Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State of Incorporation) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
| ☒ | Accelerated filer | ☐ | ||||
| Non-accelerated filer | ☐ | Smaller Reporting company | ||||
| Emerging growth company | ||||||
Item 1. |
Financial Statements |
March 31, 2024 (unaudited) |
December 31, 2023 |
|||||||
| Assets |
||||||||
| Investments at fair value: |
||||||||
| Companies less than 5 % owned (cost: $ |
$ | $ | ||||||
| Companies 5 % to 25 % owned (cost: $ |
||||||||
| Companies more than 25 % owned (cost: $ |
||||||||
| Cash |
||||||||
| Cash equivalents (cost: $ |
||||||||
| Dividends receivable |
||||||||
| Interest receivable |
||||||||
| Receivable for investments sold |
||||||||
| Prepaid expenses and other assets |
||||||||
| |
|
|
|
|||||
| Total assets |
$ | $ | ||||||
| |
|
|
|
|||||
| Liabilities |
||||||||
| Debt ($ respectively. See note 7) |
$ | $ | ||||||
| Payable for investments and cash equivalents purchased |
||||||||
| Management fee payable (see note 3) |
||||||||
| Performance-based incentive fee payable (see note 3) |
||||||||
| Interest payable (see note 7) |
||||||||
| Administrative services payable (see note 3) |
||||||||
| Other liabilities and accrued expenses |
||||||||
| |
|
|
|
|||||
| Total liabilities |
$ | $ | ||||||
| |
|
|
|
|||||
| Commitments and contingencies (see note 9) |
||||||||
| Net Assets |
||||||||
| Common stock, par value $ |
$ | $ | ||||||
| Paid-in capital in excess of par |
||||||||
| Accumulated distributable net loss |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Total net assets |
$ | $ | ||||||
| |
|
|
|
|||||
| Net Asset Value Per Share |
$ | $ | ||||||
| |
|
|
|
|||||
Three months ended |
||||||||
March 31, 2024 |
March 31, 2023 |
|||||||
| INVESTMENT INCOME: |
||||||||
| Interest: |
||||||||
| Companies less than 5% owned |
$ | $ | ||||||
| Companies 5% to 25% owned |
||||||||
| Companies more than 25% owned |
||||||||
| Dividends: |
||||||||
| Companies more than 25% owned |
||||||||
| Other income: |
||||||||
| Companies less than 5% owned |
||||||||
| Companies more than 25% owned |
||||||||
| |
|
|
|
|||||
| Total investment income |
||||||||
| |
|
|
|
|||||
| EXPENSES: |
||||||||
| Management fees (see note 3) |
||||||||
| Performance-based incentive fees (see note 3) |
||||||||
| Interest and other credit facility expenses (see note 7) |
||||||||
| Administrative services expense (see note 3) |
||||||||
| Other general and administrative expenses |
||||||||
| |
|
|
|
|||||
| Total expenses |
||||||||
| |
|
|
|
|||||
| Performance-based incentive fees waived (see note 3) |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Net expenses |
||||||||
| |
|
|
|
|||||
| Net investment income |
$ | $ | ||||||
| |
|
|
|
|||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: |
||||||||
| Net realized gain on investments and cash equivalents (companies less than 5% owned) |
$ | $ | ||||||
| |
|
|
|
|||||
| Net change in unrealized gain (loss) on investments and cash equivalents: |
||||||||
| Companies less than 5% owned |
( |
) | ||||||
| Companies 5% to 25% owned |
||||||||
| Companies more than 25% owned |
( |
) | ||||||
| |
|
|
|
|||||
| Net change in unrealized gain (loss) on investments and cash equivalents |
( |
) | ||||||
| |
|
|
|
|||||
| Net realized and unrealized gain (loss) on investments and cash equivalents |
( |
) | ||||||
| |
|
|
|
|||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | $ | ||||||
| |
|
|
|
|||||
| EARNINGS PER SHARE (see note 5) |
$ | $ | ||||||
| |
|
|
|
|||||
Three months ended |
||||||||
March 31, 2024 |
March 31, 2023 |
|||||||
Increase (decrease) in net assets resulting from operations: |
||||||||
Net investment income |
$ | $ | ||||||
Net realized gain |
||||||||
Net change in unrealized gain (loss) |
( |
) | ||||||
Net increase in net assets resulting from operations |
||||||||
Distributions to stockholders: |
||||||||
From net investment income |
( |
) | ( |
) | ||||
From return of capital |
( |
) | ||||||
Net distributions to stockholders |
( |
) | ( |
) | ||||
Capital transactions : |
||||||||
Repurchases of common stock |
( |
) | ||||||
Total increase (decrease) in net assets |
( |
) | ||||||
Net assets at beginning of period |
||||||||
Net assets at end of period |
$ | $ | ||||||
Capital stock activity : |
||||||||
Repurchases of common stock |
( |
) | ||||||
Three months ended |
||||||||
March 31, 2024 |
March 31, 2023 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net increase in net assets resulting from operations |
$ | $ | ||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
||||||||
Net realized gain on investments and cash equivalents |
( |
) | ( |
) | ||||
Net change in unrealized (gain) loss on investments |
( |
) | ||||||
Deferred financing costs/market discount |
||||||||
Net accretion of discount on investments |
( |
) | ( |
) | ||||
(Increase) decrease in operating assets: |
||||||||
Purchase of investments |
( |
) | ( |
) | ||||
Proceeds from disposition of investments |
||||||||
Capitalization of payment-in-kind |
( |
) | ( |
) | ||||
Collections of payment-in-kind |
||||||||
Receivable for investments sold |
( |
) | ( |
) | ||||
Interest receivable |
( |
) | ( |
) | ||||
Dividends receivable |
( |
) | ||||||
Prepaid expenses and other assets |
( |
) | ( |
) | ||||
Increase (decrease) in operating liabilities: |
||||||||
Payable for investments and cash equivalents purchased |
( |
) | ||||||
Management fee payable |
( |
) | ( |
) | ||||
Performance-based incentive fee payable |
( |
) | ||||||
Administrative services expense payable |
( |
) | ||||||
Interest payable |
( |
) | ( |
) | ||||
Other liabilities and accrued expenses |
( |
) | ( |
) | ||||
Net Cash Provided by Operating Activities |
||||||||
Cash Flows from Financing Activities: |
||||||||
Cash distributions paid |
( |
) | ( |
) | ||||
Repayment of unsecured borrowings |
( |
) | ||||||
Proceeds from secured borrowings |
||||||||
Repayment of secured borrowings |
( |
) | ( |
) | ||||
Repurchase of common stock |
( |
) | ||||||
Net Cash Provided by (Used in) Financing Activities |
( |
) | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
( |
) | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | $ | ||||||
Supplemental disclosure of cash flow information: |
||||||||
Cash paid for interest |
$ | $ | ||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||
Senior Secured Loans — |
||||||||||||||||||||||||||||||||||
First Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||
33Across Inc. |
P+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||
Aegis Toxicology Sciences Corporation(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Alkeme Intermediary Holdings, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
All States Ag Parts, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Atria Wealth Solutions, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Basic Fun, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
BayMark Health Services, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Bayside Opco, LLC(25) |
S+ |
(11) |
% | % | ||||||||||||||||||||||||||||||
Bayside Parent, LLC(25) |
S+ |
(11) |
% | % | ||||||||||||||||||||||||||||||
BDG Media, Inc. |
P+ |
% | % | |||||||||||||||||||||||||||||||
Brainjolt LLC |
P+ |
% | % | |||||||||||||||||||||||||||||||
CC SAG Holdings Corp. (Spectrum Automotive)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Copper River Seafoods, Inc. |
P+ |
% | ||||||||||||||||||||||||||||||||
Crewline Buyer, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
CVAUSA Management, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
DeepIntent, Inc. |
P+ |
% | ||||||||||||||||||||||||||||||||
Enhanced Permanent Capital, LLC(3) |
S+ |
% | % | |||||||||||||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Fertility (ITC) Investment Holdco, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
Foundation Consumer Brands, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
GSM Acquisition Corp. |
S+ |
% | % | |||||||||||||||||||||||||||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||
Senior Secured Loans (continued) |
||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc.(16) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||
Human Interest Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
iCIMS, Inc. |
S+ |
% | % (24) |
|||||||||||||||||||||||||||||||
Kaseya, Inc.(16) |
S+ |
% | % (14) |
|||||||||||||||||||||||||||||||
Kid Distro Holdings, LLC (Distro Kid)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Kingsbridge Holdings, LLC(2) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Logix Holding Company, LLC(16) |
P+ |
% | % | |||||||||||||||||||||||||||||||
Luxury Asset Capital, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Maxor Acquisition, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
NSPC Intermediate Corp. (National Spine) |
S+ |
(11) | % | % | ||||||||||||||||||||||||||||||
One Touch Direct, LLC |
P+ |
% | ||||||||||||||||||||||||||||||||
ONS MSO, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Orthopedic Care Partners Management, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Pinnacle Treatment Centers, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Plastics Management, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Retina Midco, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
RQM+ Corp.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
RxSense Holdings LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
SCP Eye Care, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
SHO Holding I Corporation (Shoes for Crews)(16)** |
S+ |
% | ||||||||||||||||||||||||||||||||
Sightly Enterprises, Inc. |
P+ |
% | % | |||||||||||||||||||||||||||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||
Senior Secured Loans (continued) |
||||||||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC(16) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||
SPAR Marketing Force, Inc. |
P+ |
% | ||||||||||||||||||||||||||||||||
Stryten Resources LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
SunMed Group Holdings, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
TAUC Management, LLC(16) |
P+ |
% | % | |||||||||||||||||||||||||||||||
The Townsend Company, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Tilley Distribution, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Ultimate Baked Goods Midco LLC (Rise Baking)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
United Digestive MSO Parent, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Urology Management Holdings, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
UVP Management, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
Vessco Midco Holdings, LLC |
P+ |
% | % | |||||||||||||||||||||||||||||||
Western Veterinary Partners LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
West-NR Parent, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Total First Lien Bank Debt/Senior Secured Loans |
$ | $ | ||||||||||||||||||||||||||||||||
Second Lien Asset-Based Senior Secured Loans |
||||||||||||||||||||||||||||||||||
AMF Levered II, LLC |
S+ |
% | % | $ | $ | |||||||||||||||||||||||||||||
FGI Worldwide LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
| $ | $ | |||||||||||||||||||||||||||||||||
Second Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||
RD Holdco, Inc.** (2) |
S+ |
(11) |
% | $ | $ | |||||||||||||||||||||||||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||
Senior Secured Loans (continued) |
||||||||||||||||||||||||||||||||||
First Lien Life Science Senior Secured Loans |
||||||||||||||||||||||||||||||||||
Alimera Sciences, Inc.(16) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||
Arcutis Biotherapeutics, Inc.(3) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Ardelyx, Inc.(3) |
S+ |
% | % (26) |
|||||||||||||||||||||||||||||||
Cerapedics, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
Meditrina, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
Neuronetics, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
OmniGuide Holdings, Inc. (13) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Outset Medical, Inc.(3)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
SPR Therapeutics, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
Vapotherm, Inc. |
S+ |
% | % (22) |
|||||||||||||||||||||||||||||||
Vertos Medical, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||
Total First Lien Life Science Senior Secured Loans |
$ | $ | ||||||||||||||||||||||||||||||||
Total Senior Secured Loans |
$ |
$ |
||||||||||||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||
Equipment Financing — |
||||||||||||||||||||
A&A Crane and Rigging, LLC (10) |
$ | $ | $ | |||||||||||||||||
Aero Operating LLC (10) |
||||||||||||||||||||
AFG Dallas III, LLC (10) |
||||||||||||||||||||
Air Methods Corporation (10) |
||||||||||||||||||||
AmeraMex International, Inc. (10) |
||||||||||||||||||||
Boart Longyear Company (10) |
||||||||||||||||||||
Bowman Energy Solutions, LLC (10) |
||||||||||||||||||||
C-Port/Stone LLC (10) |
||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||
Equipment Financing (continued) |
||||||||||||||||||||||||||
Carolina’s Contracting, LLC (10) |
$ | $ | $ | |||||||||||||||||||||||
CKD Holdings, Inc. (10) |
||||||||||||||||||||||||||
Clubcorp Holdings, Inc. (10) |
||||||||||||||||||||||||||
Complete Equipment Rentals, LLC (10) |
||||||||||||||||||||||||||
Dongwon Autopart Technology Inc. (10) |
||||||||||||||||||||||||||
Double S Industrial Contractors, Inc. (10) |
||||||||||||||||||||||||||
Drillers Choice, Inc. (10) |
||||||||||||||||||||||||||
Energy Drilling Services, LLC (10) |
||||||||||||||||||||||||||
Environmental Protection & Improvement Company, LLC (10) |
||||||||||||||||||||||||||
Equipment Operating Leases, LLC (2)(12) |
||||||||||||||||||||||||||
Extreme Steel Crane & Rigging, LLC (10) |
||||||||||||||||||||||||||
First American Commercial Bancorp, Inc. (10) |
||||||||||||||||||||||||||
First National Capital, LLC (10) |
||||||||||||||||||||||||||
GMT Corporation (10) |
||||||||||||||||||||||||||
Hawkeye Contracting Company, LLC (10) |
||||||||||||||||||||||||||
HTI Logistics Corporation (10) |
||||||||||||||||||||||||||
International Automotive Components Group, North America, Inc. (10) |
||||||||||||||||||||||||||
Loc Performance Products, LLC (10) |
||||||||||||||||||||||||||
Loyer Capital LLC (2)(12) |
||||||||||||||||||||||||||
Lux Credit Consultants, LLC (10) |
||||||||||||||||||||||||||
Lux Vending, LLC (10) |
||||||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||
Equipment Financing (continued) |
||||||||||||||||||||||||
Miranda Logistics Enterprise, Inc. (10) |
$ | $ | $ | |||||||||||||||||||||
Mountain Air Helicopters, Inc. (10) |
||||||||||||||||||||||||
Nimble Crane LLC (10) |
||||||||||||||||||||||||
No Limit Construction Services, LLC (10) |
||||||||||||||||||||||||
Ozzies, Inc. (10) |
||||||||||||||||||||||||
PCX Aerostructures LLC (10) |
||||||||||||||||||||||||
Rane Light Metal Castings Inc. (10) |
||||||||||||||||||||||||
Rango, Inc. (10) |
||||||||||||||||||||||||
Rayzor’s Edge LLC (10) |
||||||||||||||||||||||||
RH Land Construction, LLC & Harbor Dredging LA, Inc. (10) |
||||||||||||||||||||||||
Rotten Rock Hardscaping & Tree Service (10) |
||||||||||||||||||||||||
Rutt Services, LLC (10) |
||||||||||||||||||||||||
Signet Marine Corporation (10) |
||||||||||||||||||||||||
Smiley Lifting Solutions, LLC(10) |
||||||||||||||||||||||||
ST Coaches, LLC (10) |
||||||||||||||||||||||||
Star Coaches Inc. (10) |
||||||||||||||||||||||||
Superior Transportation, Inc. (10) |
||||||||||||||||||||||||
The Smedley Company & Smedley Services, Inc. (10) |
||||||||||||||||||||||||
Trinity Equipment, Inc. (10) |
||||||||||||||||||||||||
Trinity Equipment Rentals, Inc. (10) |
||||||||||||||||||||||||
U.S. Crane & Rigging, LLC (10) |
||||||||||||||||||||||||
Up Trucking Services, LLC (10) |
||||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||
Equipment Financing (continued) |
||||||||||||||||||||
Waste Pro of Florida, Inc. & Waste Pro USA, Inc. (10) |
$ | $ | $ | |||||||||||||||||
Wind River Environmental, LLC (10) |
||||||||||||||||||||
Womble Company, Inc. (10) |
||||||||||||||||||||
Worldwide Flight Services, Inc. (10) |
||||||||||||||||||||
Zamborelli Enterprises Pacific Southern Foundation (10) |
||||||||||||||||||||
Shares/Units |
||||||||||||||||||||
SLR Equipment Finance Equity Interests (2)(9)(17)* |
||||||||||||||||||||
Total Equipment Financing |
$ |
$ |
||||||||||||||||||
Par Amount |
||||||||||||||||||||
Preferred Equity – |
||||||||||||||||||||
SOINT, LLC (2)(3)(4) |
(11) |
$ | $ | |||||||||||||||||
Description |
Industry |
Acquisition Date |
Shares/ Units |
Cost |
Fair Value |
|||||||||||||
Common Equity/Equity Interests/Warrants— |
||||||||||||||||||
Assertio Holdings, Inc. (8)* |
$ | $ | ||||||||||||||||
aTyr Pharma, Inc. Warrants * |
||||||||||||||||||
Bayside Parent, LLC (25)* |
||||||||||||||||||
CardioFocus, Inc. Warrants * |
||||||||||||||||||
Centrexion Therapeutics, Inc. Warrants * |
||||||||||||||||||
Conventus Orthopaedics, Inc. Warrants * |
||||||||||||||||||
Delphinus Medical Technologies, Inc. Warrants * |
||||||||||||||||||
Essence Group Holdings Corporation (Lumeris) Warrants * |
||||||||||||||||||
KBH Topco LLC (Kingsbridge) (2)(5)(18). |
||||||||||||||||||
Meditrina, Inc. Warrants * |
||||||||||||||||||
NSPC Holdings, LLC (National Spine) * |
||||||||||||||||||
RD Holdco, Inc. (Rug Doctor) (2)* |
||||||||||||||||||
RD Holdco, Inc. (Rug Doctor) Class B (2)* |
||||||||||||||||||
Senseonics Holdings, Inc. (3)(8)* |
||||||||||||||||||
SLR-AMI Topco Blocker, LLC (15)(25)* |
||||||||||||||||||
SLR Business Credit (2)(3)(19) |
||||||||||||||||||
SLR Credit Solutions (2)(3)(20) |
||||||||||||||||||
Description |
Industry |
Acquisition Date |
Shares/ Units |
Cost |
Fair Value |
|||||||||||||
Common Equity/Equity Interests/Warrants (continued) |
||||||||||||||||||
SLR Healthcare ABL (2)(3)(21) |
$ | $ | ||||||||||||||||
SLR Senior Lending Program LLC (2)(3)(23) |
||||||||||||||||||
Vapotherm, Inc. Warrants* |
||||||||||||||||||
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics) |
||||||||||||||||||
Vertos Medical, Inc. Warrants* |
||||||||||||||||||
Total Common Equity/Equity Interests/Warrants |
$ |
$ |
||||||||||||||||
Total Investments (6) — |
$ |
$ |
||||||||||||||||
Description |
Industry |
Acquisition Date |
Maturity Date |
Par Amount |
||||||||||||||||||||
Cash Equivalents — |
||||||||||||||||||||||||
U.S. Treasury Bill |
$ | $ | $ | |||||||||||||||||||||
Total Investments & Cash Equivalents — |
$ |
$ |
||||||||||||||||||||||
Liabilities in Excess of Other Assets — ( |
( |
) | ||||||||||||||||||||||
Net Assets — |
$ |
|||||||||||||||||||||||
| (1) | Floating rate debt investments typically bear interest at a rate determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current rate of interest, or in the case of leases the current implied yield, in effect as of March 31, 2024. |
| (2) | Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than |
Name of Issuer |
Fair Value at December 31, 2023 |
Gross Additions |
Gross Reductions |
Realized Loss |
Change in Unrealized Gain (Loss) |
Fair Value at March 31, 2024 |
Interest/ Dividend/ Other Income |
|||||||||||||||||||||
Equipment Operating Leases, LLC |
$ | $ | $ | ( |
) | $ | |
$ | $ | $ | ||||||||||||||||||
Kingsbridge Holdings, LLC |
( |
) | ||||||||||||||||||||||||||
KBH Topco, LLC (Kingsbridge) |
||||||||||||||||||||||||||||
Loyer Capital LLC |
||||||||||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, common equity) |
||||||||||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, class B) |
||||||||||||||||||||||||||||
RD Holdco, Inc. (debt) |
||||||||||||||||||||||||||||
SLR Business Credit |
||||||||||||||||||||||||||||
Name of Issuer |
Fair Value at December 31, 2023 |
Gross Additions |
Gross Reductions |
Realized Loss |
Change in Unrealized Gain (Loss) |
Fair Value at March 31, 2024 |
Interest/ Dividend/ Other Income |
|||||||||||||||||||||
SLR Credit Solutions |
||||||||||||||||||||||||||||
SLR Equipment Finance (equity) |
( |
) | ||||||||||||||||||||||||||
SLR Equipment Finance (debt) |
( |
) | ||||||||||||||||||||||||||
SLR Healthcare ABL |
||||||||||||||||||||||||||||
SLR Senior Lending Program LLC |
||||||||||||||||||||||||||||
SOINT, LLC |
( |
) | ||||||||||||||||||||||||||
| $ | $ | $ | ( |
) | $ | $ | $ | $ | ||||||||||||||||||||
| (3) | Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of March 31, 2024, on a fair value basis, non-qualifying assets in the portfolio represented |
| (4) | The Company’s investment in SOINT, LLC includes a one dollar investment in common shares. |
| (5) | Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation. |
| (6) | Aggregate net unrealized appreciation for U.S. federal income tax purposes is $ |
| (7) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to a SOFR or PRIME rate floor. |
| (8) | Denotes a Level 1 investment. |
| (9) | SLR Equipment Finance is held through NEFCORP LLC, a wholly-owned consolidated taxable subsidiary and NEFPASS LLC, a wholly-owned consolidated subsidiary. |
| (10) | Indicates an investment that is wholly held by the Company through NEFPASS LLC. |
| (11) | Interest is paid in kind (“PIK”). |
| (12) | Denotes a subsidiary of SLR Equipment Finance. |
| (13) | OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are co-borrowers. |
| (14) | Kaseya, Inc. may elect to defer up to |
| (15) | Through this entity and other intermediate entities, the Company owns approximately |
| (16) | Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC (the “SUNS SPV”). Such investments are pledged as collateral under the Senior Secured Revolving SPV Credit Facility (the “SPV Credit Facility”) (see Note 7 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company. |
| (17) | See note 12 to the consolidated financial statements. |
| (18) | See note 13 to the consolidated financial statements. |
| (19) | See note 15 to the consolidated financial statements. |
| (20) | See note 11 to the consolidated financial statements. |
| (21) | See note 14 to the consolidated financial statements. |
| (22) | Vapotherm, Inc. may elect to defer up to |
| (23) | See note 17 to the consolidated financial statements. |
| (24) | iCIMS, Inc. may elect to defer up to |
| (25) | Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the three months ended March 31, 2024 in these affiliated investments are as follows: |
Name of Issuer |
Fair Value at December 31, 2023 |
Gross Additions |
Gross Reductions |
Realized Gain (Loss) |
Change in Unrealized Gain (Loss) |
Fair Value at March 31, 2024 |
Interest Income |
|||||||||||||||||||||
Bayside Opco, LLC |
$ | $ | $ | $ | $ | |
$ | $ | ||||||||||||||||||||
Bayside Parent, LLC (loan) |
||||||||||||||||||||||||||||
Bayside Parent, LLC (equity) |
||||||||||||||||||||||||||||
SLR-AMI Topco Blocker, LLC |
||||||||||||||||||||||||||||
| $ | $ | |
$ | |
$ | |
$ | $ | $ | |
||||||||||||||||||
| (26) | Certain tranches have a spread of S+795 and certain tranches have a spread of S+425. |
| * | Non-income producing security. |
| ** | Investment is on non-accrual status. |
Industry Classification |
Percentage of Total Investments (at fair value) as of March 31, 2024 |
|||
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL) |
% | |||
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC) |
% | |||
Health Care Providers & Services |
% | |||
Health Care Equipment & Supplies |
% | |||
Pharmaceuticals |
% | |||
Software |
% | |||
Diversified Consumer Services |
% | |||
Insurance |
% | |||
Asset Management |
% | |||
Media |
% | |||
Capital Markets |
% | |||
Commercial Services & Supplies |
% | |||
Biotechnology |
% | |||
Thrifts & Mortgage Finance |
% | |||
Personal Products |
% | |||
Packaged Foods & Meats |
% | |||
Auto Parts & Equipment |
% | |||
Life Sciences Tools & Services |
% | |||
Road & Rail |
% | |||
Internet Software & Services |
% | |||
Internet & Catalog Retail |
% | |||
Transportation Infrastructure |
% | |||
Communications Equipment |
% | |||
Trading Companies & Distributors |
% | |||
Oil, Gas & Consumable Fuels |
% | |||
Hotels, Restaurants & Leisure |
% | |||
Health Care Technology |
% | |||
IT Services |
% | |||
Footwear |
% | |||
Aerospace & Defense |
% | |||
Auto Components |
% | |||
Machinery |
% | |||
Airlines |
% | |||
Food Products |
% | |||
Leisure Equipment & Products |
% | |||
Specialty Retail |
% | |||
Metals & Mining |
% | |||
Construction & Engineering |
% | |||
Consumer Finance |
% | |||
Energy Equipment & Services |
% | |||
Water Utilities |
% | |||
Total Investments |
% | |||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||||
Senior Secured Loans — |
||||||||||||||||||||||||||||||||||||
First Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
Accession Risk Management Group, Inc. (f/k/a RSC Acquisition, Inc.) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||||
Aegis Toxicology Sciences Corporation(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Alkeme Intermediary Holdings, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
All States Ag Parts, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Atria Wealth Solutions, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Basic Fun, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
BayMark Health Services, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Bayside Opco, LLC(27) |
S+ |
(11) |
% | % | ||||||||||||||||||||||||||||||||
Bayside Parent, LLC(27) |
S+ |
(11) |
% | % | ||||||||||||||||||||||||||||||||
BDG Media, Inc. |
P+ |
% | % | |||||||||||||||||||||||||||||||||
CC SAG Holdings Corp. (Spectrum Automotive)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Copper River Seafoods, Inc. |
P+ |
% | ||||||||||||||||||||||||||||||||||
Crewline Buyer, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||||
CVAUSA Management, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
DeepIntent, Inc. |
P+ |
% | ||||||||||||||||||||||||||||||||||
Enhanced Permanent Capital, LLC(3) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Exactcare Parent, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Fertility (ITC) Investment Holdco, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Foundation Consumer Brands, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
GSM Acquisition Corp. |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||
Senior Secured Loans (continued) |
||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc.(16) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||
Human Interest Inc |
S+ |
% | % | |||||||||||||||||||||||||||||||
iCIMS, Inc. |
S+ |
% | % (26) |
|||||||||||||||||||||||||||||||
Kaseya, Inc.(16) |
S+ |
% | % (14) |
|||||||||||||||||||||||||||||||
Kid Distro Holdings, LLC (Distro Kid)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Kingsbridge Holdings, LLC(2) . |
S+ |
% | % | |||||||||||||||||||||||||||||||
Logix Holding Company, LLC(16) |
P+ |
% | % | |||||||||||||||||||||||||||||||
Luxury Asset Capital, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Maxor Acquisition, Inc.(16) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
Medrina, LLC |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
NSPC Intermediate Corp. (National Spine) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
One Touch Direct, LLC |
Supplies |
P+ |
% | |||||||||||||||||||||||||||||||
ONS MSO, LLC |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
Orthopedic Care Partners Management, LLC |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Pinnacle Treatment Centers, Inc.(16) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
Plastics Management, LLC(16) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
Retina Midco, Inc.(16) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
RQM+ Corp.(16) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
RxSense Holdings LLC(16) |
Services |
S+ |
% | % | ||||||||||||||||||||||||||||||
SCP Eye Care, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||
SHO Holding I Corporation (Shoes for Crews)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||||
Senior Secured Loans (continued) |
||||||||||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC(16) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||||
SPAR Marketing Force, Inc. |
P+ |
% | ||||||||||||||||||||||||||||||||||
Stryten Resources LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
SunMed Group Holdings, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
TAUC Management, LLC(16) |
P+ |
% | % | |||||||||||||||||||||||||||||||||
The Townsend Company, LLC(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Tilley Distribution, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Ultimate Baked Goods Midco LLC (Rise Baking)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
United Digestive MSO Parent, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Urology Management Holdings, Inc |
S+ |
% | % | |||||||||||||||||||||||||||||||||
UVP Management, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Vessco Midco Holdings, LLC |
P+ |
% | % | |||||||||||||||||||||||||||||||||
WCI-BXC Purchaser, LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
West-NR Parent, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Total First Lien Bank Debt/Senior Secured Loans |
$ | $ | ||||||||||||||||||||||||||||||||||
Second Lien Asset-Based Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
AMF Levered II, LLC |
S+ |
% | % | $ | $ | |||||||||||||||||||||||||||||||
FGI Worldwide LLC |
S+ |
% | % | |||||||||||||||||||||||||||||||||
| $ | $ | |||||||||||||||||||||||||||||||||||
Second Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
RD Holdco, Inc.** (2) |
S+ |
(11) |
% | $ | $ | |||||||||||||||||||||||||||||||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||||
Senior Secured Loans (continued) |
||||||||||||||||||||||||||||||||||||
First Lien Life Science Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
Alimera Sciences, Inc.(16) |
S+ |
% | % | $ | $ | $ | ||||||||||||||||||||||||||||||
Arcutis Biotherapeutics, Inc.(3) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Ardelyx, Inc.(3) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
BridgeBio Pharma, Inc.(3) |
% (22) |
|||||||||||||||||||||||||||||||||||
Cerapedics, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Glooko, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Meditrina, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Neuronetics, Inc.(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
OmniGuide Holdings, Inc. (13) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Outset Medical, Inc.(3)(16) |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Vapotherm, Inc. |
S+ |
% | % (24) |
|||||||||||||||||||||||||||||||||
Vertos Medical, Inc. |
S+ |
% | % | |||||||||||||||||||||||||||||||||
Total First Lien Life Science Senior Secured Loans |
$ | $ | ||||||||||||||||||||||||||||||||||
Total Senior Secured Loans |
$ |
$ |
||||||||||||||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||
Equipment Financing — |
||||||||||||||||||||
A&A Crane and Rigging, LLC (10) |
$ | $ | $ | |||||||||||||||||
Aero Operating LLC (10) |
||||||||||||||||||||
AFG Dallas III, LLC (10) |
||||||||||||||||||||
Air Methods Corporation (10) |
||||||||||||||||||||
AmeraMex International, Inc. (10) |
||||||||||||||||||||
Bazzini, LLC (10) |
||||||||||||||||||||
Boart Longyear Company (10) |
||||||||||||||||||||
Bowman Energy Solutions, LLC (10) |
||||||||||||||||||||
C-Port/Stone LLC (10) |
||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||
Equipment Financing (continued) |
||||||||||||||||||||
Capital City Jet Center, Inc. (10) |
$ | $ | $ | |||||||||||||||||
Carolina’s Contracting, LLC (10) |
||||||||||||||||||||
CKD Holdings, Inc. (10) |
||||||||||||||||||||
Clubcorp Holdings, Inc. (10) |
||||||||||||||||||||
Complete Equipment Rentals, LLC (10) |
||||||||||||||||||||
Dongwon Autopart Technology Inc. (10) |
||||||||||||||||||||
Double S Industrial Contractors, Inc. (10) |
||||||||||||||||||||
Drillers Choice, Inc. (10) |
||||||||||||||||||||
Energy Drilling Services, LLC (10) |
||||||||||||||||||||
Environmental Protection & Improvement Company, LLC (10) |
||||||||||||||||||||
Equipment Operating Leases, LLC (2)(12) |
||||||||||||||||||||
Extreme Steel Crane & Rigging, LLC (10) |
||||||||||||||||||||
First American Commercial Bancorp, Inc. (10) |
||||||||||||||||||||
First National Capital, LLC (10) |
||||||||||||||||||||
Georgia Jet, Inc. (10) |
||||||||||||||||||||
GMT Corporation (10) |
||||||||||||||||||||
Hawkeye Contracting Company, LLC (10) |
||||||||||||||||||||
HTI Logistics Corporation (10) |
Supplies |
|||||||||||||||||||
International Automotive Components Group, North America, Inc. (10) |
||||||||||||||||||||
Kool Pak, LLC (10) |
||||||||||||||||||||
Loc Performance Products, LLC (10) |
||||||||||||||||||||
Loyer Capital LLC (2)(12) |
||||||||||||||||||||
Lux Credit Consultants, LLC (10) |
||||||||||||||||||||
Lux Vending, LLC (10) |
||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||
Equipment Financing (continued) |
||||||||||||||||||||
Miranda Logistics Enterprise, Inc. (10) |
$ | $ | $ | |||||||||||||||||
Mountain Air Helicopters, Inc. (10) |
||||||||||||||||||||
Nimble Crane LLC (10) |
||||||||||||||||||||
No Limit Construction Services, LLC (10) |
||||||||||||||||||||
Ozzies, Inc. (10) |
||||||||||||||||||||
PCX Aerostructures LLC (10) |
||||||||||||||||||||
Rane Light Metal Castings Inc. (10) |
||||||||||||||||||||
Rango, Inc. (10) |
||||||||||||||||||||
Rayzor’s Edge LLC (10) |
||||||||||||||||||||
RH Land Construction, LLC & Harbor Dredging LA, Inc. (10) |
||||||||||||||||||||
Royal Express Inc. (10) |
||||||||||||||||||||
Rotten Rock Hardscaping & Tree Service (10) |
||||||||||||||||||||
Rutt Services, LLC (10) |
||||||||||||||||||||
Signet Marine Corporation (10) |
||||||||||||||||||||
SLR Equipment Finance(2) |
||||||||||||||||||||
Smiley Lifting Solutions, LLC(10) |
||||||||||||||||||||
ST Coaches, LLC (10) |
||||||||||||||||||||
Star Coaches Inc. (10) |
||||||||||||||||||||
Superior Transportation , Inc. (10) |
||||||||||||||||||||
The Smedley Company & Smedley Services, Inc. (10) |
||||||||||||||||||||
Trinity Equipment, Inc. (10) |
||||||||||||||||||||
Trinity Equipment Rentals, Inc. (10) |
||||||||||||||||||||
U.S. Crane & Rigging, LLC (10) |
||||||||||||||||||||
Up Trucking Services, LLC (10) |
||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||
Equipment Financing (continued) |
||||||||||||||||||||||||
Waste Pro of Florida, Inc. & Waste Pro USA, Inc. (10) |
$ | $ | $ | |||||||||||||||||||||
Wind River Environmental, LLC (10) |
||||||||||||||||||||||||
Womble Company, Inc. (10) |
||||||||||||||||||||||||
Worldwide Flight Services, Inc. (10) |
||||||||||||||||||||||||
Zamborelli Enterprises Pacific Southern Foundation (10) |
||||||||||||||||||||||||
Shares/Units |
||||||||||||||||||||||||
SLR Equipment Finance Equity Interests (2)(9)(17)* |
Multi-Sector Holdings |
|||||||||||||||||||||||
Total Equipment Financing |
$ |
$ |
||||||||||||||||||||||
Par Amount |
||||||||||||||||||||||||
Preferred Equity – |
||||||||||||||||||||||||
SOINT, LLC (2)(3)(4) |
(11) |
$ | $ | |||||||||||||||||||||
Description |
Industry |
Acquisition Date |
Shares/ Units |
Cost |
Fair Value |
|||||||||||||
Common Equity/Equity Interests/Warrants— |
||||||||||||||||||
Assertio Holdings, Inc. (8)* |
$ | $ | ||||||||||||||||
aTyr Pharma, Inc. Warrants * |
||||||||||||||||||
Bayside Parent, LLC (27)* |
||||||||||||||||||
CardioFocus, Inc. Warrants * |
||||||||||||||||||
Centrexion Therapeutics, Inc. Warrants * |
||||||||||||||||||
Conventus Orthopaedics, Inc. Warrants * |
||||||||||||||||||
Delphinus Medical Technologies, Inc. Warrants * |
||||||||||||||||||
Essence Group Holdings Corporation (Lumeris) Warrants * |
||||||||||||||||||
KBH Topco LLC (Kingsbridge) (2)(5)(18). |
||||||||||||||||||
Meditrina, Inc. Warrants * |
||||||||||||||||||
NSPC Holdings, LLC (National Spine) * |
||||||||||||||||||
RD Holdco, Inc. (Rug Doctor) (2)* |
||||||||||||||||||
RD Holdco, Inc. (Rug Doctor) Class B (2)* |
||||||||||||||||||
Senseonics Holdings, Inc. (3)(8)* |
||||||||||||||||||
SLR-AMI Topco Blocker, LLC (15)(27)* |
||||||||||||||||||
SLR Business Credit (2)(3)(19) |
||||||||||||||||||
SLR Credit Solutions (2)(3)(20) |
||||||||||||||||||
Description |
Industry |
Acquisition Date |
Shares/ Units |
Cost |
Fair Value |
|||||||||||||
Common Equity/Equity Interests/Warrants (continued) |
||||||||||||||||||
SLR Healthcare ABL (2)(3)(21) |
$ | $ | ||||||||||||||||
SLR Senior Lending Program LLC (2)(3)(25) |
||||||||||||||||||
Vapotherm, Inc. Warrants* |
||||||||||||||||||
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics) |
||||||||||||||||||
Vertos Medical, Inc. Warrants* |
||||||||||||||||||
Total Common Equity/Equity Interests/Warrants |
$ |
$ |
||||||||||||||||
Total Investments (6) — |
$ |
$ |
||||||||||||||||
Description |
Industry |
Acquisition Date |
Maturity Date |
Par Amount |
||||||||||||||||||
Cash Equivalents — |
||||||||||||||||||||||
U.S. Treasury Bill |
$ | $ | $ | |||||||||||||||||||
Total Investments & Cash Equivalents — |
$ |
$ |
||||||||||||||||||||
Liabilities in Excess of Other Assets — ( |
( |
) | ||||||||||||||||||||
Net Assets — |
$ |
|||||||||||||||||||||
| (1) | Floating rate debt investments typically bear interest at a rate determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current rate of interest, or in the case of leases the current implied yield, in effect as of December 31, 2023. |
| (2) | Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than |
Name of Issuer |
Fair Value at December 31, 2022 |
Gross Additions |
Gross Reductions |
Realized Loss |
Change in Unrealized Gain (Loss) |
Fair Value at December 31, 2023 |
Interest/ Dividend/ Other Income |
|||||||||||||||||||||
Equipment Operating Leases, LLC |
$ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||
Kingsbridge Holdings, LLC |
( |
) | ||||||||||||||||||||||||||
KBH Topco, LLC (Kingsbridge) |
( |
) | ||||||||||||||||||||||||||
Loyer Capital LLC |
||||||||||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, common equity) |
||||||||||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, class B) |
||||||||||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, warrants) |
( |
) | ||||||||||||||||||||||||||
RD Holdco, Inc. (debt) |
||||||||||||||||||||||||||||
SLR Business Credit |
||||||||||||||||||||||||||||
Name of Issuer |
Fair Value at December 31, 2022 |
Gross Additions |
Gross Reductions |
Realized Loss |
Change in Unrealized Gain (Loss) |
Fair Value at December 31, 2023 |
Interest/ Dividend/ Other Income |
|||||||||||||||||||||
SLR Credit Solutions |
( |
) | ||||||||||||||||||||||||||
SLR Equipment Finance (equity) |
||||||||||||||||||||||||||||
SLR Equipment Finance (debt) |
( |
) | ||||||||||||||||||||||||||
SLR Healthcare ABL |
||||||||||||||||||||||||||||
SLR Senior Lending Program LLC |
||||||||||||||||||||||||||||
SOINT, LLC |
( |
) | ||||||||||||||||||||||||||
| $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||||||
| (3) | Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of December 31, 2023, on a fair value basis, non-qualifying assets in the portfolio represented |
| (4) | The Company’s investment in SOINT, LLC includes a one dollar investment in common shares. |
| (5) | Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation. |
| (6) | Aggregate net unrealized appreciation for U.S. federal income tax purposes is $ |
| (7) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to a SOFR or PRIME rate floor. |
| (8) | Denotes a Level 1 investment. |
| (9) | SLR Equipment Finance is held through NEFCORP LLC, a wholly-owned consolidated taxable subsidiary and NEFPASS LLC, a wholly-owned consolidated subsidiary. |
| (10) | Indicates an investment that is wholly held by the Company through NEFPASS LLC. |
| (11) | Interest is paid in kind (“PIK”). |
| (12) | Denotes a subsidiary of SLR Equipment Finance. |
| (13) | OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are co-borrowers. |
| (14) | Kaseya, Inc. may elect to defer up to |
| (15) | Through this entity and other intermediate entities, the Company owns approximately |
| (16) | Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC (the “SUNS SPV”). Such investments are pledged as collateral under the Senior Secured Revolving SPV Credit Facility (the “SPV Credit Facility”) (see Note 7 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company. |
| (17) | See note 12 to the consolidated financial statements. |
| (18) | See note 13 to the consolidated financial statements. |
| (19) | See note 15 to the consolidated financial statements. |
| (20) | See note 11 to the consolidated financial statements. |
| (21) | See note 14 to the consolidated financial statements. |
| (22) | BridgeBio Pharma, Inc. may elect to defer up to |
| (23) | The Company became an Affiliated Person to Bayside Opco, LLC and Bayside Parent, LLC on May 31, 2023 and to Amerimark Intermediate Holdings, LLC and SLR- AMI Topco Blocker, LLC on June 16, 2023. |
| (24) | Vapotherm, Inc. may elect to defer up to |
| (25) | See note 17 to the consolidated financial statements. |
| (26) | iCIMS, Inc. may elect to defer up to |
| (27) | Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2023 (beginning with the date at which the Company became an Affiliated Person) in these affiliated investments are as follows: |
Name of Issuer |
Fair Value at Date of Affiliation(23) |
Gross Additions |
Gross Reductions |
Realized Gain (Loss) |
Change in Unrealized Gain (Loss) |
Fair Value at December 31, 2023 |
Interest Income |
|||||||||||||||||||||
Oldco AI, LLC (f/k/a AmeriMark) |
$ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||
Oldco AI, LLC (f/k/a AmeriMark) |
( |
) a |
||||||||||||||||||||||||||
Bayside Opco, LLC |
( |
) | ||||||||||||||||||||||||||
Bayside Opco, LLC |
||||||||||||||||||||||||||||
Bayside Parent, LLC (loan) |
||||||||||||||||||||||||||||
Bayside Parent, LLC (equity) |
( |
) | ||||||||||||||||||||||||||
SLR-AMI Topco Blocker, LLC |
a |
( |
) | |||||||||||||||||||||||||
| $ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ||||||||||||||||||
| a | Includes contribution of basis from Oldco AI, LLC to SLR-AMI Topco Blocker, LLC. |
| * | Non-income producing security. |
| ** | Investment is on non-accrual status. |
Industry Classification |
Percentage of Total Investments (at fair value) as of December 31, 2023 |
|||
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL) |
% | |||
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC) |
% | |||
Health Care Providers & Services |
% | |||
Health Care Equipment & Supplies |
% | |||
Pharmaceuticals |
% | |||
Biotechnology |
% | |||
Software |
% | |||
Insurance |
% | |||
Diversified Consumer Services |
% | |||
Commercial Services & Supplies |
% | |||
Asset Management |
% | |||
Capital Markets |
% | |||
Media |
% | |||
Thrifts & Mortgage Finance |
% | |||
Personal Products |
% | |||
Packaged Foods & Meats |
% | |||
Auto Parts & Equipment |
% | |||
Road & Rail |
% | |||
Life Sciences Tools & Services |
% | |||
Internet Software & Services |
% | |||
Internet & Catalog Retail |
% | |||
Transportation Infrastructure |
% | |||
Communications Equipment |
% | |||
Health Care Technology |
% | |||
Trading Companies & Distributors |
% | |||
Hotels, Restaurants & Leisure |
% | |||
Aerospace & Defense |
% | |||
Oil, Gas & Consumable Fuels. |
% | |||
Footwear |
% | |||
Auto Components |
% | |||
IT Services |
% | |||
Food Products |
% | |||
Machinery |
% | |||
Airlines |
% | |||
Distributors |
% | |||
Metals & Mining |
% | |||
Leisure Equipment & Products |
% | |||
Specialty Retail |
% | |||
Food & Staples Retailing |
% | |||
Construction & Engineering |
% | |||
Consumer Finance |
% | |||
Energy Equipment & Services |
% | |||
Water Utilities |
% | |||
Total Investments |
% | |||
| (a) | Investment transactions are accounted for on the trade date; |
| (b) | Under procedures established by the board of directors (the “Board”), we value investments, including certain senior secured debt, subordinated debt and other debt securities with maturities greater than mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are deemed not to represent fair value, we may utilize independent third-party valuation firms to assist us in determining the fair value of material assets. Accordingly, such investments go through our multi-step valuation process as described below. In each such case, independent valuation firms, that may from time to time be engaged by the Board, consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations. Debt investments with maturities of |
| (1) | our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment; |
| (2) | preliminary valuation conclusions are then documented and discussed with senior management of the Investment Adviser; |
| (3) | independent valuation firms engaged by the Board conduct independent appraisals and review the Investment Adviser’s preliminary valuations and make their own independent assessment for all material assets; |
| (4) | the audit committee of the Board reviews the preliminary valuation of the Investment Adviser and that of the independent valuation firm and responds to the valuation recommendation of the independent valuation firm, if any, to reflect any comments; and |
| (5) | the Board discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of the Investment Adviser, the respective independent valuation firm, if any, and the audit committee. |
| (c) | Gains or losses on investments are calculated by using the specific identification method. |
| (d) | The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Loan origination fees, original issue discount, and market discounts are capitalized and we amortize such amounts into income using the effective interest method. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record call premiums received on loans repaid as interest income when we receive such amounts. Capital structuring fees, amendment fees, consent fees, and any other non-recurring fee income as well as a management fee and other fee income for services rendered, if any, are recorded as other income when earned. |
| (e) | The Company intends to comply with the applicable provisions of the Code pertaining to regulated investment companies to make distributions of taxable income sufficient to relieve it of substantially all U.S. federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a |
| (f) | Book and tax basis differences relating to stockholder distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts annually. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from GAAP. |
| (g) | Distributions to common stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. |
| (h) | In accordance with Regulation S-X and ASC Topic 810—Consolidation |
| (i) | The accounting records of the Company are maintained in U.S. dollars. Any assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. The Company will not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations would be included with the net unrealized gain or loss from investments. The Company’s investments in foreign securities, if any, may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments in terms of U.S. dollars and therefore the earnings of the Company. |
| (j) | In accordance with ASC 835-30, the Company reports origination and other expenses related to certain debt issuances as a direct deduction from the carrying amount of the debt liability. Applicable expenses are deferred and amortized using either the effective interest method or the straight-line method over the stated life. The straight-line method may be used on revolving facilities and/or when it approximates the effective yield method. |
| (k) | The Company may enter into forward exchange contracts in order to hedge against foreign currency risk. These contracts are marked-to-market |
| (l) | The Company records expenses related to shelf registration statements and applicable equity offering costs as prepaid assets. These expenses are typically charged as a reduction of capital upon the sale of shares or expensed, in accordance with ASC 946-20-25. |
| (m) | Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when principal or interest cash payments are past due non-accrual investments are restored to accrual status if past due principal and interest are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining principal and interest obligations. Cash interest payments received on such investments may be recognized as income or applied to principal depending on management’s judgment. |
| (n) | The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less would qualify, with limited exceptions. The Company believes that certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents. |
Three months ended March 31, |
||||||||
2024 |
2023 |
|||||||
Earnings per share (basic & diluted) |
||||||||
Numerator - net increase in net assets resulting from operations: |
$ | $ | ||||||
Denominator - weighted average shares: |
||||||||
Earnings per share: |
$ | $ | ||||||
| a) | Quoted prices for similar assets or liabilities in active markets; |
| b) | Quoted prices for identical or similar assets or liabilities in non-active markets; |
| c) | Pricing models whose inputs are observable for substantially the full term of the asset or liability; and |
| d) | Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. |
Level 1 |
Level 2 |
Level 3 |
Measured at Net Asset Value* |
Total |
||||||||||||||||
Assets: |
||||||||||||||||||||
Senior Secured Loans |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Equipment Financing |
||||||||||||||||||||
Preferred Equity |
||||||||||||||||||||
Common Equity/Equity Interests/Warrants |
||||||||||||||||||||
Total Investments |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Measured at Net Asset Value* |
Total |
||||||||||||||||
Assets: |
||||||||||||||||||||
Senior Secured Loans |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Equipment Financing |
||||||||||||||||||||
Preferred Equity |
||||||||||||||||||||
Common Equity/Equity Interests/Warrants |
||||||||||||||||||||
Total Investments |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
| * | In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP. See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members. |
Senior Secured Loans |
Equipment Financing |
Preferred Equity |
Common Equity/ Equity Interests/ Warrants |
Total |
||||||||||||||||
Fair value, December 31, 2023 |
$ | $ | $ | $ | $ | |||||||||||||||
Total gains or losses included in earnings: |
||||||||||||||||||||
Net realized gain |
||||||||||||||||||||
Net change in unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||||||
Purchase of investment securities* |
||||||||||||||||||||
Proceeds from dispositions of investment securities |
( |
) | ( |
) | ( |
) | ||||||||||||||
Transfers in/out of Level 3 |
||||||||||||||||||||
Fair value, March 31, 2024 |
$ | |
$ | |
$ | $ | $ | |||||||||||||
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: |
||||||||||||||||||||
Net change in unrealized gain (loss) |
$ | $ | ( |
) | $ | ( |
) | $ | $ | |||||||||||
| * | Includes PIK capitalization and accretion of discount. |
Senior Secured Loans |
Equipment Financing |
Preferred Equity |
Common Equity/ Equity Interests/ Warrants |
Total |
||||||||||||||||
Fair value, December 31, 2022 |
$ | $ | $ | $ | $ | |||||||||||||||
Total gains or losses included in earnings: |
||||||||||||||||||||
Net realized loss |
( |
) | ( |
) | ( |
) | ||||||||||||||
change in unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||||||
Purchase of investment securities* |
||||||||||||||||||||
Proceeds from dispositions of investment securities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Transfers in/out of Level 3 |
||||||||||||||||||||
Fair value, December 31, 2023 |
$ | $ | $ | $ | $ | |||||||||||||||
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: |
||||||||||||||||||||
change in unrealized gain (loss) |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||
| * | Includes PIK capitalization and accretion of discount |
Asset or Liability |
Fair Value at March 31, 2024 |
Principal Valuation Technique/Methodology |
Unobservable Input |
Range (Weighted Average) | ||||||||
Senior Secured Loans |
Asset | $ | ||||||||||
| $ | N/A | |||||||||||
Equipment Financing |
Asset | $ | ||||||||||
| $ | (1) |
|||||||||||
Preferred Equity |
Asset | $ | ||||||||||
Common Equity/Equity Interests/Warrants |
Asset | $ | (2) |
|||||||||
| $ | ||||||||||||
| (1) | Includes $ |
| (2) | Includes $ |
Asset or Liability |
Fair Value at December 31, 2023 |
Principal Valuation Technique/Methodology |
Unobservable Input |
Range (Weighted Average) | ||||||||||
Senior Secured Loans |
Asset | $ | ||||||||||||
| $ | N/A | |||||||||||||
Equipment Financing |
Asset | $ | ||||||||||||
| $ | (1) |
|||||||||||||
Preferred Equity |
Asset | $ | ||||||||||||
Common Equity/Equity Interests/Warrants |
Asset | $ | (2) |
|||||||||||
| $ | ||||||||||||||
| (1) | Includes $ |
| (2) | Includes $ |
March 31, 2024 |
December 31, 2023 |
|||||||||||||||
Facility |
Face Amount |
Carrying Value |
Face Amount |
Carrying Value |
||||||||||||
Credit Facility |
$ | |
$ | |
(1) |
$ | |
$ | |
(1) | ||||||
SPV Credit Facility |
(2) |
(2) | ||||||||||||||
2024 Unsecured Notes |
(3) |
(3) | ||||||||||||||
2025 Unsecured Notes |
(4) |
(4) | ||||||||||||||
2026 Unsecured Notes |
(5) |
(5) | ||||||||||||||
2027 Unsecured Notes |
(6) |
(6) | ||||||||||||||
2027 Series F Unsecured Notes |
(7) |
(7) | ||||||||||||||
| $ | |
$ | |
$ | |
$ | |
|||||||||
| (1) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ |
| (2) | Carrying Value equals the Face Amount net of unamortized market discount of $ |
| (3) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ |
| (4) | Carrying Value equals the Face Amount net of unamortized market discount of $ |
| (5) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ |
| (6) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ |
| (7) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ |
Three months ended March 31, 2024 |
Three months ended March 31, 2023 |
|||||||
Per Share Data: (a) |
||||||||
Net asset value, beginning of year |
$ | $ | ||||||
Net investment income |
||||||||
Net realized and unrealized gain (loss) |
( |
) | ||||||
Net increase in net assets resulting from operations |
||||||||
Distributions to stockholders: |
||||||||
From distributable earnings |
( |
) | ( |
) | ||||
From return of capital |
( |
) | ||||||
Net asset value, end of period |
$ | $ | ||||||
Per share market value, end of period |
$ | $ | ||||||
Total Return (b)(c) |
% | % | ||||||
Net assets, end of period |
$ | $ | ||||||
Shares outstanding, end of period |
||||||||
Ratios to average net assets (c): |
||||||||
Net investment income |
% | % | ||||||
Operating expenses |
%* | %* | ||||||
Interest and other credit facility expenses |
% | % | ||||||
Total expenses |
%* | %* | ||||||
Average debt outstanding |
$ | $ | ||||||
Portfolio turnover ratio |
% | % | ||||||
| (a) | Calculated using the average shares outstanding method. |
| (b) | Total return is based on the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with the dividend reinvestment plan. The market price per share as of December 31, 2023 and December 31, 2022 was $ |
| (c) | Not annualized for periods less than one year. |
| * | The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets is shown net of the performance-based incentive fee waiver (see note 3). For the three months ended March 31, 2024 and 2023, the ratios of operating expenses to average net assets would be respectively, without the performance-based incentive fee waiver. For the three months ended March 31, 2024 and 2023, the ratios of total expenses to average net assets would be |
March 31, 2024 |
December 31, 2023 |
|||||||
SLR Credit Solutions* |
$ | $ | ||||||
BDG Media, Inc. |
||||||||
Southern Orthodontic Partners Management, LLC |
||||||||
CVAUSA Management, LLC |
||||||||
iCIMS, Inc. |
||||||||
Western Veterinary Partners LLC |
||||||||
Copper River Seafoods, Inc. |
||||||||
SPAR Marketing Force, Inc. |
||||||||
Alkeme Intermedia ry Holdings, LLC |
||||||||
DeepIntent, Inc. |
||||||||
Retina Midco, Inc. |
||||||||
One Touch Direct, LLC |
||||||||
Orthopedic Care Partners Management, LLC |
||||||||
SPR Therapeutics, Inc. |
||||||||
Peter C. Foy & Associates Insurance Services, LLC |
||||||||
West-NR Parent, Inc. |
||||||||
33 Across Inc. |
||||||||
Luxury Asset Capital, LLC |
||||||||
United Digestive MSO Parent, LLC |
||||||||
The Townsend Company, LLC |
||||||||
Vertos Medical, Inc. |
||||||||
Foundation Consumer Brands, LLC |
||||||||
Kid Distro Holdings, LLC |
||||||||
Erie Construction Mid-west, LLC |
||||||||
Ultimate Baked Goods Midco LLC |
||||||||
Brainjolt LLC |
||||||||
Basic Fun, Inc. |
||||||||
SLR Senior Lending Program LLC* |
||||||||
Bayside Opco, LLC |
||||||||
Kaseya, Inc. |
||||||||
SunMed Group Holdings, LLC |
||||||||
AMF Levered II, LLC |
||||||||
Urology Management Holdings, Inc. |
||||||||
Sightly Enterprises, Inc. |
||||||||
SLR Healthcare ABL* |
||||||||
RxSense Holdings LLC |
||||||||
Tilley Distribution, Inc. |
||||||||
SCP Eye Care, LLC |
||||||||
GSM Acquisition Corp |
||||||||
UVP Management, LLC |
||||||||
Vapotherm, Inc. |
||||||||
Pinnacle Treatment Centers, Inc. |
||||||||
High Street Buyer, Inc. |
||||||||
CC SAG Holdings Corp. (Spectrum Automotive) |
||||||||
Crewline Buyer, Inc. |
||||||||
ENS Holdings III Corp, LLC |
||||||||
Vessco Midco Holdings, LLC |
||||||||
TAUC Management, LLC |
||||||||
All States Ag Parts, LLC |
||||||||
Ardelyx, Inc. |
||||||||
Legacy Service Partners, LLC |
||||||||
SLR Equipment Finance* |
||||||||
Medrina, LLC |
||||||||
Exactcare Parent, Inc. |
||||||||
WCI-BXC Purchaser, LLC |
||||||||
Total Commitments |
$ | |
$ | |
||||
| * | The Company controls the funding of these commitments and may cancel them at its discretion. |
Shares |
Amount |
|||||||||||||||
For the three months ended March 31, 2024 |
For the three months ended March 31, 2023 |
For the three months ended March 31, 2024 |
For the three months ended March 31, 2023 |
|||||||||||||
Shares repurchased |
( |
) | $ | $ | ( |
) | ||||||||||
| (1) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor. |
| (2) | Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of March 31, 2024. |
| (3) | Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein. |
| (4) | The Company also holds this security on its Consolidated Statements of Assets and Liabilities. |
| Description |
Industry |
Spread Above Index (1) |
Floor |
Interest Rate (2) |
Maturity Date |
Par Amount |
Cost |
Fair Value (3) |
||||||||||||||||||||||
| Aegis Toxicology Sciences Corporation (4) |
Health Care Providers & Services | S+ |
% | % | $ | $ | $ | |||||||||||||||||||||||
| Alkeme Intermediary Holdings, LLC (4) |
Insurance | S+ |
% | % | ||||||||||||||||||||||||||
| All States Ag Parts, LLC (4) |
Trading Companies & Distributors | S+ |
% | % | ||||||||||||||||||||||||||
| Apex Service Partners, LLC |
Diversified Consumer Services | S+ |
% | % | ||||||||||||||||||||||||||
| Atria Wealth Solutions, Inc. (4) |
Diversified Financial Services | S+ |
% | % | ||||||||||||||||||||||||||
| BayMark Health Services, Inc. (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| CC SAG Holdings Corp. (4) |
Diversified Consumer Services | S+ |
% | % | ||||||||||||||||||||||||||
| CVAUSA Management, LLC (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| ENS Holdings III Corp. & ES Opco USA LLC (4) |
Trading Companies & Distributors | S+ |
% | % | ||||||||||||||||||||||||||
| Erie Construction Mid-west, LLC |
Building Products | S+ |
% | % | ||||||||||||||||||||||||||
| Fertility (ITC) Investment Holdco, LLC (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| Foundation Consumer Brands, LLC (4) |
Personal Products | S+ |
% | % | ||||||||||||||||||||||||||
| GSM Acquisition Corp. (4) |
Leisure Equipment & Products | S+ |
% | % | ||||||||||||||||||||||||||
| Higginbotham Insurance Agency, Inc. (4) |
Insurance | S+ |
% | % | ||||||||||||||||||||||||||
| High Street Buyer, Inc. |
Insurance | S+ |
% | % | ||||||||||||||||||||||||||
| iCIMS, Inc. (4) |
Software | S+ |
% | % | ||||||||||||||||||||||||||
| Kaseya, Inc. (4) |
Software | S+ |
% | % | ||||||||||||||||||||||||||
| Kid Distro Holdings, LLC (4) |
Software | S+ |
% | % | ||||||||||||||||||||||||||
| Maxor Acquisition, Inc. (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| ONS MSO, LLC (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| Pinnacle Treatment Centers, Inc. (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| Plastics Management, LLC (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| RQM+ Corp. (4) |
Life Sciences Tools & Services | S+ |
% | % | ||||||||||||||||||||||||||
| RxSense Holdings LLC (4) |
Diversified Consumer Services | S+ |
% | % | ||||||||||||||||||||||||||
| SunMed Group Holdings, LLC (4) |
Health Care Equipment & Supplies | S+ |
% | % | ||||||||||||||||||||||||||
| The Townsend Company, LLC (4) |
Commercial Services & Supplies | S+ |
% | % | ||||||||||||||||||||||||||
| Tilley Distribution, Inc. (4) |
Trading Companies & Distributors | S+ |
% | % | ||||||||||||||||||||||||||
| Ultimate Baked Goods Midco LLC (4) |
Packaged Foods & Meats | S+ |
% | % | ||||||||||||||||||||||||||
| United Digestive MSO Parent, LLC (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| Urology Management Holdings, Inc. (4) |
Health Care Providers & Services | S+ |
% | % | ||||||||||||||||||||||||||
| Vessco Midco Holdings, LLC (4) |
Water Utilities | S+ |
% | % | ||||||||||||||||||||||||||
| West-NR Parent, Inc.(4) |
Insurance | S+ |
% | % | ||||||||||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||||||||
| $ | $ | |||||||||||||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||||||||
| (1) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor. |
| (2) | Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of December 31, 2023. |
| (3) | Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein. |
| (4) | The Company also holds this security on its Consolidated Statements of Assets and Liabilities. |
March 31, 2024 |
December 31, 2023 |
|||||||
Selected Balance Sheet Information for SSLP: |
||||||||
Investments at fair value (cost $ |
$ | $ | ||||||
Cash and other assets |
||||||||
Total assets |
$ | $ | ||||||
Debt outstanding ($ |
$ | $ | ||||||
Distributions payable |
||||||||
Interest payable and other credit facility related expenses |
||||||||
Accrued expenses and other payables |
||||||||
Total liabilities |
$ | $ | ||||||
Members’ equity |
$ | $ | ||||||
Total liabilities and members’ equity |
$ | $ | ||||||
For the three months ended March 31, 2024 |
For the three months ended March 31, 2023 |
|||||||
Selected Income Statement Information for SSLP: |
||||||||
Interest income |
$ | $ | ||||||
Service fees* |
||||||||
Interest and other credit facility expenses |
||||||||
Other general and administrative expenses |
||||||||
Total expenses |
||||||||
Net investment income |
$ | $ | ||||||
Realized gain on investments |
||||||||
Net change in unrealized gain on investments |
||||||||
Net realized and unrealized gain on investments |
$ | $ | ||||||
Net income |
$ | $ | ||||||
| * | Service fees are included within the Company’s Consolidated Statements of Operations as other income. |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| • | our future operating results, including our ability to achieve objectives; |
| • | our business prospects and the prospects of our portfolio companies; |
| • | the impact of investments that we expect to make; |
| • | our contractual arrangements and relationships with third parties; |
| • | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
| • | the impact of any protracted decline in the liquidity of credit markets on our business; |
| • | the ability of our portfolio companies to achieve their objectives; |
| • | the valuation of our investments in portfolio companies, particularly those having no liquid trading market; |
| • | market conditions and our ability to access alternative debt markets and additional debt and equity capital; |
| • | our expected financings and investments; |
| • | the adequacy of our cash resources and working capital; |
| • | the timing of cash flows, if any, from the operations of our portfolio companies; |
| • | the ability of the Investment Adviser to locate suitable investments for us and to monitor and administer our investments; |
| • | the ability of the Investment Adviser to attract and retain highly talented professionals; |
| • | the ability of the Investment Adviser to adequately allocate investment opportunities among the Company and its other advisory clients; |
| • | any conflicts of interest posed by the structure of the management fee and incentive fee to be paid to the Investment Adviser; |
| • | changes in political, economic or industry conditions, relations between the United States, Russia, Ukraine and other nations, the interest rate environment, certain regional bank failures or conditions affecting the financial and capital markets; |
| • | the escalating conflict in the Middle East; |
| • | changes in the general economy, slowing economy, rising inflation, risk of recession and risks in respect of a failure to increase the U.S. debt ceiling; and |
| • | our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chains and operations. |
| • | an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies; |
| • | a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; |
| • | interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; |
| • | currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; and |
| • | the risks, uncertainties and other factors we identify in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the Securities and Exchange Commission (the “SEC”). |
| • | the cost of our organization and public offerings; |
| • | the cost of calculating our net asset value, including the cost of any third-party valuation services; |
| • | the cost of effecting sales and repurchases of our shares and other securities; |
| • | interest payable on debt, if any, to finance our investments; |
| • | fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence reviews of prospective investments and advisory fees; |
| • | transfer agent and custodial fees; |
| • | fees and expenses associated with marketing efforts; |
| • | federal and state registration fees, any stock exchange listing fees; |
| • | federal, state and local taxes; |
| • | independent directors’ fees and expenses; |
| • | brokerage commissions; |
| • | fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums; |
| • | direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; |
| • | fees and expenses associated with independent audits and outside legal costs; |
| • | costs associated with our reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws; and |
| • | all other expenses incurred by either SLR Capital Management or us in connection with administering our business, including payments under the Administration Agreement that will be based upon our allocable portion of overhead and other expenses incurred by SLR Capital Management in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and our allocable portion of the costs of compensation and related expenses of our chief compliance officer and our chief financial officer and their respective staffs. |
* |
We have included SLR Credit Solutions, SLR Equipment Finance, SLR Healthcare ABL, SLR Business Credit and Kingsbridge Holdings, LLC within our income producing investment portfolio. |
| (1) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor. |
| (2) | Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of March 31, 2024. |
| (3) | Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein. |
| (4) | The Company also holds this security on its Consolidated Statements of Assets and Liabilities. |
Description |
Industry |
Spread Above Index (1) |
Floor |
Interest Rate (2) |
Maturity Date |
Par Amount |
Cost |
Fair Value (3) |
||||||||||||||||||||||
Aegis Toxicology Sciences Corporation (4) |
Health Care Providers & Services |
S+550 | 1.00 | % | 11.13 | % | 5/9/25 | $ | 2,947 | $ | 2,947 | $ | 2,947 | |||||||||||||||||
Alkeme Intermediary Holdings, LLC (4) |
Insurance |
S+650 | 1.00 | % | 11.96 | % | 10/28/26 | 3,017 | 2,934 | 3,017 | ||||||||||||||||||||
All States Ag Parts, LLC (4) |
Trading Companies & Distributors |
S+600 | 1.00 | % | 11.61 | % | 9/1/26 | 2,133 | 2,133 | 2,133 | ||||||||||||||||||||
Apex Service Partners, LLC |
Diversified Consumer Services |
S+700 | 1.00 | % | 11.87 | % | 10/24/30 | 4,905 | 4,784 | 4,783 | ||||||||||||||||||||
Atria Wealth Solutions, Inc. (4) |
Diversified Financial Services |
S+650 | 1.00 | % | 11.97 | % | 5/31/24 | 2,468 | 2,468 | 2,468 | ||||||||||||||||||||
BayMark Health Services, Inc. (4) |
Health Care Providers & Services |
S+500 | 1.00 | % | 10.61 | % | 6/11/27 | 4,033 | 4,033 | 4,033 | ||||||||||||||||||||
CC SAG Holdings Corp. (4) |
Diversified Consumer Services |
S+575 | 0.75 | % | 11.22 | % | 6/29/28 | 8,969 | 8,969 | 8,969 | ||||||||||||||||||||
CVAUSA Management, LLC (4) |
Health Care Providers & Services |
S+650 | 1.00 | % | 11.74 | % | 5/22/29 | 5,412 | 5,251 | 5,412 | ||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (4) |
Trading Companies & Distributors |
S+475 | 1.00 | % | 10.20 | % | 12/31/25 | 1,086 | 1,086 | 1,086 | ||||||||||||||||||||
Erie Construction Mid-west, LLC |
Building Products |
S+475 | 1.00 | % | 10.20 | % | 7/30/27 | 8,457 | 8,457 | 8,457 | ||||||||||||||||||||
Fertility (ITC) Investment Holdco, LLC (4) |
Health Care Providers & Services |
S+650 | 1.00 | % | 11.97 | % | 1/3/29 | 5,955 | 5,791 | 5,955 | ||||||||||||||||||||
Foundation Consumer Brands, LLC (4) |
Personal Products |
S+625 | 1.00 | % | 11.79 | % | 2/12/27 | 8,641 | 8,641 | 8,641 | ||||||||||||||||||||
GSM Acquisition Corp. (4) |
Leisure Equipment & Products |
S+500 | 1.00 | % | 10.47 | % | 11/16/26 | 8,541 | 8,541 | 8,541 | ||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (4) |
Insurance |
S+550 | 1.00 | % | 10.96 | % | 11/25/28 | 7,573 | 7,573 | 7,573 | ||||||||||||||||||||
High Street Buyer, Inc. |
Insurance |
S+575 | 0.75 | % | 11.25 | % | 4/16/28 | 7,604 | 7,604 | 7,604 | ||||||||||||||||||||
iCIMS, Inc.(4) |
Software |
S+725 | 0.75 | % | 12.62 | % | 8/18/28 | 3,089 | 3,066 | 3,089 | ||||||||||||||||||||
Kaseya, Inc.(4) |
Software |
S+600 | 0.75 | % | 11.38 | % | 6/23/29 | 9,058 | 9,058 | 9,058 | ||||||||||||||||||||
Kid Distro Holdings, LLC(4) |
Software |
S+550 | 1.00 | % | 11.00 | % | 10/1/27 | 8,939 | 8,939 | 8,939 | ||||||||||||||||||||
Maxor Acquisition, Inc.(4) |
Health Care Providers & Services |
S+675 | 1.00 | % | 12.48 | % | 3/1/29 | 6,120 | 5,940 | 6,120 | ||||||||||||||||||||
ONS MSO, LLC(4) |
Health Care Providers & Services |
S+625 | 1.00 | % | 11.62 | % | 7/8/26 | 5,922 | 5,784 | 5,922 | ||||||||||||||||||||
Pinnacle Treatment Centers, Inc.(4) |
Health Care Providers & Services |
S+650 | 1.00 | % | 11.95 | % | 1/2/26 | 6,951 | 6,951 | 6,951 | ||||||||||||||||||||
Plastics Management, LLC(4) |
Health Care Providers & Services |
S+500 | 1.00 | % | 10.45 | % | 8/18/27 | 5,637 | 5,471 | 5,637 | ||||||||||||||||||||
RQM+ Corp.(4) |
Life Sciences Tools & Services |
S+575 | 1.00 | % | 11.36 | % | 8/12/26 | 5,955 | 5,955 | 5,955 | ||||||||||||||||||||
RxSense Holdings LLC(4) |
Diversified Consumer Services |
S+500 | 1.00 | % | 10.48 | % | 3/13/26 | 8,968 | 8,968 | 8,968 | ||||||||||||||||||||
SunMed Group Holdings, LLC(4) |
Health Care Equipment & Supplies |
S+550 | 0.75 | % | 10.96 | % | 6/16/28 | 8,948 | 8,948 | 8,948 | ||||||||||||||||||||
The Townsend Company, LLC(4) |
Commercial Services & Supplies |
S+625 | 1.00 | % | 11.61 | % | 8/15/29 | 3,642 | 3,555 | 3,642 | ||||||||||||||||||||
Tilley Distribution, Inc.(4) |
Trading Companies & Distributors |
S+600 | 1.00 | % | 11.50 | % | 12/31/26 | 5,850 | 5,850 | 5,850 | ||||||||||||||||||||
Ultimate Baked Goods Midco LLC(4) |
Packaged Foods & Meats |
S+625 | 1.00 | % | 11.71 | % | 8/13/27 | 8,954 | 8,954 | 8,865 | ||||||||||||||||||||
United Digestive MSO Parent, LLC(4) |
Health Care Providers & Services |
S+675 | 1.00 | % | 12.25 | % | 3/30/29 | 3,411 | 3,311 | 3,411 | ||||||||||||||||||||
Urology Management Holdings, Inc.(4) |
Health Care Providers & Services |
S+650 | 1.00 | % | 11.93 | % | 6/15/26 | 3,179 | 3,102 | 3,155 | ||||||||||||||||||||
Vessco Midco Holdings, LLC(4) |
Water Utilities |
S+450 | 1.00 | % | 9.96 | % | 11/2/26 | 4,304 | 4,304 | 4,304 | ||||||||||||||||||||
West-NR Parent, Inc.(4) |
Insurance |
S+625 | 1.00 | % | 11.70 | % | 12/27/27 | 6,822 | 6,691 | 6,822 | ||||||||||||||||||||
| $ | 186,059 | $ | 187,255 | |||||||||||||||||||||||||||
| (1) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor. |
| (2) | Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of December 31, 2023. |
| (3) | Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein. |
| (4) | The Company also holds this security on its Consolidated Statements of Assets and Liabilities. |
March 31, 2024 |
December 31, 2023 |
|||||||
Selected Balance Sheet Information for SSLP (in thousands): |
||||||||
Investments at fair value (cost $215,226 and $186,059, respectively) |
$ | 216,931 | $ | 187,255 | ||||
Cash and other assets |
8,202 | 8,613 | ||||||
Total assets |
$ | 225,133 | $ | 195,868 | ||||
Debt outstanding ($124,520 and $106,900 face amounts, respectively, reported net of unamortized debt issuance costs of $1,914 and $1,697, respectively) |
$ | 122,606 | $ | 105,203 | ||||
Distributions payable |
2,875 | 1,900 | ||||||
Interest payable and other credit facility related expenses |
579 | 551 | ||||||
Accrued expenses and other payables |
559 | 416 | ||||||
Total liabilities |
$ | 126,619 | $ | 108,070 | ||||
Members’ equity |
$ | 98,514 | $ | 87,798 | ||||
Total liabilities and members’ equity |
$ | 225,133 | $ | 195,868 | ||||
For the three months ended March 31, 2024 |
For the three months ended March 31, 2023 |
|||||||
Selected Income Statement Information for SSLP (in thousands): |
||||||||
Interest income |
$ | 5,969 | $ | 1,009 | ||||
Service fees* |
125 | 19 | ||||||
Interest and other credit facility expenses |
2,718 | 805 | ||||||
Other general and administrative expenses |
44 | 38 | ||||||
Total expenses |
2,887 | 862 | ||||||
Net investment income |
$ | 3,082 | $ | 147 | ||||
Realized gain on investments |
— | 30 | ||||||
Net change in unrealized gain on investments |
509 | 40 | ||||||
Net realized and unrealized gain on investments |
$ | 509 | $ | 70 | ||||
Net income |
$ | 3,591 | $ | 217 | ||||
| * | Service fees are included within the Company’s Consolidated Statements of Operations as other income. |
Total |
Less than 1 Year |
1-3 Years |
3-5 Years |
More Than 5 Years |
||||||||||||||||
Revolving credit facilities (1) |
$ | 592.3 | $ | — | $ | 592.3 | $ | — | $ | — | ||||||||||
Unsecured senior notes |
470.0 | 210.0 | 260.0 | — | — | |||||||||||||||
Term loans |
100.0 | — | 100.0 | — | — | |||||||||||||||
| (1) | As of March 31, 2024, we had a total of $267.8 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits. |
Class and Year |
Total Amount Outstanding(1) |
Asset Coverage Per Unit(2) |
Involuntary Liquidating Preference Per Unit(3) |
Average Market Value Per Unit(4) |
||||||||||||
Credit Facility |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
$ | $ | N/A | |||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Fiscal 2016 |
N/A | |||||||||||||||
Fiscal 2015 |
N/A | |||||||||||||||
Fiscal 2014 |
N/A | |||||||||||||||
SPV Credit Facility |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
2022 Unsecured Notes |
||||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Fiscal 2016 |
N/A | |||||||||||||||
2022 Tranche C Notes |
||||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
2023 Unsecured Notes |
||||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Class and Year |
Total Amount Outstanding(1) |
Asset Coverage Per Unit(2) |
Involuntary Liquidating Preference Per Unit(3) |
Average Market Value Per Unit(4) |
||||||||||||
2024 Unsecured Notes |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
2025 Unsecured Notes |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
2026 Unsecured Notes |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
2027 Unsecured Notes |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
2027 Series F Unsecured Notes |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
2042 Unsecured Notes |
||||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Fiscal 2016 |
$ | |||||||||||||||
Fiscal 2015 |
||||||||||||||||
Fiscal 2014 |
||||||||||||||||
Senior Secured Notes |
||||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Fiscal 2016 |
N/A | |||||||||||||||
Fiscal 2015 |
N/A | |||||||||||||||
Fiscal 2014 |
N/A | |||||||||||||||
Term Loans |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
N/A | |||||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Fiscal 2016 |
N/A | |||||||||||||||
Fiscal 2015 |
N/A | |||||||||||||||
Fiscal 2014 |
N/A | |||||||||||||||
NEFPASS Facility |
||||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
SSLP Facility |
||||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Total Senior Securities |
||||||||||||||||
Fiscal 2024 (through March 31, 2024) |
$ | $ | N/A | |||||||||||||
Fiscal 2023 |
N/A | |||||||||||||||
Fiscal 2022 |
N/A | |||||||||||||||
Fiscal 2021 |
N/A | |||||||||||||||
Fiscal 2020 |
N/A | |||||||||||||||
Fiscal 2019 |
N/A | |||||||||||||||
Fiscal 2018 |
N/A | |||||||||||||||
Fiscal 2017 |
N/A | |||||||||||||||
Fiscal 2016 |
N/A | |||||||||||||||
Fiscal 2015 |
N/A | |||||||||||||||
Fiscal 2014 |
N/A |
| (1) | Total amount of each class of senior securities outstanding (in thousands) at the end of the period presented. |
| (2) | The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by all senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the Asset Coverage Per Unit. In order to determine the specific Asset Coverage Per Unit for each class of debt, the total Asset Coverage Per Unit is allocated based on the amount outstanding in each class of debt at the end of the period. As of March 31, 2024, asset coverage was 185.4%. |
| (3) | The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. |
| (4) | Not applicable except for the 2042 Unsecured Notes which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. The average market value for the fiscal 2016, 2015 and 2014 periods was $100,175, $98,196 and $94,301, respectively. |
(in millions) |
March 31, 2024 |
December 31, 2023 |
||||||
SLR Credit Solutions* |
$ | 44.3 | $ | 44.3 | ||||
BDG Media, Inc. |
14.5 | 10.1 | ||||||
Southern Orthodontic Partners Management, LLC |
12.9 | 17.9 | ||||||
CVAUSA Management, LLC |
10.2 | 10.2 | ||||||
iCIMS, Inc. |
10.0 | 9.8 | ||||||
Western Veterinary Partners LLC |
9.8 | — | ||||||
Copper River Seafoods, Inc. |
9.5 | 7.1 | ||||||
SPAR Marketing Force, Inc. |
7.9 | 8.3 | ||||||
Alkeme Intermedia ry Holdings, LLC |
7.3 | 8.5 | ||||||
DeepIntent, Inc. |
6.9 | 3.9 | ||||||
Retina Midco, Inc. |
6.9 | 9.4 | ||||||
One Touch Direct, LLC |
6.7 | 4.1 | ||||||
Orthopedic Care Partners Management, LLC |
6.7 | 20.8 | ||||||
SPR Therapeutics, Inc. |
6.1 | — | ||||||
Peter C. Foy & Associates Insurance Services, LLC |
5.1 | 5.1 | ||||||
West-NR Parent, Inc. |
5.0 | 5.0 | ||||||
33 Across Inc. |
4.7 | — | ||||||
Luxury Asset Capital, LLC |
4.5 | 4.5 | ||||||
United Digestive MSO Parent, LLC |
3.5 | 3.9 | ||||||
The Townsend Company, LLC |
3.4 | 3.3 | ||||||
Vertos Medical, Inc. |
3.3 | 3.3 | ||||||
Foundation Consumer Brands, LLC |
3.0 | 3.0 | ||||||
Kid Distro Holdings, LLC |
2.7 | 2.7 | ||||||
Erie Construction Mid-west, LLC |
2.4 | 2.4 | ||||||
Ultimate Baked Goods Midco LLC |
2.4 | 2.4 | ||||||
Brainjolt LLC |
2.2 | — | ||||||
Basic Fun, Inc. |
2.1 | 2.1 | ||||||
SLR Senior Lending Program LLC* |
2.1 | 7.1 | ||||||
Bayside Opco, LLC |
2.1 | 2.1 | ||||||
(in millions) |
March 31, 2024 |
December 31, 2023 |
||||||
Kaseya, Inc. |
1.9 | 3.8 | ||||||
SunMed Group Holdings, LLC |
1.6 | 1.6 | ||||||
AMF Levered II, LLC |
1.6 | 3.2 | ||||||
Urology Management Holdings, Inc. |
1.5 | 1.5 | ||||||
Sightly Enterprises, Inc. |
1.5 | — | ||||||
SLR Healthcare ABL* |
1.4 | 1.4 | ||||||
RxSense Holdings LLC |
1.3 | 1.3 | ||||||
Tilley Distribution, Inc. |
1.2 | 1.2 | ||||||
SCP Eye Care, LLC |
1.0 | 1.0 | ||||||
GSM Acquisition Corp |
0.9 | 0.9 | ||||||
UVP Management, LLC |
0.8 | 2.9 | ||||||
Vapotherm, Inc. |
0.7 | — | ||||||
Pinnacle Treatment Centers, Inc. |
0.6 | 0.6 | ||||||
High Street Buyer, Inc. |
0.6 | 0.6 | ||||||
CC SAG Holdings Corp. (Spectrum Automotive) |
0.5 | 0.5 | ||||||
Crewline Buyer, Inc. |
0.5 | 0.5 | ||||||
ENS Holdings III Corp, LLC |
0.3 | 0.6 | ||||||
Vessco Midco Holdings, LLC |
0.3 | 0.3 | ||||||
TAUC Management, LLC |
0.3 | 0.3 | ||||||
All States Ag Parts, LLC |
0.2 | 0.3 | ||||||
Ardelyx, Inc. |
— | 15.9 | ||||||
Legacy Service Partners, LLC |
— | 5.4 | ||||||
SLR Equipment Finance* |
— | 2.1 | ||||||
Medrina, LLC |
— | 0.8 | ||||||
Exactcare Parent, Inc. |
— | 0.4 | ||||||
WCI-BXC Purchaser, LLC |
— | 0.3 | ||||||
Total Commitments |
$ | 226.9 | $ | 248.7 | ||||
| * | The Company controls the funding of these commitments and may cancel them at its discretion. |
Date Declared |
Record Date |
Payment Date |
Amount |
|||||||||
Fiscal 2024 |
||||||||||||
May 8, 2024 |
June 13, 2024 | June 27, 2024 | $ | 0.41 | ||||||||
February 27, 2024 |
March 14, 2024 | March 28, 2024 | 0.41 | |||||||||
Total 2024 |
$ | 0.82 | ||||||||||
Fiscal 2023 |
||||||||||||
November 7, 2023 |
December 14, 2023 | December 28, 2023 | $ | 0.41 | ||||||||
September 5, 2023 |
September 20, 2023 | September 28, 2023 | 0.136667 | |||||||||
August 8, 2023 |
August 18, 2023 | August 30, 2023 | 0.136667 | |||||||||
July 5, 2023 |
July 20, 2023 | August 1, 2023 | 0.136667 | |||||||||
June 1, 2023 |
June 20, 2023 | June 29, 2023 | 0.136667 | |||||||||
May 10, 2023 |
May 24, 2023 | June 1, 2023 | 0.136667 | |||||||||
April 4, 2023 |
April 20, 2023 | May 2, 2023 | 0.136667 | |||||||||
February 28, 2023 |
March 23, 2023 | April 4, 2023 | 0.136667 | |||||||||
February 2, 2023 |
February 16, 2023 | March 1, 2023 | 0.136667 | |||||||||
January 10, 2023. |
January 26, 2023 | February 2, 2023 | 0.136667 | |||||||||
Total 2023 |
$ | 1.64 | ||||||||||
Date Declared |
Record Date |
Payment Date |
Amount |
|||||||||
Fiscal 2022 |
||||||||||||
December 6, 2022 |
December 22, 2022 | January 5, 2023 | $ | 0.136667 | ||||||||
November 2, 2022 |
November 17, 2022 | December 1, 2022 | 0.136667 | |||||||||
October 5, 2022 |
October 20, 2022 | November 2, 2022 | 0.136667 | |||||||||
September 2, 2022 |
September 20, 2022 | October 4, 2022 | 0.136667 | |||||||||
August 2, 2022 |
August 18, 2022 | September 1, 2022 | 0.136667 | |||||||||
July 6, 2022 |
July 21, 2022 | August 2, 2022 | 0.136667 | |||||||||
June 3, 2022 |
June 23, 2022 | July 5, 2022 | 0.136667 | |||||||||
May 3, 2022 |
May 19, 2022 | June 2, 2022 | 0.136667 | |||||||||
April 4, 2022 |
April 21, 2022 | May 3, 2022 | 0.136667 | |||||||||
March 1, 2022 |
March 18, 2022 | April 1, 2022 | 0.41 | |||||||||
Total 2022 |
$ | 1.64 | ||||||||||
| • | We have entered into the Advisory Agreement with the Investment Adviser. Mr. Gross, our Chairman, Co-Chief Executive Officer and President, and Mr. Spohler, our Co-Chief Executive Officer, Chief Operating Officer and board member, are managing members and senior investment professionals of, and have financial and controlling interests in, the Investment Adviser. In addition, Mr. Kajee, our Chief Financial Officer and Treasurer, serves as the Chief Financial Officer for the Investment Adviser and Mr. Talarico, our Chief Compliance Officer and Secretary, serves as Partner, General Counsel and Chief Compliance Officer for the Investment Adviser. |
| • | The Administrator provides us with the office facilities and administrative services necessary to conduct day-to-day |
| • | We have entered into a license agreement with the Investment Adviser, pursuant to which the Investment Adviser has granted us a non-exclusive, royalty-free license to use the licensed marks “SOLAR” and “SLR”. |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Increase (Decrease) in SOFR |
(1.00 | %) | 1.00 | % | ||||
Increase (Decrease) in Net Investment Income Per Share Per Year |
$ | (0.07 | ) | $ | 0.08 |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
| (1) | Previously filed in connection with SLR Investment Corp.’s registration statement on Form N-2 Pre-Effective Amendment No. 7 (File No. 333-148734) filed on January 7, 2010. |
| (2) | Previously filed in connection with SLR Investment Corp.’s registration statement on Form N-2 (File No 333-148734) filed on February 9, 2010. |
| (3) | Previously filed in connection with SLR Investment Corp.’s registration statement on Form N-2 Post-Effective Amendment No. 6 (File No. 333-172968) filed on November 16, 2012. |
| (4) | Previously filed in connection with SLR Investment Corp.’s report on Form 8-K filed on December 1, 2021. |
| * | Filed herewith. |
| SLR INVESTMENT CORP. | ||
| By: | /s/ M ICHAEL S. GROSS | |
Michael S. Gross Co-Chief Executive Officer (Principal Executive Officer) | ||
| By: | /s/ B RUCE J. SPOHLER | |
Bruce J. Spohler Co-Chief Executive Officer (Principal Executive Officer) | ||
| By: | /s/ S HIRAZ Y. KAJEE | |
Shiraz Y. Kajee Chief Financial Officer (Principal Financial and Accounting Officer) | ||