$	599,373	$	599,373

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6)DEBT

The Company’s outstanding debt obligations were as follows:

	March 31, 2024						December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	603,073	$	296,927	$	900,000	$	599,373	$	300,627
Total	$	900,000	$	603,073	$	296,927	$	900,000	$	599,373	$	300,627

As of March 31, 2024 and December 31, 2023, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

JPM Funding Facility

55

On June 3, 2021, Financing SPV entered into an amended and restated loan and security agreement, by and among 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, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, and JP Morgan Chase Bank, NA (“JPM”), as the administrative agent and arranger, the lenders party thereto, and the issuing banks party thereto (as amended, the “JPM Funding Facility”). Pursuant to the JPM Funding Facility, JPM has agreed to extend credit to Financing SPV in an aggregate principal amount, as of March 31, 2024, of up to $900,000 at any one time outstanding, subject to the satisfaction of various conditions, including availability under the borrowing base, which is based on a combination of unfunded capital commitments and loan collateral.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending December 3, 2024 (or upon the occurrence of certain events as specified therein) and a final maturity date of December 3, 2026. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of March 31, 2024, the interest charged on the JPM Funding Facility is based on SOFR (or, if SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), SONIA, EURIBOR or CDOR, as applicable, plus a margin of 2.325% prior to the transition date, and 2.475% subsequent to the transition date, as set forth in the JPM Funding Facility.

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

	For the Three Months Ended
	March 31, 2024			March 31, 2023
Borrowing interest expense	$	11,759		$	10,879
Facility unused commitment fees	922			1,274
Amortization of deferred financing costs	492			1,067
Total	$	13,173		$	13,220
Weighted average effective interest rate (excluding unused fees only)	8.14		%	7.73		%
Weighted average interest rate (excluding financing costs and unused fees)	7.81		%	7.04		%
Weighted average outstanding balance	$	595,724		$	618,224

(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 March 31, 2024 and December 31, 2023, the Company had $106,641 and $104,627 of unfunded commitments to fund delayed draw and revolving senior secured loans.

As of March 31, 2024 and December 31, 2023, the Company had $668,800 and $668,800 in total capital commitments from common stockholders, of which $99,300 and $99,300 were unfunded, respectively.

(8)NET ASSETS

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

	As of
	March 31, 2024		December 31, 2023
Net distributable earnings (accumulated losses), beginning of period	$	(7,118)	$	(23,681)
Net investment income after excise taxes	20,892		78,007
Accumulated realized gain (loss)	(1,715)		81
Net unrealized appreciation (depreciation)	1,918		14,373
Distributions to stockholders	(20,750)		(76,053)
Tax reclassifications to equity of holders of Common Stock	—		155
Net distributable earnings (accumulated losses), end of period	$	(6,773)	$	(7,118)

For the three months ended March 31, 2024 and for the three months ended March 31, 2023, the Company did not issue any shares or call any capital.

56

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2024 and March 31, 2023 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
For the Three Months Ended March 31, 2024
February 29, 2024	March 29, 2024	April 25, 2024	$	0.76	$	20,734
For the Three Months Ended March 31, 2023
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	$	16,517

During the three months ended March 31, 2024 and March 31, 2023, the Company accrued $16 and $16 of dividends to holders of the Series A Preferred Stock. As of March 31, 2024 and March 31, 2023, $16 and $0, respectively, was unpaid and included in accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities

(9)EARNINGS (LOSS) PER SHARE

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

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock	$	21,079	$	16,404
Weighted average shares outstanding	27,281,428		25,807,951
Basic and diluted earnings (loss) per common share	$	0.77	$	0.64

(10) CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	For the Three Months Ended
	March 31, 2024			March 31, 2023
Per Share Data:(1)
Net asset value per share of common stock, beginning of period	$	20.60		$	19.98
Net investment income (loss)	0.77			0.68
Net unrealized and realized gain (loss)(2)	0.01			(0.04)
Net increase (decrease) in net assets resulting from operations	0.78			0.64
Dividends declared	(0.76)			(0.64)
Total increase (decrease) in net assets	0.02			—
Net asset value per share of common stock, end of period	$	20.62		$	19.98
Common shares outstanding, end of period	27,281,428			25,807,951
Weighted average common shares outstanding	27,281,428			25,807,951
Total return based on net asset value(3)	3.79		%	3.20		%
Ratio/Supplemental Data :
Net assets attributable to the holders of Common Stock, end of period	$	562,464		$	515,598
Ratio of total expenses to average net asset(4)	9.81		%	10.84		%
Ratio of net investment income to average net assets(4)	14.67		%	13.66		%
Ratio of total contributed capital to total committed capital, end of period	85.15		%	80.67		%
Asset coverage ratio(5)	193.19		%	183.13		%
Portfolio turnover rate	4.00		%	2.99		%

57

(1)	The per common share data was derived by using the weighted average common shares outstanding during the period, except otherwise noted.
(2)	The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)	Total return (not annualized) is calculated as the change in net asset value per common share plus dividends declared during the period divided by the beginning net asset value per common share.
(4)	Ratios are calculated using the average net assets of the Company attributable to the holders of Common Stock. Amounts are annualized except for organization and offering costs.
(5)	Effective September 25,2020 , in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to September 25, 2020, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 act, was at least 200% after such borrowing.

(11) SUBSEQUENT EVENTS

On May 8, 2024, the Board of Directors declared a distribution equal to an amount up to the Company’s net investment income for the second quarter ending June 30, 2024 per share, payable on or about July 25, 2024 to Common Stock holders of record as of June 28, 2024.

58

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

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

•our future operating results;

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

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events;

•uncertainty and changes in the general interest rate environment;

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

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

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

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

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

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

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

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

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

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

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K.

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

OVERVIEW

59

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

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

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and, to a lesser extent, second lien senior secured term loans, higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Under normal market circumstances, we expect that investments other than first lien senior secured term loans would not exceed 10% of our gross assets at the time of acquisition of any such investments. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (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 sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

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

We have applied for a new exemptive relief order which, if granted, would supersede the Order and would permit us greater flexibility with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

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

Revenue

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

60

Expenses

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

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

•costs associated with our initial private offering;

•costs of any other offerings of our common stock, par value $0.001 (the “Common Stock”), preferred stock, par value of $0.001 (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 fees under the Investment Advisory Agreement;

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

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

•debt service and other costs of borrowings, 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;

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

•independent Director fees and expenses;

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

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

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

•any fidelity bond required by applicable law;

•any necessary insurance premiums;

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

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

•cost of winding up; and

61

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

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

PORTFOLIO, AND INVESTMENT ACTIVITY

Portfolio as of March 31, 2024

As of March 31, 2024, we had investments in 152 portfolio companies across 30 industries. Based on fair value as of March 31, 2024, 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. The weighted average total yield of investments in debt securities at amortized cost was 11.6%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2024.

Portfolio as of December 31, 2023

As of December 31, 2023, we had investments in 146 portfolio companies across 29 industries. Based on fair value as of December 31, 2023, 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. The weighted average total yield of investments in debt securities at amortized cost was 11.8%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2023.

The composition of our portfolio is presented below:

	As of
	March 31, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,117,801	$	1,110,190	98.4	%	$	1,137,010	$	1,127,366	98.4	%
Second Lien Debt	8,255		7,583		0.7		9,903		9,191		0.8
Other Investments	11,138		10,644		0.9		9,818		9,479		0.8
Total	$	1,137,194	$	1,128,417	100.0	%	$	1,156,731	$	1,146,036	100.0	%

62

Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

	As of and For the Three Months Ended
	March 31, 2024			March 31, 2023
New investments committed
Gross principal balance(1)	$	50,638		$	42,434
Less: Syndications	—			—
Net new investments committed	50,638			42,434
Investments, at cost
Investments, beginning of period	1,156,731			1,103,185
New investments purchased	45,613			51,564
Net accretion of discount on investments	1,043			968
Payment-in-kind	1,029			219
Net realized gain (loss) on investments	(1,715)			63
Investments sold or repaid	(65,507)			(32,775)
Investments, end of period	1,137,194			1,123,224
Amount of investments funded, at principal
First lien debt investments	46,237			51,844
Second lien debt investments	—			1,500
Other investments(2)	114			15
Total	46,351			53,359
Amount of investments sold/fully repaid, at principal
First lien debt investments	16,225			25,388
Second lien debt investments	1,950			—
Total	18,175			25,388
Number of new investment commitments in portfolio companies	9			5
Number of investment commitments exited or fully repaid	3			0
Weighted average yield on debt investments, at cost(3)	11.6		%	11.2		%
Weighted average yield on debt investments, at fair value(3)	11.7		%	11.5		%
Number of portfolio companies	152			131
Percentage of debt investments bearing a floating rate, at fair value	100.0		%	99.9		%
Percentage of debt investments bearing a fixed rate, at fair value (4)	—		%	0.1		%

(1)	Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
(2)	Represents dollar amount of other investments funded.
(3)	Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable, on accruing debt securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.
(4)	Less than 0.1%

Investment Performance Rating

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

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting

63

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.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 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 Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 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.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System as of March 31, 2024 and December 31, 2023 was as follows:

	March 31, 2024				December 31, 2023
	Fair Value		% of Portfolio		Fair Value		% of Portfolio
Risk rating 1	$	4,361	0.4	%	$	1,050	0.1	%
Risk rating 2	1,107,248		98.1		1,129,981		98.6
Risk rating 3	16,808		1.5		10,900		1.0
Risk rating 4	—		—		4,105		0.3
	$	1,128,417	100.0	%	$	1,146,036	100.0	%

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Total investment income	$	34,855	$	31,643
Less: Net expenses	13,942		13,975
Net investment income before taxes	20,913		17,668
Less: Excise tax expense	21		23
Net investment income after taxes	20,892		17,645
Net change in unrealized appreciation (depreciation)	1,918		(1,288)
Net realized gain (loss)	(1,715)		63
Net increase (decrease) in net assets resulting from operations	21,095		16,420
Preferred Stock dividend	(16)		(16)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$	21,079	$	16,404

Investment Income

Investment income was as follows:

64

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Investment income:
Interest income	$	33,306	$	30,971
Payment-in-kind	970		146
Dividend income	163		139
Other income	416		387
Total investment income	$	34,855	$	31,643

In the table above, total investment income increased from $31,643 for the three months ended March 31, 2023 to $34,855 for the three months ended March 31, 2024. The increases were primarily driven by our deployment of capital and rising SOFR rates of our floating-rate debt investments. The size of our investment portfolio at amortized cost increased from $1,123,224 as of March 31, 2023 to $1,137,194 as of March 31, 2024. Weighted average asset yield of debt investments at cost increased from 11.2% at March 31, 2023 to 11.6% as of March 31, 2024.

Expenses

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

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Expenses:
Interest and other financing expenses	$	13,173	$	13,220
Management fees	356		337
Professional fees	343		313
Directors’ fees	52		51
General and other expenses	18		54
Total expenses	$	13,942	$	13,975
Excise tax expense	$	21	$	23

Interest Expense and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, were $13,173 and $13,220 for the three months ended March 31, 2024 and March 31, 2023, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three months ended March 31, 2024 and March 31, 2023 were 7.81% and 7.04%, respectively. The combined weighted average effective interest rate (excluding unused fees only) of the aggregate borrowings outstanding for the three months ended March 31, 2024 and March 31, 2023 were 8.14% and 7.73%, respectively.

Management Fees

Management fees, were $356 and $337 for the three months ended March 31, 2024 and March 31, 2023, respectively. 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 our Company, which include costs of a financial printer utilized for certain preparation, printing and distribution services. General and other administrative expenses include insurance, filing, research, subscriptions and other costs.

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

65

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	(1,715)	$	63
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	1,918		(1,288)
Net realized and unrealized gains (losses)	$	203	$	(1,225)

For the three months ended March 31, 2024 net realized losses on our investments was $1,715, which was primarily due to the restructuring of three portfolio companies. For the three months ended March 31, 2023, net realized gain on our investments was $63, driven by the sale of debt investments in our portfolio.

For the three months ended March 31, 2024, net change in unrealized appreciation on our investments of $1,918 was primarily driven by the net increases of valuations of our debt and equity investments as a result of the changes in spreads in the primary and secondary markets. For the three months ended March 31, 2023, net change in unrealized depreciation on our investments of $1,288 was primarily driven by the net decrease of valuations of our debt and equity investments in a widening credit spread environment and volatile markets.

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, 2024, we had one revolving credit facility outstanding, as described in “—Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2024, we had approximately $34.0 million of cash, which taken together with our approximately $296.9 million of availability under the JPM Funding Facility (subject to borrowing base availability), and our approximately $99.3 million of uncalled capital commitments to purchase shares of Common Stock, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2024, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $106.6 million.

Equity

As of March 31, 2024, we had received aggregate capital commitments of approximately $668,800. For the three months ended March 31, 2024 and March 31, 2023, the Company did not issue any shares or call any capital.

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

Distributions

Common Stock

The following tables summarize our distributions declared and payable to holders of the Common Stock for the three months ended March 31, 2024 and March 31, 2023 (dollar amounts in thousands):

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
For the Three Months Ended March 31, 2024
February 29, 2024	March 29, 2024	April 25, 2024	$	0.76	$	20,734
For the Three Months Ended March 31, 2023
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	$	16,517

Preferred Stock

66

For the three months ended March 31, 2024 and March 31, 2023 we accrued $16 and $16, respectively, of dividends to holders of the Series A Preferred Stock, respectively.

Debt

Our outstanding debt obligations were as follows:

	March 31, 2024						December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	603,073	$	296,927	$	900,000	$	599,373	$	300,627
Total	$	900,000	$	603,073	$	296,927	$	900,000	$	599,373	$	300,627

For further details, see Note 6. “Debt” in the Notes to Consolidated Financial Statements.

RECENT DEVELOPMENTS

On May 8, 2024, our Board of Directors declared a distribution equal to an amount up to our net investment income for the second quarter ending June 30, 2024 per share, payable on or about July 25, 2024 to Common Stock holders of record as of June 28, 2024.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in connection with the Consolidated Financial Statements included in this Report and the “Risk Factors” in Part I, Item 1 of this Report, including Note 2 “Summary of Significant Accounting Policies.”

RELATED PARTY TRANSACTIONS

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

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the Indemnification Agreement.

For further details, see Note 3. “Related Party Transactions” to our consolidated financial statements included in this report.

Adviser Investment

In conjunction with our incorporation, on September 10, 2020, the Adviser purchased 1,000 shares of our Common Stock at a price per share of $20.00 for an aggregate purchase price of $20. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Board, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board, or the 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

67

required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General 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 our Form 10-K and “Part I, Item 1A. Risk Factors — General Risk Factors— 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” of our Form 10-K.

Interest Rate Risk

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

As of March 31, 2024, approximately 100.0% of our debt investments were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of March 31, 2024, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2024) (dollar amounts in thousands):

		Interest		Interest		Net
Basis Point Change – Interest Rates		Income		Expense		Income
Up 300 basis points	$	34,232	$	(18,092)	$	16,140
Up 200 basis points	$	22,821	$	(12,061)	$	10,760
Up 100 basis points	$	11,411	$	(6,031)	$	5,380
Up 25 basis points	$	2,853	$	(1,508)	$	1,345
Down 25 basis points	$	(2,853)	$	1,508	$	(1,345)
Down 100 basis points	$	(11,411)	$	6,031	$	(5,380)
Down 200 basis points	$	(22,821)	$	12,061	$	(10,760)
Down 300 basis points	$	(34,232)	$	18,092	$	(16,140)

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

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

68

As of March 31, 2024 (the end of the period covered by this report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

69

PART II

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

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

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

Sales of Unregistered Securities

There were no issuances of our Common Stock during the quarter ended March 31, 2024, as part of our Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, 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.”

Item 6. Exhibits

(b) Exhibits

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

Exhibit Description

31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document).

70

* Filed herewith

** Furnished herewith.

71

SIGNATURES

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

		SL Investment Corp.
Dated: May 14, 2024	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (Principal Executive Officer)
Dated: May 14, 2024	By:	/s/ David Pessah
		David Pessah Chief Financial Officer (Principal Financial Officer)

72