SLR Investment Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SLR Investment Corp. has filed its 2023 10-K report detailing its financial performance and operational status.</b>

AI Summary

SLR Investment Corp. (SLRC) filed a Annual Report (10-K) with the SEC on February 27, 2024. SLR Investment Corp. filed its 10-K for the fiscal year ending December 31, 2023. The company's fiscal year ends on December 31st. SLR Investment Corp. is incorporated in Maryland (MD). The company's business and mailing address is 500 Park Avenue, 3rd Floor, New York, NY 10022. The filing was made on February 27, 2024.

Why It Matters

For investors and stakeholders tracking SLR Investment Corp., this filing contains several important signals. The 10-K filing provides a comprehensive overview of SLR Investment Corp.'s financial health, investment portfolio, and strategic direction for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. Key details regarding asset allocation, debt levels, and interest rate exposure are disclosed, offering insights into the company's risk management and operational strategies.

Risk Assessment

Risk Level: medium — SLR Investment Corp. shows moderate risk based on this filing. The company's reliance on floating rate debt investments, which are sensitive to SOFR and prime rate fluctuations, presents a medium-term risk due to potential interest rate volatility impacting borrowing costs and investment yields.

Analyst Insight

Investors should review the detailed breakdown of the investment portfolio and debt structure within the 10-K to understand the impact of interest rate changes on SLR Investment Corp.'s profitability.

Key Numbers

• 2023 — Fiscal Year End (SLR Investment Corp. has filed its 2023 10-K report detailing its financial performance and operational status.)
• December 31, 2023 — Fiscal Year End Date (SLR Investment Corp. has filed its 2023 10-K report detailing its financial performance and operational status.)
• February 27, 2024 — Filing Date (The filing was made on February 27, 2024.)
• MD — State of Incorporation (SLR Investment Corp. is incorporated in Maryland (MD).)
• 500 Park Avenue, 3rd Floor, New York, NY 10022 — Business Address (SLR Investment Corp.'s business and mailing address is 500 Park Avenue, 3rd Floor, New York, NY 10022.)

Key Players & Entities

• SLR Investment Corp. (company) — SLR Investment Corp. Files 2023 Annual Report on Form 10-K
• SLR Investment Corp. (company) — SLR Investment Corp. has filed its 2023 10-K report
• SLR Investment Corp. (company) — SLR Investment Corp. is incorporated in Maryland (MD).
• SLR Investment Corp. (company) — SLR Investment Corp.'s business and mailing address is 500 Park Avenue, 3rd Floor, New York, NY 10022.
• SLR Investment Corp. (company) — SLR Investment Corp.'s financial health, investment portfolio, and strategic direction

FAQ

Risk Factors

• Interest Rate Risk [medium — financial]: Floating rate debt investments are subject to fluctuations in SOFR and prime rates, impacting borrowing costs and investment yields.

Industry Context

SLR Investment Corp. operates as an investment company, likely focused on debt investments, subject to the regulations of the Investment Company Act of 1940.

Regulatory Implications

The company is subject to the Investment Company Act of 1940, which imposes regulations on its investment activities and asset composition, including requirements for 'qualifying assets'.

What Investors Should Do

1. Analyze the company's investment portfolio composition and its exposure to floating rate debt.
2. Review the risk factors section for detailed information on interest rate sensitivity and regulatory compliance.
3. Assess the company's financial health and performance metrics for the fiscal year 2023.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: 10-K Filing Date — Date SLR Investment Corp. submitted its annual report.

Glossary

SOFR

Secured Overnight Financing Rate, a benchmark interest rate. (Relevant for understanding the interest rate sensitivity of floating rate debt investments.)

1940 Act

Investment Company Act of 1940, as amended, which regulates investment companies. (Governs the operations and investment strategies of companies like SLR Investment Corp.)

Year-Over-Year Comparison

This filing is the 2023 10-K for SLR Investment Corp., providing an update on its financial status and operations compared to previous periods.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share SLRC The NASDAQ Global Se
• $14.27 — ed on the closing price on that date of $14.27 on the NASDAQ Global Select Market was
• $50 million — with annual revenues typically between $50 million and $1 billion. From time to time, we m
• $1 billion — enues typically between $50 million and $1 billion. From time to time, we may also invest
• $5 million — Our investments generally range between $5 million and $100 million each, although we expe
• $100 million — generally range between $5 million and $100 million each, although we expect that this inve
• $2.2 billion — 2023, our investment portfolio totaled $2.2 billion and our net asset value was $986.6 mill
• $986.6 million — 2.2 billion and our net asset value was $986.6 million. Our portfolio was comprised of debt an
• $930 million — stment Corporation raised approximately $930 million in gross proceeds in an initial public
• $2.3 billion — frastructure and invested approximately $2.3 billion in over 65 companies in conjunction wit
• $13 billion — as responsible for overseeing more than $13 billion of investments in over 150 companies.
• $40 billion — quisition transactions, comprising over $40 billion in market capitalization. 2 Table o
• $500 billion — stments. We believe there is more than $500 billion of uninvested private equity capital se
• $125 million — cility (the "SPV Credit Facility"), our $125 million of unsecured notes due 2024 (the "2024
• $85 million — 2024 (the "2024 Unsecured Notes"), our $85 million of unsecured notes due 2025 (the "2025

Filing Documents

• d772201d10k.htm (10-K) — 6454KB
• d772201dex211.htm (EX-21.1) — 2KB
• d772201dex231.htm (EX-23.1) — 2KB
• d772201dex232.htm (EX-23.2) — 2KB
• d772201dex233.htm (EX-23.3) — 2KB
• d772201dex234.htm (EX-23.4) — 1KB
• d772201dex235.htm (EX-23.5) — 1KB
• d772201dex236.htm (EX-23.6) — 2KB
• d772201dex311.htm (EX-31.1) — 7KB
• d772201dex312.htm (EX-31.2) — 7KB
• d772201dex313.htm (EX-31.3) — 7KB
• d772201dex321.htm (EX-32.1) — 3KB
• d772201dex322.htm (EX-32.2) — 3KB
• d772201dex323.htm (EX-32.3) — 3KB
• d772201dex971.htm (EX-97.1) — 29KB
• d772201dex991.htm (EX-99.1) — 250KB
• d772201dex992.htm (EX-99.2) — 258KB
• d772201dex993.htm (EX-99.3) — 247KB
• d772201dex994.htm (EX-99.4) — 167KB
• d772201dex995.htm (EX-99.5) — 167KB
• d772201dex996.htm (EX-99.6) — 4KB
• g772201capture.jpg (GRAPHIC) — 10KB
• g772201ds159.jpg (GRAPHIC) — 5KB
• g772201dsp204.jpg (GRAPHIC) — 9KB
• g772201dsp27.jpg (GRAPHIC) — 4KB
• g772201dsp28.jpg (GRAPHIC) — 5KB
• g772201g00a58.jpg (GRAPHIC) — 79KB
• g772201g23k69.jpg (GRAPHIC) — 47KB
• 0001193125-24-047930.txt (&nbsp;) — 26091KB
• slrc-20231231.xsd (EX-101.SCH) — 107KB
• slrc-20231231_cal.xml (EX-101.CAL) — 42KB
• slrc-20231231_def.xml (EX-101.DEF) — 498KB
• slrc-20231231_lab.xml (EX-101.LAB) — 566KB
• slrc-20231231_pre.xml (EX-101.PRE) — 544KB
• d772201d10k_htm.xml (XML) — 5815KB

Business

Business 1 Item1A.

Risk Factors

Risk Factors 31 Item1B. Unresolved Staff Comments 71 Item1C. Cybersecurity 72 Item2.

Properties

Properties 73 Item3.

Legal Proceedings

Legal Proceedings 73 Item4. Mine Safety Disclosures 73 PART II Item5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 74 Item6. Reserved 79 Item7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 79 Item7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 104 Item8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 106 Item9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 163 Item9A.

Controls and Procedures

Controls and Procedures 163 Item9B. Other Information 163 Item9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 163 PART III Item10. Directors, Executive Officers and Corporate Governance 164 Item11.

Executive Compensation

Executive Compensation 169 Item12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 171 Item13. Certain Relationships and Related Transactions, and Director Independence 173 Item14. Principal Accountant Fees and Services 176 PART IV Item15. Exhibit and Financial Statement Schedules 178 Item16. Form 10-K Summary 182

Signatures

Signatures 183 Table of Contents PART I Item1.

Business

Business SLR Investment Corp. (the "Company", "SLRC", "we" or "our"), a Maryland corporation formed in November 2007, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). Furthermore, as the Company is an investment company, it continues to apply the guidance in FASB Accounting Standards Codification ("ASC") Topic 946. In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). In February 2010, we completed our initial public offering and a concurrent private offering of shares to our senior management team. We invest primarily in privately held U.S. middle-market companies, where we believe the supply of primary capital is limited and the investment opportunities are most attractive. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in leveraged middle-market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. We define "middle market" to refer to companies with annual revenues typically between $50 million and $1 billion. From time to time, we may also invest directly in the debt and equity of public companies that are thinly traded and such investments will not be limited to any minimum or maximum market capitalization. In addition, we may invest in foreign markets, including emerging markets. Our business is focused primarily on the direct origination of investments through portfolio companies or their financial sponsors. Our investments generally range between $5 million and $100 million each, although we expect that this investment si

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View this 10-K filing on SEC EDGAR