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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024

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

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	☒

Table of Co n tents

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.

Table of Co n tents

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 Schedule s 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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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		—

Table of Contents

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)		—

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

SL Investment Corp. 10-Q