Company: SWKH
Filing Date: 2025-04-29
Form Type: ARS
Source: 0001628280-25-020753
Chunk: 82

Company: SWK Holdings Corp
Filing Date: 2025-04-29
Form: ARS
Chunk 82
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-modestly below Company expectations, and loan-to-value is similar to slightly worse than at the time of underwriting. Borrower has demonstrated access to capital markets.

4: Borrower performing in-line-to-modestly above Company expectations and loan-to-value similar or modestly better than underwriting case. Borrower has demonstrated access to capital markets.

5: Borrower performing in excess of Company expectations, and loan-to-value is better than at time of origination.

The Company uses an internal credit rating system which rates each Royalty on a color scale of Green to Red, with Green typically indicative of a Royalty that is exceeding base underwritten case, Yellow indicates a Royalty performing in-line with underwritten plan, and Red reflective of underperformance relative to plan. Royalties rated as Red are generally classified as non-accrual.

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The following table summarizes the carrying value of Finance Receivables by origination year, grouped by risk rating as of December 31, 2024 and December 31, 2023 (in thousands):

|                                  |     | December 31, 2024 
 2024              |        |     | 2023 |        |     | 2022 |        |     | 2021 |        |     | 2020 |        |     | 2019 |        |     | Prior |       |     | Total |         |
|:---------------------------------|:----|:------------------|-------:|:----|:-----|-------:|:----|:-----|-------:|:----|:-----|-------:|:----|:-----|-------:|:----|:-----|-------:|:----|:------|------:|:----|:------|--------:|
| Term Loans                       |     |                   |        |     |      |        |     |      |        |     |      |        |     |      |        |     |      |        |     |       |       |     |       |         |
| 5                                |     | $                 |      — |     | $    |      — |     | $    |      — |     | $    | 16,378 |     | $    |      — |     | $    | 28,926 |     | $     |     — |     | $     |  45,304 |
| 4                                |     |                   |  7