Company: SWKH
Filing Date: 2025-04-29
Form Type: ARS
Source: 0001628280-25-020753
Chunk: 53

Company: SWK Holdings Corp
Filing Date: 2025-04-29
Form: ARS
Chunk 53
---
 we have not done. Adverse developments resulting from changes in interest rates or hedging transactions could have a materially adverse effect on our business, financial condition and results of operations. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our investment income, net of borrowing expenses.

#### Inflation
Certain of our partner companies may be impacted by inflation. If such partner companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our partner companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce carrying value of our net assets.

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## ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

### SWK HOLDINGS CORPORATION

### INDEX TO FINANCIAL STATEMENTS

#### Contents
|                                                                         |     |    |     | Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID #207) |     | 32 |     |      |
| Financial Statements                                                    |     |    |     |      |
| Consolidated Balance Sheets                                             |     | 34 |     |      |
| Consolidated Statements of Income                                       |     | 35 |     |      |
| Consolidated Statements of Stockholders’ Equity                         |     | 36 |     |      |
| Consolidated Statements of Cash Flows                                   |     | 37 |     |      |
| Notes to the Consolidated Financial Statements                          |     | 38 |     |      |

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Report Of Independent Registered Public Accounting Firm</div>

To the Stockholders and Board of Directors of

SWK Holdings Corporation

### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of SWK Holdings Corporation and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, stockholders’ equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December