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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/07/23 SLR Investment Corp. 10-Q 9/30/23 85:19M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 5.23M 2: EX-23.1 Consent of Expert or Counsel HTML 23K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 26K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 26K 5: EX-31.3 Certification -- §302 - SOA'02 HTML 26K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 24K 7: EX-32.2 Certification -- §906 - SOA'02 HTML 24K 8: EX-32.3 Certification -- §906 - SOA'02 HTML 23K 14: R1 Cover Page HTML 76K 15: R2 Consolidated Statements of Assets And Liabilities HTML 114K 16: R3 Consolidated Statements of Assets And Liabilities HTML 51K (Parenthetical) 17: R4 Consolidated Statements of Operations HTML 103K 18: R5 Consolidated Statements of Changes In Net Assets HTML 81K 19: R6 Consolidated Statements of Cash Flows HTML 101K 20: R7 Consolidated Statements of Cash Flows HTML 28K (Parenthetical) 21: R8 Consolidated Schedule of Investments HTML 2.41M 22: R9 Consolidated Schedule of Investments HTML 225K (Parenthetical) 23: R10 Insider Trading Arrangements HTML 30K 24: R11 N-2 HTML 443K 25: R12 Organization HTML 30K 26: R13 Significant Accounting Policies HTML 53K 27: R14 Agreements HTML 33K 28: R15 Net Asset Value Per Share HTML 26K 29: R16 Earnings Per Share HTML 34K 30: R17 Fair Value HTML 171K 31: R18 Debt HTML 61K 32: R19 Financial Highlights HTML 52K 33: R20 SLR Credit Solutions HTML 28K 34: R21 SLR Equipment Finance HTML 36K 35: R22 Kingsbridge Holdings, LLC HTML 29K 36: R23 SLR Healthcare ABL HTML 28K 37: R24 SLR Business Credit HTML 29K 38: R25 Commitments and Contingencies HTML 83K 39: R26 Capital Share Transactions HTML 43K 40: R27 Stock Repurchase Program HTML 32K 41: R28 SLR Senior Lending Program LLC HTML 164K 42: R29 Subsequent Events HTML 26K 43: R30 Earnings Per Share (Tables) HTML 33K 44: R31 Fair Value (Tables) HTML 169K 45: R32 Debt (Tables) HTML 51K 46: R33 Financial Highlights (Tables) HTML 52K 47: R34 Commitments and Contingencies (Tables) HTML 80K 48: R35 Capital Share Transactions (Tables) HTML 43K 49: R36 SLR Senior Lending Program LLC (Tables) HTML 163K 50: R37 Organization - Additional Information (Details) HTML 47K 51: R38 Significant Accounting Policies - Additional HTML 32K Information (Details) 52: R39 Agreements - Additional Information (Details) HTML 53K 53: R40 Net Asset Value Per Share - Additional Information HTML 31K (Details) 54: R41 Earnings Per Share - Summary of Computation of HTML 44K Basic and Diluted Net (Details) 55: R42 Fair Value - Summary of Assets and Liabilities HTML 69K Measured at Fair Value on a Recurring Basis (Details) 56: R43 Fair Value - Summary of Changes in Fair Value of HTML 67K Level 3 Assets and Liabilities (Details) 57: R44 Fair Value - Summary of Fair Valued Liabilities HTML 39K measured using Significant Unobservable Inputs (Level 3) (Details) 58: R45 Fair Value - Summary of Fair Valued Liabilities HTML 44K measured using Significant Unobservable Inputs (Level 3) (Parenthetical) (Details) 59: R46 Fair Value - Summary of Quantitative Information HTML 58K about the Company's Level 3 Asset and Liability (Details) 60: R47 Fair Value - Summary of Quantitative Information HTML 81K about the Company's Level 3 Asset and Liability (Parenthetical) (Details) 61: R48 Debt - Schedule of Long-term Debt Instruments HTML 63K (Details) 62: R49 Debt - Schedule of Long-term Debt Instruments HTML 51K (Parenthetical) (Details) 63: R50 Debt - Additional Information (Details) HTML 143K 64: R51 Financial Highlights - Schedule of Financial HTML 67K Highlights (Details) 65: R52 Financial Highlights - Schedule of Financial HTML 30K Highlights (Parentheticals) (Details) 66: R53 SLR Credit Solutions - Additional Information HTML 85K (Details) 67: R54 SLR Equipment Finance - Additional Information HTML 78K (Details) 68: R55 Kingsbridge Holdings, LLC - Additional Information HTML 69K (Details) 69: R56 SLR Healthcare ABL - Additional Information HTML 92K (Details) 70: R57 SLR Business Credit - Additional Information HTML 107K (Details) 71: R58 Commitments and Contingencies - Additional HTML 26K Information (Details) 72: R59 Commitments and Contingencies - Summary of HTML 199K Unfunded Debt and Equity Commitments (Details) 73: R60 Capital Share Transactions - Additional HTML 28K Information (Details) 74: R61 Capital Share Transactions - Summary of HTML 43K Transactions In Capital Stock (Details) 75: R62 Stock Repurchase Program - Additional Information HTML 38K (Details) 76: R63 SLR Senior Lending Program LLC - Summary of SSLP's HTML 228K portfolio (Details) 77: R64 SLR Senior Lending Program LLC - Summary financial HTML 125K information for SSLP (Details) 78: R65 SLR Senior Lending Program LLC - Summary financial HTML 33K information for SSLP (Parenthetical) (Details) 79: R66 SLR Senior Lending Program LLC - Additional HTML 76K Information (Details) 80: R67 Subsequent Events - Additional Information HTML 28K (Details) 83: XML IDEA XML File -- Filing Summary XML 146K 81: XML XBRL Instance -- d458881d10q_htm XML 9.30M 82: EXCEL IDEA Workbook of Financial Report Info XLSX 355K 10: EX-101.CAL XBRL Calculations -- slrc-20230930_cal XML 105K 11: EX-101.DEF XBRL Definitions -- slrc-20230930_def XML 1.19M 12: EX-101.LAB XBRL Labels -- slrc-20230930_lab XML 1.42M 13: EX-101.PRE XBRL Presentations -- slrc-20230930_pre XML 1.28M 9: EX-101.SCH XBRL Schema -- slrc-20230930 XSD 310K 84: JSON XBRL Instance as JSON Data -- MetaLinks 625± 879K 85: ZIP XBRL Zipped Folder -- 0001193125-23-272454-xbrl Zip 546K
10-Q |
i ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
i ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
i Maryland |
i 26-1381340 | |
(State of Incorporation) |
(I.R.S. Employer Identification No.) | |
i 500 Park Avenue i New York, N.Y. |
i 10022 | |
(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
i Common Stock, par value $0.01 per share |
i SLRC |
i The NASDAQ Global Select Market |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller Reporting company | i ☐ | |||
Emerging growth company | i ☐ |
PAGE |
||||||
Item 1. |
3 | |||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Consolidated Schedule of Investments as of December 31, 2022 | 12 | |||||
Notes to Consolidated Financial Statements (unaudited) | 17 | |||||
Report of Independent Registered Public Accounting Firm | 38 | |||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 39 | ||||
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk | 58 | ||||
Item 4. |
Controls and Procedures | 58 | ||||
Item 1. |
Legal Proceedings | 59 | ||||
Item 1A. |
Risk Factors | 59 | ||||
Item 2. |
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 61 | ||||
Item 3. |
Defaults Upon Senior Securities | 61 | ||||
Item 4. |
Mine Safety Disclosures | 61 | ||||
Item 5. |
Other Information | 61 | ||||
Item 6. |
Exhibits | 61 | ||||
Signatures | 63 |
Item 1. |
Financial Statements |
September 30, 2023 (unaudited) |
||||||||
Assets |
||||||||
Investments at fair value: |
||||||||
Companies less than 5% owned (cost: $ i 1,305,572 and $ i 1,312,701, respectively)
|
$ | i 1,320,729 | $ | i 1,289,082 | ||||
Companies 5% to 25% owned (cost: $ i 59,983 and $ i 0,
respectively) |
i 43,405 | i — | ||||||
Companies more than 25% owned (cost: $ i 839,062 and $ i 821,886, respectively)
|
i 806,922 | i 797,594 | ||||||
Cash |
i 10,266 | i 10,743 | ||||||
Cash equivalents (cost: $ i 332,557 and $ i 417,590, respectively) |
i 332,557 | i 417,590 | ||||||
Dividends receivable |
i 10,993 | i 11,192 | ||||||
Interest receivable |
i 11,828 | i 9,706 | ||||||
Receivable for investments sold |
i 1,598 | i 1,124 | ||||||
Prepaid expenses and other assets |
i 788 | i 664 | ||||||
|
|
|
|
|||||
Total assets |
$ | i 2,539,086 | $ | i 2,537,695 | ||||
|
|
|
|
|||||
Liabilities |
||||||||
Debt ($ i 1,197,750 and $ i 1,093,200 face amounts, respectively, reported net of unamortized debt issuance costs of $ i 5,996
and $ i 7,202, respectively. See notes 6 and 7) |
$ | i 1,191,754 | $ | i 1,085,998 | ||||
Payable for investments and cash equivalents purchased |
i 332,557 | i 417,611 | ||||||
Distributions payable |
i — | i 7,481 | ||||||
Management fee payable (see note 3) |
i 8,051 | i 7,964 | ||||||
Performance-based incentive fee payable (see note 3) |
i 5,621 | i 5,422 | ||||||
Interest payable (see note 7) |
i 7,416 | i 7,943 | ||||||
Administrative services payable (see note 3) |
i 3,678 | i 1,488 | ||||||
Other liabilities and accrued expenses |
i 4,624 | i 4,057 | ||||||
|
|
|
|
|||||
Total liabilities |
$ | i 1,553,701 | $ | i 1,537,964 | ||||
|
|
|
|
|||||
Commitments and contingencies (see note 14) |
i | i | ||||||
Net Assets |
||||||||
Common stock, par value $ i i 0.01 /
per share, i 200,000,000 and i 200,000,000 common shares authorized, respectively, and i i 54,554,634 /
and i i 54,555,380 / shares issued and outstanding, respectively |
$ | i 546 | $ | i 546 | ||||
Paid-in capital in excess of par |
i 1,162,559 | i 1,162,569 | ||||||
Accumulated distributable net loss |
( i 177,720 | ) | ( i 163,384 | ) | ||||
|
|
|
|
|||||
Total net assets |
$ | i 985,385 | $ | i 999,731 | ||||
|
|
|
|
|||||
Net Asset Value Per Share |
$ | i 18.06 | $ | i 18.33 | ||||
|
|
|
|
Three months ended |
Nine months ended |
|||||||||||||||
INVESTMENT INCOME: |
||||||||||||||||
Interest: |
||||||||||||||||
Companies less than 5% owned |
$ | i 43,696 | $ | i 32,933 | $ | i 122,301 | $ | i 82,450 | ||||||||
Companies 5% to 25% owned |
i 816 | i — | i 1,081 | i — | ||||||||||||
Companies more than 25% owned |
i 2,879 | i 2,431 | i 8,404 | i 6,914 | ||||||||||||
Dividends: |
||||||||||||||||
Companies more than 25% owned |
i 11,429 | i 11,969 | i 33,782 | i 32,767 | ||||||||||||
Other income: |
||||||||||||||||
Companies less than 5% owned |
i 735 | i 234 | i 3,814 | i 1,222 | ||||||||||||
Companies more than 25% owned |
i 86 | i — | i 143 | i — | ||||||||||||
Total investment income |
i 59,641 | i 47,567 | i 169,525 | i 123,353 | ||||||||||||
EXPENSES: |
||||||||||||||||
Management fees (see note 3) |
$ | i 8,051 | $ | i 7,890 | $ | i 23,635 | $ | i 22,019 | ||||||||
Performance-based incentive fees (see note 3) |
i 5,796 | i 4,965 | i 16,943 | i 9,699 | ||||||||||||
Interest and other credit facility expenses (see note 7) |
i 19,874 | i 12,784 | i 53,002 | i 31,464 | ||||||||||||
Administrative services expense (see note 3) |
i 1,575 | i 1,132 | i 4,563 | i 3,684 | ||||||||||||
Other general and administrative expenses |
i 1,161 | i 935 | i 3,610 | i 4,212 | ||||||||||||
Total expenses |
i 36,457 | i 27,706 | i 101,753 | i 71,078 | ||||||||||||
Performance-based incentive fees waived (see note 3) |
( i 175 | ) | ( i 194 | ) | ( i 410 | ) | ( i 1,552 | ) | ||||||||
Net expenses |
i 36,282 | i 27,512 | i 101,343 | i 69,526 | ||||||||||||
Net investment income |
$ | i 23,359 | $ | i 20,055 | $ | i 68,182 | $ | i 53,827 | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: |
||||||||||||||||
Net realized loss on investments and cash equivalents (companies less than 5% owned) |
$ | ( i 30,951 | ) | $ | ( i 37,326 | ) | $ | ( i 29,766 | ) | $ | ( i 37,401 | ) | ||||
Net change in unrealized gain (loss) on investments and cash equivalents: |
||||||||||||||||
Companies less than 5% owned |
i 33,439 | i 28,783 | i 24,349 | i 3,521 | ||||||||||||
Companies 5% to 25% owned |
i 1,065 | i — | ( i 2,151 | ) | i — | |||||||||||
Companies more than 25% owned |
i 35 | i 2,016 | ( i 7,848 | ) | ( i 20,602 | ) | ||||||||||
Net change in unrealized gain (loss) on investments and cash equivalents |
i 34,539 | i 30,799 | i 14,350 | ( i 17,081 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments and cash equivalents |
i 3,588 | ( i 6,527 | ) | ( i 15,416 | ) | ( i 54,482 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | i 26,947 | $ | i 13,528 | $ | i 52,766 | $ | ( i 655 | ) | |||||||
EARNINGS (LOSS) PER SHARE (see note 5) |
$ | i i 0.49 / | $ | i i 0.25 / | $ | i i 0.97 / | $ | ( i i 0.01 / | ) | |||||||
Three months ended |
Nine months ended |
|||||||||||||||
Increase (decrease) in net assets resulting from operations: |
||||||||||||||||
Net investment income |
$ | i 23,359 | $ | i 20,055 | $ | i 68,182 | $ | i 53,827 | ||||||||
Net realized loss |
( i 30,951 | ) | ( i 37,326 | ) | ( i 29,766 | ) | ( i 37,401 | ) | ||||||||
Net change in unrealized gain (loss) |
i 34,539 | i 30,799 | i 14,350 | ( i 17,081 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
i 26,947 | i 13,528 | i 52,766 | ( i 655 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to stockholders: |
||||||||||||||||
From net investment income |
( i 22,367 | ) | ( i 20,055 | ) | ( i 67,102 | ) | ( i 53,827 | ) | ||||||||
From return of capital |
i — | ( i 2,401 | ) | i — | ( i 8,413 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net distributions to stockholders |
( i 22,367 | ) | ( i 22,456 | ) | ( i 67,102 | ) | ( i 62,240 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Capital transactions : |
||||||||||||||||
Issuance of common stock |
i — | i — | i — | i 226,839 | ||||||||||||
Repurchases of common stock |
i — | i — | ( i 10 | ) | i — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net capital transactions |
i — | i — | ( i 10 | ) | i 226,839 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase (decrease) in net assets |
i 4,580 | ( i 8,928 | ) | ( i 14,346 | ) | i 163,944 | ||||||||||
Net assets at beginning of period |
i 980,805 | i 1,015,153 | i 999,731 | i 842,281 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets at end of period |
$ | i 985,385 | $ | i 1,006,225 | $ | i 985,385 | $ | i 1,006,225 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Capital stock activity : |
||||||||||||||||
Issuance of common stock |
i — | i — | i — | i 12,511,825 | ||||||||||||
Repurchases of common stock |
i — | i — | ( i 746 | ) | i — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net capital stock activity |
i — | i — | ( i 746 | ) | i 12,511,825 | |||||||||||
|
|
|
|
|
|
|
|
Nine months ended |
||||||||
Cash Flows from Operating Activities: |
||||||||
Net increase (decrease) in net assets resulting from operations |
$ | i 52,766 | $ | ( i 655 | ) | |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |
||||||||
Net realized loss on investments and cash equivalents |
i 29,766 | i 37,401 | ||||||
Net change in unrealized (gain) loss on investments |
( i 14,350 | ) | i 17,081 | |||||
Deferred financing costs/market discount |
i 1,561 | i 1,631 | ||||||
(Increase) decrease in operating assets: |
||||||||
Purchase of investments |
( i 556,348 | ) | ( i 406,302 | ) | ||||
Proceeds from disposition of investments |
i 474,599 | i 259,784 | ||||||
Net accretion of discount on investments |
( i 9,315 | ) | ( i 7,760 | ) | ||||
Capitalization of payment-in-kind |
( i 8,936 | ) | ( i 1,753 | ) | ||||
Collections of payment-in-kind |
i 204 | i 1,112 | ||||||
Receivable for investments sold |
( i 474 | ) | i 102 | |||||
Interest receivable |
( i 2,122 | ) | ( i 2,935 | ) | ||||
Dividends receivable |
i 199 | ( i 2,514 | ) | |||||
Prepaid expenses and other assets |
( i 124 | ) | ( i 319 | ) | ||||
Cash acquired in the Mergers |
i — | i 2,313 | ||||||
Increase (decrease) in operating liabilities: |
||||||||
Payable for investments and cash equivalents purchased |
( i 85,054 | ) | ( i 51,089 | ) | ||||
Management fee payable |
i 87 | i 455 | ||||||
Performance-based incentive fee payable |
i 199 | i 2,907 | ||||||
Administrative services expense payable |
i 2,190 | ( i 1,396 | ) | |||||
Interest payable |
( i 527 | ) | i 2,591 | |||||
Other liabilities and accrued expenses |
i 567 | i 600 | ||||||
Net Cash Used in Operating Activities |
( i 115,112 | ) | ( i 148,746 | ) | ||||
Cash Flows from Financing Activities: |
||||||||
Cash distributions paid |
( i 74,583 | ) | ( i 72,081 | ) | ||||
Proceeds from unsecured borrowings |
i — | i 134,914 | ||||||
Repayment of unsecured borrowings |
( i 75,000 | ) | ( i 150,000 | ) | ||||
Proceeds from secured borrowings |
i 667,695 | i 743,892 | ||||||
Repayment of secured borrowings |
( i 488,500 | ) | ( i 554,000 | ) | ||||
Repurchase of common stock |
( i 10 | ) | i — | |||||
Net Cash Provided by Financing Activities |
i 29,602 | i 102,725 | ||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS |
( i 85,510 | ) | ( i 46,021 | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
i 428,333 | i 322,935 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | i 342,823 | $ | i 276,914 | ||||
Supplemental disclosure of cash flow information: |
||||||||
Cash paid for interest |
$ | i 53,529 | $ | i 28,873 | ||||
Issuance of shares in connection with the Mergers (1) |
i — | i 226,839 | ||||||
(1) | On April 1, 2022, in connection with the Mergers (as defined in Note 1 “Organization”), the Company acquired net assets of $ i 244,691 for the total stock consideration of $ i 226,839.
|
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||||
Senior Secured Loans — i 132.0% |
||||||||||||||||||||||||||||||||||||
First Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
Accession Risk Management Group, Inc. (f/k/a RSC Acquisition, Inc.) (16) |
i Insurance | S+ i 550 | i 0.75 | % | i 11.02 | % | i 4/1/2022 | i 11/1/2026 | $ | i 20,221 | $ | i 20,071 | $ | i 20,221 | ||||||||||||||||||||||
Aegis Toxicology Sciences Corporation(16) |
i Health Care Providers & Services | S+ i 550 | i 1.00 | % | i 11.13 | % | i 5/7/2018 | i 5/9/2025 | i 13,420 | i 13,218 | i 13,420 | |||||||||||||||||||||||||
Alkeme Intermediary Holdings, LLC |
i Insurance | S+ i 650 | i 1.00 | % | i 11.92 | % | i 9/20/2023 | i 10/28/2026 | i 8,524 | i 8,270 | i 8,268 | |||||||||||||||||||||||||
All States Ag Parts, LLC(16) |
i Trading Companies & Distributors | S+ i 600 | i 1.00 | % | i 11.60 | % | i 4/1/2022 | i 9/1/2026 | i 2,177 | i 2,148 | i 2,177 | |||||||||||||||||||||||||
Apex Services Partners, LLC(16) |
i Diversified Consumer Services | S+ i 525 | i 1.00 | % | i 10.67 | % | i 8/31/2022 | i 7/31/2025 | i 13,916 | i 13,641 | i 13,916 | |||||||||||||||||||||||||
Atria Wealth Solutions, Inc.(16) |
i Diversified Financial Services | S+ i 650 | i 1.00 | % | i 12.15 | % | i 9/14/2018 | i 2/29/2024 | i 16,288 | i 16,170 | i 16,288 | |||||||||||||||||||||||||
Basic Fun, Inc.(16) |
i Specialty Retail | S+ i 650 | i 1.00 | % | i 12.17 | % | i 10/30/2020 | i 7/2/2024 | i 2,150 | i 2,149 | i 2,150 | |||||||||||||||||||||||||
BayMark Health Services, Inc.(16) |
i Health Care Providers & Services | S+ i 500 | i 1.00 | % | i 10.65 | % | i 4/1/2022 | i 6/11/2027 | i 8,286 | i 8,021 | i 8,286 | |||||||||||||||||||||||||
Bayside Opco, LLC(27) |
i Healthcare Providers & Services | S+ i 700 | (15) |
i 1.00 | % | i 12.54 | % | i 5/31/2023 | i 5/31/2026 | i 402 | i 402 | i 402 | ||||||||||||||||||||||||
Bayside Opco, LLC(27) |
i Healthcare Providers & Services | S+ i 725 | (11) |
i 1.00 | % | i 12.79 | % | i 5/31/2023 | i 5/31/2026 | i 18,807 | i 18,807 | i 18,807 | ||||||||||||||||||||||||
Bayside Parent, LLC(27) |
i Healthcare Providers & Services | S+ i 1000 | (11) |
i 1.00 | % | i 15.54 | % | i 5/31/2023 | i 5/31/2026 | i 4,959 | i 4,959 | i 4,959 | ||||||||||||||||||||||||
BDG Media, Inc. |
i Media | P+ i 525 | i 5.50 | % | i 13.75 | % | i 7/18/2022 | i 7/31/2025 | i 5,354 | i 5,354 | i 5,354 | |||||||||||||||||||||||||
CC SAG Holdings Corp. (Spectrum Automotive)(16) |
i Diversified Consumer Services | S+ i 575 | i 0.75 | % | i 11.18 | % | i 6/29/2021 | i 6/29/2028 | i 36,588 | i 36,020 | i 36,588 | |||||||||||||||||||||||||
Composite Technology Acquisition Corp.(16) |
i Building Products | S+ i 450 | i 1.00 | % | i 10.04 | % | i 4/1/2022 | i 2/1/2025 | i 11,028 | i 10,765 | i 11,028 | |||||||||||||||||||||||||
CVAUSA Management, LLC |
i Health Care Providers & Services | S+ i 650 | i 1.00 | % | i 11.59 | % | i 5/22/2023 | i 5/22/2029 | i 18,855 | i 18,308 | i 18,289 | |||||||||||||||||||||||||
Enhanced Permanent Capital, LLC(3) |
i Capital Markets | S+ i 700 | i 1.00 | % | i 12.26 | % | i 12/29/2020 | i 12/29/2025 | i 42,521 | i 41,790 | i 42,521 | |||||||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16) |
i Trading Companies & Distributors | S+ i 475 | i 1.00 | % | i 10.24 | % | i 4/1/2022 | i 12/31/2025 | i 4,630 | i 4,507 | i 4,630 | |||||||||||||||||||||||||
Enverus Holdings, Inc. (fka Drilling Info Holdings)(16) |
i IT Services | S+ i 450 | i — | i 9.92 | % | i 4/1/2022 | i 7/30/2025 | i 11,277 | i 10,950 | i 11,277 | ||||||||||||||||||||||||||
Erie Construction Mid-west, LLC(16) |
i Building Products | S+ i 475 | i 1.00 | % | i 10.34 | % | i 4/1/2022 | i 7/30/2027 | i 8,572 | i 8,296 | i 8,572 | |||||||||||||||||||||||||
Fertility (ITC) Investment Holdco, LLC |
i Health Care Providers & Services | S+ i 650 | i 1.00 | % | i 11.63 | % | i 1/4/2023 | i 1/3/2029 | i 22,653 | i 22,034 | i 22,653 | |||||||||||||||||||||||||
Foundation Consumer Brands, LLC(16) |
i Personal Products | S+ i 625 | i 1.00 | % | i 11.77 | % | i 2/12/2021 | i 2/12/2027 | i 27,560 | i 26,963 | i 27,560 | |||||||||||||||||||||||||
GSM Acquisition Corp.(16) |
i Leisure Equipment & Products | S+ i 500 | i 1.00 | % | i 10.65 | % | i 4/1/2022 | i 11/16/2026 | i 10,939 | i 10,578 | i 10,939 | |||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc.(16) |
i Insurance | S+ i 550 | i 1.00 | % | i 10.92 | % | i 4/1/2022 | i 11/15/2028 | i 28,856 | i 28,856 | i 28,856 | |||||||||||||||||||||||||
High Street Buyer, Inc.(16) |
i Insurance | S+ i 600 | i 0.75 | % | i 11.54 | % | i 4/1/2022 | i 4/16/2028 | i 3,191 | i 3,034 | i 3,191 | |||||||||||||||||||||||||
Human Interest Inc. |
i Internet Software & Services | S+ i 785 | i 1.00 | % | i 13.18 | % | i 6/30/2022 | i 7/1/2027 | i 20,104 | i 19,903 | i 20,104 | |||||||||||||||||||||||||
iCIMS, Inc. |
i Software | S+ i 725 | i 0.75 | % | i 12.14 | % (26) |
i 8/18/2022 | i 8/18/2028 | i 30,762 | i 30,327 | i 30,762 | |||||||||||||||||||||||||
Kaseya, Inc.(16) |
i Software | S+ i 625 | i 0.75 | % | i 11.58 | % (29) |
i 6/22/2022 | i 6/23/2029 | i 24,365 | i 24,050 | i 24,365 | |||||||||||||||||||||||||
Kid Distro Holdings, LLC (Distro Kid)(16) |
i Software | S+ i 550 | i 1.00 | % | i 11.04 | % | i 9/24/2021 | i 10/1/2027 | i 20,259 | i 19,969 | i 20,259 | |||||||||||||||||||||||||
Kingsbridge Holdings, LLC(2) |
i Multi-Sector Holdings | S+ i 700 | i 1.00 | % | i 12.40 | % | i 12/21/2018 | i 12/21/2024 | i 80,000 | i 79,872 | i 80,000 | |||||||||||||||||||||||||
KORE Wireless Group, Inc.(16) |
i Wireless Telecommunication Services | S+ i 550 | i — | i 10.99 | % | i 12/21/2018 | i 12/21/2024 | i 23,404 | i 23,108 | i 23,404 | ||||||||||||||||||||||||||
Logix Holding Company, LLC(16) |
i Communications Equipment | L+ i 575 | i 1.00 | % | i 11.48 | % | i 9/14/2018 | i 12/22/2024 | i 14,009 | i 13,516 | i 13,729 | |||||||||||||||||||||||||
Luxury Asset Capital, LLC(16) |
i Thrifts & Mortgage Finance | S+ i 675 | i 1.00 | % | i 12.19 | % | i 7/15/2022 | i 7/15/2027 | i 30,500 | i 30,005 | i 30,500 | |||||||||||||||||||||||||
Maurices, Incorporated(16) |
i Specialty Retail | S+ i 675 | i 1.00 | % | i 9.94 | % | i 8/27/2021 | i 6/1/2024 | i 7,395 | i 7,346 | i 7,395 | |||||||||||||||||||||||||
Maxor Acquisition, Inc. |
i Health Care Providers & Services | S+ i 675 | i 1.00 | % | i 12.48 | % | i 3/1/2023 | i 3/1/2029 | i 23,783 | i 23,118 | i 23,783 | |||||||||||||||||||||||||
NSPC Intermediate Corp. (National Spine) |
i Health Care Providers & Services | S+ i 850 | i 1.00 | % | i 13.20 | % | i 4/1/2022 | i 2/13/2026 | i 2,216 | i 2,136 | i 2,216 | |||||||||||||||||||||||||
Oldco AI, LLC(f/k/a Amerimark)(14)(27) |
i Internet & Catalog Retail | P+ i 475 | i 1.00 | % | i 13.25 | % | i 6/16/2023 | i 10/31/2023 | i 321 | i 321 | i 321 | |||||||||||||||||||||||||
Oldco AI, LLC (f/k/a Amerimark)(14)(27)** |
i Internet & Catalog Retail | S+ i 800 | i 1.00 | % | i — | i 7/28/2021 | i 10/15/2026 | i 4,855 | i 4,204 | i — | ||||||||||||||||||||||||||
ONS MSO, LLC |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 11.62 | % | i 2/10/2023 | i 7/8/2025 | i 17,192 | i 16,798 | i 17,192 | |||||||||||||||||||||||||
Orthopedic Care Partners Management, LLC |
i Health Care Providers & Services | S+ i 650 | i 1.00 | % | i 11.96 | % | i 8/17/2022 | i 5/16/2024 | i 5,502 | i 5,473 | i 5,420 | |||||||||||||||||||||||||
Pediatric Home Respiratory Services, LLC |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 11.67 | % | i 8/19/2022 | i 12/4/2024 | i 3,118 | i 3,082 | i 3,118 | |||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC |
i Insurance | S+ i 600 | i 0.75 | % | i 11.43 | % | i 4/1/2022 | i 11/1/2028 | i 16,920 | i 16,668 | i 16,581 | |||||||||||||||||||||||||
PhyNet Dermatology LLC |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 11.45 | % | i 9/5/2018 | i 8/16/2024 | i 8,374 | i 8,361 | i 8,374 | |||||||||||||||||||||||||
Pinnacle Treatment Centers, Inc.(16) |
i Health Care Providers & Services | S+ i 675 | i 1.00 | % | i 12.10 | % | i 1/22/2020 | i 1/2/2026 | i 25,243 | i 24,903 | i 25,243 | |||||||||||||||||||||||||
Plastics Management, LLC(16) |
i Health Care Providers & Services | S+ i 500 | i 1.00 | % | i 10.44 | % | i 4/1/2022 | i 8/18/2027 | i 17,184 | i 16,493 | i 17,184 | |||||||||||||||||||||||||
RQM+ Corp.(16) |
i Life Sciences Tools & Services | S+ i 575 | i 1.00 | % | i 11.40 | % | i 8/20/2021 | i 8/12/2026 | i 23,696 | i 23,361 | i 23,696 | |||||||||||||||||||||||||
RxSense Holdings LLC(16) |
i Diversified Consumer Services | S+ i 500 | i 1.00 | % | i 10.47 | % | i 4/1/2022 | i 3/13/2026 | i 8,677 | i 8,369 | i 8,677 | |||||||||||||||||||||||||
SCP Eye Care, LLC |
i Health Care Providers & Services | S+ i 575 | i 1.00 | % | i 11.17 | % | i 10/6/2022 | i 10/5/2029 | i 9,562 | i 9,281 | i 9,562 | |||||||||||||||||||||||||
SHO Holding I Corporation (Shoes for Crews)(16) |
i Footwear | S+ i 523 | i 1.00 | % | i 10.86 | % | i 4/1/2022 | i 4/27/2024 | i 5,659 | i 5,505 | i 5,376 | |||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC(16) |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 11.89 | % | i 6/3/2022 | i 1/27/2026 | i 11,505 | i 11,319 | i 11,274 | |||||||||||||||||||||||||
Stryten Resources LLC |
i Auto Parts & Equipment | S+ i 800 | i 1.00 | % | i 13.43 | % | i 8/11/2021 | i 10/12/2026 | i 10,725 | i 10,581 | i 10,586 | |||||||||||||||||||||||||
SunMed Group Holdings, LLC(16) |
i Health Care Equipment & Supplies | S+ i 550 | i 0.75 | % | i 10.99 | % | i 6/16/2021 | i 6/16/2028 | i 15,020 | i 14,700 | i 15,020 | |||||||||||||||||||||||||
TAUC Management, LLC(16) |
i Health Care Providers & Services | L+ i 525 | i 1.00 | % | i 10.59 | % | i 4/1/2022 | i 2/12/2027 | i 6,893 | i 6,630 | i 6,411 | |||||||||||||||||||||||||
The Townsend Company, LLC |
i Commercial Services & Supplies | S+ i 625 | i 1.00 | % | i 11.57 | % | i 8/17/2023 | i 8/15/2029 | i 10,073 | i 9,825 | i 9,821 | |||||||||||||||||||||||||
Tilley Distribution, Inc.(16) |
i Trading Companies & Distributors | S+ i 600 | i 1.00 | % | i 11.54 | % | i 4/1/2022 | i 12/31/2026 | i 3,848 | i 3,692 | i 3,848 | |||||||||||||||||||||||||
Ultimate Baked Goods Midco LLC (Rise Baking)(16) |
i Packaged Foods & Meats | S+ i 625 | i 1.00 | % | i 11.67 | % | i 8/12/2021 | i 8/13/2027 | i 14,858 | i 14,397 | i 14,858 | |||||||||||||||||||||||||
United Digestive MSO Parent, LLC |
i Health Care Providers & Services | S+ i 675 | i 1.00 | % | i 12.29 | % | i 3/30/2023 | i 3/30/2029 | i 13,257 | i 12,882 | i 13,257 | |||||||||||||||||||||||||
Urology Management Holdings, Inc. |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 11.79 | % | i 2/7/2023 | i 6/15/2026 | i 7,138 | i 6,959 | i 7,066 | |||||||||||||||||||||||||
UVP Management, LLC |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 11.79 | % | i 9/18/2023 | i 9/15/2025 | i 15,444 | i 15,063 | i 15,058 | |||||||||||||||||||||||||
Vessco Midco Holdings, LLC(16) |
i Water Utilities | S+ i 450 | i 1.00 | % | i 9.92 | % | i 4/1/2022 | i 11/2/2026 | i 2,466 | i 2,408 | i 2,466 | |||||||||||||||||||||||||
West-NR Parent, Inc. |
i Insurance | S+ i 625 | i 1.00 | % | i 11.72 | % | i 8/1/2023 | i 12/27/2027 | i 13,201 | i 12,945 | i 12,937 | |||||||||||||||||||||||||
World Insurance Associates, LLC(16) |
i Insurance | S+ i 575 | i 1.00 | % | i 11.14 | % | i 4/1/2022 | i 4/1/2026 | i 48,250 | i 48,141 | i 48,250 | |||||||||||||||||||||||||
Total First Lien Bank Debt/Senior Secured Loans |
$ | i 921,022 | $ | i 928,465 | ||||||||||||||||||||||||||||||||
Second Lien Asset-Based Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
ACRES Commercial Mortgage, LLC |
i Diversified Financial Services | S+ i 705 | i 1.00 | % | i 12.49 | % | i 12/24/2021 | i 8/21/2028 | i 29,925 | $ | i 29,455 | $ | i 29,925 | |||||||||||||||||||||||
FGI Worldwide LLC |
i Diversified Financial Services | S+ i 650 | i 1.00 | % | i 11.82 | % | i 4/17/2023 | i 4/17/2028 | i 8,206 | i 8,015 | i 8,206 | |||||||||||||||||||||||||
$ | i 37,470 | $ | i 38,131 | |||||||||||||||||||||||||||||||||
Second Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
RD Holdco, Inc.** (2) |
i Diversified Consumer Services | S+ i 975 | (11) |
i 1.00 | % | i — | i 12/23/2013 | i 10/12/2026 | i 15,065 | $ | i 12,297 | $ | i 7,532 | |||||||||||||||||||||||
See notes to consolidated financial statements. |
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) |
i Pharmaceuticals | S+ i 515 | i 4.60 | % | i 10.48 | % | i 12/31/2019 | i 5/1/2028 | $ | i 34,738 | $ | i 34,857 | $ | i 37,186 | ||||||||||||||||||||
Apeel Technology, Inc |
i Biotechnology | S+ i 625 | i 1.00 | % | i 8.75 | % | i 6/29/2022 | i 6/1/2027 | i 3,643 | i 3,641 | i 4,062 | |||||||||||||||||||||||
Arcutis Biotherapeutics, Inc.(3) |
i Pharamceuticals | S+ i 745 | i 0.10 | % | i 12.88 | % | i 12/22/2021 | i 1/1/2027 | i 66,849 | i 67,893 | i 68,019 | |||||||||||||||||||||||
Ardelyx, Inc.(3) |
i Pharmaceuticals | S+ i 795 | i 1.00 | % | i 13.30 | % | i 2/23/2022 | i 3/1/2027 | i 9,475 | i 9,526 | i 10,503 | |||||||||||||||||||||||
BridgeBio Pharma, Inc.(3) |
i Biotechnology | i — | i — | i 9.00 | % (22) |
i 11/17/2021 | i 11/17/2026 | i 40,753 | i 40,487 | i 40,854 | ||||||||||||||||||||||||
Cerapedics, Inc. |
i Biotechnology | S+ i 620 | i 2.75 | % | i 11.53 | % | i 12/27/2022 | i 1/1/2028 | i 26,939 | i 27,000 | i 27,007 | |||||||||||||||||||||||
Glooko, Inc.(16) |
i Health Care Technology | S+ i 790 | i 0.10 | % | i 13.33 | % | i 9/30/2021 | i 10/1/2026 | i 11,912 | i 11,984 | i 12,150 | |||||||||||||||||||||||
Meditrina, Inc. |
i Health Care Equipment & Supplies | S+ i 550 | i 3.45 | % | i 10.83 | % | i 12/20/2022 | i 12/1/2027 | i 3,367 | i 3,365 | i 3,384 | |||||||||||||||||||||||
Neuronetics, Inc.(16) |
i Health Care Equipment & Supplies | S+ i 565 | i 3.95 | % | i 10.98 | % | i 3/2/2020 | i 3/29/2028 | i 19,299 | i 19,256 | i 19,396 | |||||||||||||||||||||||
OmniGuide Holdings, Inc. (13) |
i Health Care Equipment & Supplies | S+ i 580 | i 5.31 | % | i 11.23 | % | i 7/30/2018 | i 11/1/2025 | i 24,500 | i 24,590 | i 24,561 | |||||||||||||||||||||||
Outset Medical, Inc.(3)(16) |
i Health Care Equipment & Supplies | S+ i 515 | i 2.75 | % | i 10.48 | % | i 11/3/2022 | i 11/1/2027 | i 35,084 | i 35,162 | i 35,171 | |||||||||||||||||||||||
Vapotherm, Inc. |
i Health Care Equipment & Supplies | S+ i 930 | i 1.00 | % | i 14.73 | % (24) |
i 2/18/2022 | i 2/1/2027 | i 36,826 | i 37,086 | i 37,378 | |||||||||||||||||||||||
Vertos Medical, Inc. |
i Health Care Equipment & Supplies | S+ i 515 | i 4.75 | % | i 10.48 | % | i 6/14/2023 | i 7/1/2028 | i 6,651 | i 6,587 | i 6,567 | |||||||||||||||||||||||
Total First Lien Life Science Senior Secured Loans |
$ | i 321,434 | $ | i 326,238 | ||||||||||||||||||||||||||||||
Total Senior Secured Loans |
$ |
i 1,292,223 |
$ |
i 1,300,366 |
||||||||||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||
Equipment Financing — i 26.9% |
||||||||||||||||||||
A&A Crane and Rigging, LLC (10) |
i Commercial Services & Supplies | i 7.78% | i 3/27/2023 | i 3/27/2028 | $ | i 72 | $ | i 72 | $ | i 72 | ||||||||||
Aero Operating LLC (10) |
i Commercial Services & Supplies | i 8.47- i 9.64% |
i 2/12/2021 | i 3/1/2025- i 12/1/2026 |
i 1,493 | i 1,492 | i 1,491 | |||||||||||||
AFG Dallas III, LLC (10) |
i Diversified Consumer Services | i 10.00- i 11.29% |
i 8/11/2022 | i 8/11/2026- i 3/1/2027 |
i 1,182 | i 1,182 | i 1,182 | |||||||||||||
Air Methods Corporation (10) |
i Airlines | i 7.08- i 7.13% |
i 11/3/2021 | i 11/3/2026- i 11/23/2026 |
i 3,231 | i 3,275 | i 3,231 | |||||||||||||
AmeraMex International, Inc. (10) |
i Commercial Services & Supplies | i 10.00% | i 3/29/2019 | i 4/15/2025 | i 563 | i 563 | i 569 | |||||||||||||
Bazzini, LLC (10) |
i Food & Staples Retailing | i 10.46% | i 12/23/2022 | i 1/1/2028 | i 2,084 | i 2,146 | i 2,084 | |||||||||||||
Boart Longyear Company (10) |
i Metals & Mining | i 8.31- i 10.44% |
i 5/28/2020 | i 7/1/2024- i 10/7/2026 |
i 2,870 | i 2,870 | i 2,870 | |||||||||||||
Bowman Energy Solutions, LLC (10) |
i Commercial Services & Supplies | i 7.42% | i 7/1/2022 | i 8/1/2026 | i 124 | i 124 | i 124 | |||||||||||||
C-Port/Stone LLC (10) |
i Oil, Gas & Consumable Fuels | i 8.54% | i 10/7/2022 | i 11/1/2027 | i 6,366 | i 6,206 | i 6,175 | |||||||||||||
Capital City Jet Center, Inc. (10) |
i Airlines | i 10.00% | i 4/4/2018 | i 10/4/2023- i 6/22/2026 |
i 1,536 | i 1,536 | i 1,528 | |||||||||||||
Carolina’s Contracting, LLC (10) |
i Diversified Consumer Services | i 8.40 - i 8.72 % |
i 3/7/2023 | i 3/7/2028- i 5/18/2028 |
i 3,688 | i 3,723 | i 3,688 | |||||||||||||
CKD Holdings, Inc. (10) |
i Road & Rail | i 8.10 - i 8.60 % |
i 9/22/2022 | i 6/22/2026- i 9/22/2027 |
i 3,076 | i 3,076 | i 3,076 | |||||||||||||
Clubcorp Holdings, Inc. (10) |
i Hotels, Restaurants & Leisure | i 9.36- i 13.01% |
i 5/27/2021 | i 4/1/2025- i 5/1/2028 |
i 6,880 | i 6,880 | i 6,880 | |||||||||||||
Complete Equipment Rentals, LLC (10) |
i Commercial Services & Supplies | i 6.75- i 7.15% |
i 3/23/2023 | i 4/1/2028- i 6/1/2028 |
i 1,926 | i 1,895 | i 1,893 | |||||||||||||
Dongwon Autopart Technology Inc. (10) |
i Auto Components | i 7.96% | i 2/2/2021 | i 1/1/2026 | i 1,411 | i 1,424 | i 1,411 | |||||||||||||
Double S Industrial Contractors, Inc. (10) |
i Commercial Services & Supplies | i 8.60% | i 7/28/2023 | i 8/1/2027 | i 119 | i 119 | i 119 | |||||||||||||
Drillers Choice, Inc. (10) |
i Commercial Services & Supplies | i 8.00- i 10.08% |
i 10/31/2022 | i 11/1/2027- i 6/1/2029 |
i 1,962 | i 1,965 | i 1,962 | |||||||||||||
Energy Drilling Services, LLC (10) |
i Diversified Consumer Services | i 6.58- i 9.16% |
i 8/26/2022 | i 11/9/2025- i 9/1/2027 |
i 1,139 | i 1,139 | i 1,139 | |||||||||||||
Environmental Protection & Improvement Company, LLC (10) |
i Road & Rail | i 8.25% | i 9/30/2020 | i 10/1/2027 | i 4,746 | i 4,769 | i 4,746 | |||||||||||||
Equipment Operating Leases, LLC (2)(12) |
i Multi-Sector Holdings | i 8.37% | i 4/27/2018 | i 4/27/2025 | i 3,498 | i 3,498 | i 3,411 | |||||||||||||
Extreme Steel Crane & Rigging, LLC (10) |
i Commercial Services & Supplies | i 9.52% | i 3/3/2023 | i 3/3/2027 | i 902 | i 910 | i 902 | |||||||||||||
First American Commercial Bancorp, Inc. (10) |
i Diversified Financial Services | i 7.50- i 9.02% |
i 10/28/2021 | i 10/1/2026- i 3/1/2027 |
i 2,449 | i 2,451 | i 2,449 | |||||||||||||
First National Capital, LLC (10) |
i Diversified Financial Services | i 9.00% | i 11/5/2021 | i 8/1/2026 | i 5,739 | i 5,739 | i 5,739 | |||||||||||||
Freightsol LLC (10) |
i Road & Rail | i 12.51- i 12.89% |
i 4/9/2019 | i 11/1/2023 | i 289 | i 289 | i 289 | |||||||||||||
Georgia Jet, Inc. (10) |
i Airlines | i 8.00% | i 12/4/2017 | i 1/4/2024 | i 128 | i 128 | i 128 | |||||||||||||
GMT Corporation (10) |
i Machinery | i 10.71% | i 10/23/2018 | i 1/1/2026 | i 4,070 | i 4,073 | i 4,070 | |||||||||||||
Hawkeye Contracting Company, LLC (10) |
i Construction & Engineering | i 10.50% | i 10/8/2021 | i 11/1/2025 | i 769 | i 769 | i 769 | |||||||||||||
HTI Logistics Corporation (10) |
i Commercial Services & Supplies | i 9.69- i 9.94% |
i 11/15/2018 | i 5/1/2024- i 9/1/2025 |
i 189 | i 189 | i 184 | |||||||||||||
International Automotive Components Group, North America, Inc. (10) |
i Auto Components | i 7.95% | i 6/23/2021 | i 6/23/2025 | i 4,375 | i 4,394 | i 4,288 | |||||||||||||
Kool Pak, LLC (10) |
i Road & Rail | i 8.58% | i 2/5/2018 | i 3/1/2024 | i 71 | i 71 | i 71 | |||||||||||||
Loc Performance Products, LLC (10) |
i Machinery | i 10.50% | i 12/29/2022 | i 6/1/2027 | i 673 | i 673 | i 673 | |||||||||||||
Loyer Capital LLC (2)(12) |
i Multi-Sector Holdings | i 8.73- i 11.52% |
i 5/16/2019 | i 5/16/2024- i 9/25/2024 |
i 7,500 | i 7,500 | i 7,361 | |||||||||||||
Lux Credit Consultants, LLC (10) |
i Road & Rail | i 8.28- i 12.09% |
i 6/17/2021 | i 12/1/2024- i 12/1/2026 |
i 12,142 | i 12,142 | i 12,142 | |||||||||||||
Lux Vending, LLC (10) |
i Consumer Finance | i 12.46- i 13.26% |
i 8/20/2021 | i 7/20/2024- i 10/1/2024 |
i 895 | i 903 | i 895 | |||||||||||||
Miranda Logistics Enterprise, Inc. (10) |
i Construction & Engineering | i 7.69% | i 4/14/2023 | i 4/14/2028 | i 824 | i 824 | i 824 | |||||||||||||
Mountain Air Helicopters, Inc. (10) |
i Commercial Services & Supplies | i 10.00% | i 7/31/2017 | i 2/28/2025 | i 279 | i 278 | i 279 | |||||||||||||
Nimble Crane LLC (10) |
i Commercial Services & Supplies | i 9.18% | i 7/13/2023 | i 7/13/2028 | i 975 | i 975 | i 975 | |||||||||||||
No Limit Construction Services, LLC (10) |
i Commercial Services & Supplies | i 7.73% | i 5/5/2023 | i 6/1/2028 | i 124 | i 124 | i 124 | |||||||||||||
Ozzies, Inc. (10) |
i Commercial Services & Supplies | i 10.72% | i 12/23/2022 | i 1/1/2027 | i 1,731 | i 1,783 | i 1,731 | |||||||||||||
PCX Aerostructures LLC (10) |
i Aerospace & Defense | i 9.32% | i 11/23/2022 | i 12/1/2028 | i 2,401 | i 2,401 | i 2,401 | |||||||||||||
Rane Light Metal Castings Inc. (10) |
i Machinery | i 10.00% | i 6/1/2020 | i 6/1/2024 | i 83 | i 83 | i 83 | |||||||||||||
Rango, Inc. (10) |
i Commercial Services & Supplies | i 9.33- i 9.77% |
i 9/24/2019 | i 10/1/2023- i 11/1/2024 |
i 731 | i 742 | i 717 | |||||||||||||
Rayzor’s Edge LLC (10) |
i Diversified Consumer Services | i 7.69- i 8.27% |
i 5/19/2023 | i 5/18/2030- i 6/30/2030 |
i 732 | i 732 | i 732 | |||||||||||||
RH Land Construction, LLC & Harbor Dredging LA, Inc. (10) |
i Construction & Engineering | i 8.08% | i 5/10/2023 | i 5/10/2026 | i 124 | i 124 | i 124 | |||||||||||||
Royal Express Inc. (10) |
i Road & Rail | i 9.53% | i 1/17/2019 | i 2/1/2024 | i 220 | i 221 | i 220 | |||||||||||||
Rotten Rock Hardscaping & Tree Service (10) |
i Diversified Consumer Services | i 8.21% | i 12/6/2022 | i 12/6/2027 | i 214 | i 214 | i 214 | |||||||||||||
Rutt Services, LLC (10) |
i Commercial Services & Supplies | i 8.95% | i 8/11/2023 | i 8/11/2030 | i 1,201 | i 1,201 | i 1,201 | |||||||||||||
Signet Marine Corporation (10) |
i Transportation Infrastructure | i 8.50% | i 10/31/2022 | i 11/1/2029 | i 12,712 | i 12,753 | i 12,712 | |||||||||||||
SLR Equipment Finance(2) |
i Multi-Sector Holdings | i 8.50% | i 1/24/2022 | i 1/27/2024 | i 2,500 | i 2,500 | i 2,500 | |||||||||||||
Smiley Lifting Solutions, LLC(10) |
i Commercial Services & Supplies | i 7.82- i 8.61% |
i 6/30/2022 | i 9/15/2026- i 6/27/2030 |
i 6,123 | i 6,123 | i 6,123 | |||||||||||||
ST Coaches, LLC (10) |
i Road & Rail | i 8.50- i 8.58% |
i 7/31/2017 | i 10/1/2023- i 1/25/2025 |
i 1,111 | i 1,111 | i 1,075 | |||||||||||||
Star Coaches Inc. (10) |
i Road & Rail | i 8.42% | i 3/9/2018 | i 4/1/2025 | i 2,472 | i 2,472 | i 2,218 | |||||||||||||
Superior Transportation, Inc. (10) |
i Road & Rail | i 10.22- i 10.63% |
i 7/31/2017 | i 1/1/2026 | i 2,589 | i 2,589 | i 2,589 | |||||||||||||
The Smedley Company & Smedley Services, Inc. (10) |
i Commercial Services & Supplies | i 4.07% | i 7/31/2017 | i 1/15/2028 | i 1,476 | i 1,476 | i 1,476 | |||||||||||||
Trinity Equipment, Inc. (10) |
i Commercial Services & Supplies | i 8.78- i 8.93% |
i 5/4/2023 | i 5/4/2028- i 5/19/2028 |
i 1,407 | i 1,407 | i 1,407 | |||||||||||||
Trinity Equipment Rentals, Inc. (10) |
i Commercial Services & Supplies | i 7.94- i 8.75% |
i 10/8/2021 | i 11/1/2024- i 12/1/2026 |
i 416 | i 416 | i 416 | |||||||||||||
U.S. Crane & Rigging, LLC (10) |
i Commercial Services & Supplies | i 8.73%- i 10.92% |
i 12/23/2022 | i 3/1/2027- i 9/1/2028 |
i 2,717 | i 2,717 | i 2,717 | |||||||||||||
Up Trucking Services, LLC (10) |
i Road & Rail | i 11.21% | i 3/23/2018 | i 8/1/2024 | i 256 | i 258 | i 256 | |||||||||||||
Waste Pro of Florida, Inc. & Waste Pro USA, Inc. (10) |
i Commercial Services & Supplies | i 9.17% | i 4/18/2023 | i 4/18/2028 | i 9,330 | i 9,485 | i 9,330 | |||||||||||||
Wind River Environmental, LLC (10) |
i Diversified Consumer Services | i 8.43- i 10.00% |
i 7/31/2019 | i 8/1/2024- i 10/5/2025 |
i 387 | i 387 | i 387 | |||||||||||||
Womble Company, Inc. (10) |
i Energy Equipment & Services | i 9.11% | i 12/27/2019 | i 1/1/2025 | i 256 | i 256 | i 246 | |||||||||||||
Worldwide Flight Services, Inc. (10) |
i Transportation Infrastructure | i 8.32- i 9.93% |
i 9/23/2022 | i 9/23/2027- i 8/16/2028 |
i 3,192 | i 3,240 | i 3,192 | |||||||||||||
Zamborelli Enterprises Pacific Souther Foundation (10) |
i Diversified Consumer Services | i 8.91% | i 12/7/2022 | i 1/1/2027 | i 606 | i 611 | i 606 |
Description |
Industry |
Acquisition Date |
Shares/Units |
Cost |
Fair Value |
|||||||||||||||
Equipment Financing (continued) — |
||||||||||||||||||||
SLR Equipment Finance Equity Interests (2)(9)(17)* |
i Multi-Sector Holdings |
i 7/31/2017 | i 200 | i 145,000 | i 120,820 | |||||||||||||||
Total Equipment Financing |
$ |
i 290,688 |
$ |
i 265,306 |
||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||
Preferred Equity – i 0.4% |
||||||||||||||||||||||||||||
SOINT, LLC (2)(3)(4) |
i Aerospace & Defense |
|
i 5.00 | % (11) |
i 6/8/2012 | i 6/30/2025 | i — | $ | i 5,114 | $ | i 3,801 | |||||||||||||||||
Description |
Industry |
Acquisition Date |
Shares/ Units |
Cost |
Fair Value |
|||||||||||||
Common Equity/Equity Interests/Warrants— i 61.1% |
||||||||||||||||||
Assertio Holdings, Inc. (8)* |
i Pharmaceuticals | i 7/31/2023 | i 12,510 | $ | i 51 | $ | i 32 | |||||||||||
aTyr Pharma, Inc. Warrants * |
i Pharmaceuticals | i 11/18/2016 | i 6,347 | i 106 | i — | |||||||||||||
Bayside Parent, LLC (27)* |
i Health Care Providers & Services | i 5/31/2023 | i 6,526 | i 11,411 | i 3,816 | |||||||||||||
CardioFocus, Inc. Warrants * |
i Health Care Equipment & Supplies | i 3/31/2017 | i 90 | i 51 | i — | |||||||||||||
Centrexion Therapeutics, Inc. Warrants * |
i Pharmaceuticals | i 6/28/2019 | i 289,102 | i 136 | i 50 | |||||||||||||
Conventus Orthopaedics, Inc. Warrants * |
i Health Care Equipment & Supplies | i 6/15/2016 | i 157,500 | i 65 | i — | |||||||||||||
Delphinus Medical Technologies, Inc. Warrants * |
i Health Care Equipment & Supplies | i 8/18/2017 | i 444,388 | i 74 | i 87 | |||||||||||||
Essence Group Holdings Corporation (Lumeris) Warrants * |
i Health Care Technology | i 3/22/2017 | i 260,000 | i 129 | i 342 | |||||||||||||
KBH Topco LLC (Kingsbridge) (2)(5)(18) |
i Multi-Sector Holdings | i 11/3/2020 | i 73,500,000 | i 136,596 | i 146,000 | |||||||||||||
Meditrina, Inc. Warrants * |
i Health Care Equipment & Supplies | i 12/20/2022 | i 29,366 | i 23 | i 20 | |||||||||||||
NSPC Holdings, LLC (National Spine) * |
i Health Care Providers & Services | i 2/13/2023 | i 207,043 | i 657 | i 273 | |||||||||||||
RD Holdco, Inc. (Rug Doctor) (2)* |
i Diversified Consumer Services | i 12/23/2013 | i 231,177 | i 15,683 | i — | |||||||||||||
RD Holdco, Inc. (Rug Doctor) Class B (2)* |
i Diversified Consumer Services | i 12/23/2013 | i 522 | i 5,216 | i — | |||||||||||||
RD Holdco, Inc. (Rug Doctor) Warrants (2)* |
i Diversified Consumer Services | i 12/23/2013 | i 30,370 | i 381 | i — | |||||||||||||
Senseonics Holdings, Inc. (3)(8)* |
i Health Care Equipment & Supplies | i 7/25/2019 | i 469,353 | i 235 | i 283 | |||||||||||||
SLR-AMI Topco Blocker, LLC (27)(28)* |
i Internet & Catalog Retail | i 6/16/2023 | i — | i 19,880 | i 15,100 | |||||||||||||
SLR Business Credit (2)(3)(19) |
i Diversified Financial Services | i 4/1/2022 | i 100 | i 81,583 | i 90,370 | |||||||||||||
SLR Credit Solutions (2)(3)(20) |
i Diversified Financial Services | i 12/28/2012 | i 280,303 | i 280,737 | i 281,000 | |||||||||||||
SLR Healthcare ABL (2)(3)(21) |
i Diversified Financial Services | i 4/1/2022 | i 32,839 | i 34,335 | i 34,850 | |||||||||||||
SLR Senior Lending Program LLC (2)(3)(25) |
i Asset Management | i 12/1/2022 | i — | i 28,750 | i 29,277 | |||||||||||||
Vapotherm, Inc. Warrants* |
i Health Care Equipment & Supplies | i 2/18/2022 | i 48,969 | i 290 | i 28 | |||||||||||||
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics) |
i Health Care Equipment & Supplies | i 5/10/2018 | i 2,230 | i 152 | i — | |||||||||||||
Vertos Medical, Inc. Warrants* |
i Health Care Equipment & Supplies | i 6/14/2023 | i 161,761 | i 51 | i 55 | |||||||||||||
Total Common Equity/Equity Interests/Warrants |
$ |
i 616,592 |
$ |
i 601,583 |
||||||||||||||
Total Investments (6) — i 220.4% |
$ |
i 2,204,617 |
$ |
i 2,171,056 |
||||||||||||||
Description |
Industry |
Acquisition Date |
Maturity Date |
Par Amount |
||||||||||||||||||||
Cash Equivalents — i 33.7% |
||||||||||||||||||||||||
U.S. Treasury Bill |
i Government | i 9/29/2023 | i 11/21/2023 | $ | i 335,000 | $ | i 332,557 | $ | i 332,557 | |||||||||||||||
Total Investments & Cash Equivalents — i 254.1% |
$ |
i 2,537,174 |
$ |
i 2,503,613 |
||||||||||||||||||||
Liabilities in Excess of Other Assets — ( i 154.1%) |
( i 1,518,228 | ) | ||||||||||||||||||||||
Net Assets — i 100.0% |
$ |
i 985,385 |
||||||||||||||||||||||
(1) | Floating rate debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), 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 September 30, 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 i 25% of the outstanding voting securities of the investment. Transactions during the nine months ended September 30, 2023 in these controlled investments
are as follows: |
Name of Issuer |
Fair Value at December 31, 2022 |
Gross Additions |
Gross Reductions |
Realized Gain (Loss) |
Change in Unrealized Gain (Loss) |
Fair Value at September 30, 2023 |
Interest/ Dividend/Misc Income |
|||||||||||||||||||||
Equipment Operating Leases, LLC |
$ | i 3,741 | $ | i — | $ | ( i 338 | ) | $ | i — | $ | i 8 | $ | i 3,411 | $ | i 231 | |||||||||||||
Kingsbridge Holdings, LLC |
i 80,000 | i — | i — | i — | ( i 70 | ) | i 80,000 | i 7,434 | ||||||||||||||||||||
KBH Topco, LLC (Kingsbridge) |
i 148,444 | i — | i — | i — | ( i 2,444 | ) | i 146,000 | i 10,500 | ||||||||||||||||||||
Loyer Capital LLC |
i 7,361 | i — | i — | i — | i — | i 7,361 | i 565 | |||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, common equity) |
i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, class B) |
i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, warrants) |
i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||
RD Holdco, Inc. (debt) |
i 6,521 | i 507 | i — | i — | i 504 | i 7,532 | i — | |||||||||||||||||||||
SLR Business Credit |
i 89,370 | i — | i — | i — | i 1,000 | i 90,370 | i 5,250 | |||||||||||||||||||||
SLR Credit Solutions |
i 288,760 | i — | i — | i — | ( i 7,760 | ) | i 281,000 | i 15,000 | ||||||||||||||||||||
SLR Equipment Finance (equity) |
i 120,820 | i — | i — | i — | i — | i 120,820 | i — | |||||||||||||||||||||
SLR Equipment Finance (debt) |
i 5,000 | i 2,500 | ( i 5,000 | ) | i — | i — | i 2,500 | i 174 | ||||||||||||||||||||
SLR Healthcare ABL |
i 34,350 | i — | i — | i — | i 500 | i 34,850 | i 2,595 | |||||||||||||||||||||
SLR Senior Lending Program LLC |
i 9,426 | i 19,250 | i — | i — | i 601 | i 29,277 | i 393 | |||||||||||||||||||||
SOINT, LLC |
i 3,801 | i 187 | i — | i — | ( i 187 | ) | i 3,801 | i 187 | ||||||||||||||||||||
$ | i 797,594 | $ | i 22,444 | $ | ( i 5,338 | ) | $ | i — | $ | ( i 7,848 | ) | $ | i 806,922 | $ | i 42,329 | |||||||||||||
(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 September 30, 2023, on a fair value basis, non-qualifying assets in the portfolio represented i 25.1%
of the total assets of the Company. |
(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 $ i 31,537; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $ i 152,992
and $ i 121,455, respectively, based on a tax cost of $ i 2,139,519. Unless otherwise noted, all of the
Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated. |
(7) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR, SOFR or PRIME rate. These instruments are often subject to a LIBOR, 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) | AmeriMark Interactive, LLC, AmeriMark Direct LLC, AmeriMark Intermediate Sub, Inc., L.T.D. Commodities LLC, Dr. Leonard’s Healthcare Corp. and Amerimark Intermediate Holdings, LLC are each co-Borrowers. |
(15) | Spread is i 1.00% Cash / i 6.00% PIK. |
(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 10 to the consolidated financial statements. |
(18) | See note 11 to the consolidated financial statements. |
(19) | See note 13 to the consolidated financial statements. |
(20) | See note 9 to the consolidated financial statements. |
(21) | See note 12 to the consolidated financial statements. |
(22) | BridgeBio Pharma, Inc. may elect to defer up to i 3.00% of the coupon as PIK. |
(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 i 9.00% of the coupon as PIK. |
(25) | See note 17 to the consolidated financial statements. |
(26) | iCIMS, Inc. may elect to defer up to i 3.875% of the coupon as PIK. |
(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 nine months ended September 30, 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 September 30, 2023 |
Interest Income |
|||||||||||||||||||||
Oldco AI, LLC (f/k/a AmeriMark) |
$ | i — | $ | i 1,262 | $ | ( i 941 | ) | $ | i — | $ | i — | $ | i 321 | $ | i 15 | |||||||||||||
Oldco AI, LLC (f/k/a AmeriMark) |
i 9,371 | i — | ( i 12,866 | ) | i — | i 3,495 | i — | i — | ||||||||||||||||||||
Bayside Opco, LLC |
i 846 | i 21 | ( i 465 | ) | i — | i — | i 402 | i 32 | ||||||||||||||||||||
Bayside Opco, LLC |
i 18,224 | i 583 | i — | i — | i — | i 18,807 | i 784 | |||||||||||||||||||||
Bayside Parent, LLC (loan) |
i 4,773 | i 186 | i — | i — | i — | i 4,959 | i 250 | |||||||||||||||||||||
Bayside Parent, LLC (equity) |
i 4,681 | i — | i — | i — | ( i 865 | ) | i 3,816 | i — | ||||||||||||||||||||
SLR-AMI Topco Blocker, LLC |
i 7,014 | i 12,867 | i — | i — | ( i 4,781 | ) | i 15,100 | i — | ||||||||||||||||||||
$ | i 44,909 | $ | i 14,919 | $ | ( i 14,272 | ) | $ | i — | $ | ( i 2,151 | ) | $ | i 43,405 | $ | i 1,081 | |||||||||||||
(28) | Through this entity and other intermediate entities, the Company owns approximately i 7.3% of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former Amerimark Interactive, LLC. |
(29) | Kaseya, Inc. may elect to defer up to i 2.50% of the coupon as PIK. |
* | Non-income producing security. |
** | Investment is on non-accrual status. |
Industry Classification |
||||
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL) |
i 21.6 | % | ||
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC) |
i 16.6 | % | ||
Health Care Providers & Services |
i 11.8 | % | ||
Health Care Equipment & Supplies |
i 6.5 | % | ||
Insurance |
i 6.4 | % | ||
Pharmaceuticals |
i 5.3 | % | ||
Software |
i 3.5 | % | ||
Diversified Consumer Services |
i 3.4 | % | ||
Biotechnology |
i 3.3 | % | ||
Capital Markets |
i 2.0 | % | ||
Commercial Services & Supplies |
i 2.0 | % | ||
Thrifts & Mortgage Finance |
i 1.4 | % | ||
Asset Management |
i 1.4 | % | ||
Road & Rail |
i 1.3 | % | ||
Personal Products |
i 1.3 | % | ||
Life Sciences Tools & Services |
i 1.1 | % | ||
Wireless Telecommunication Services |
i 1.1 | % | ||
Internet Software & Services |
i 0.9 | % | ||
Building Products |
i 0.9 | % | ||
Transportation Infrastructure |
i 0.7 | % | ||
Internet & Catalog Retail |
i 0.7 | % | ||
Packaged Foods & Meats |
i 0.7 | % | ||
Communications Equipment |
i 0.6 | % | ||
Health Care Technology |
i 0.6 | % | ||
IT Services |
i 0.5 | % | ||
Leisure Equipment & Products |
i 0.5 | % | ||
Trading Companies & Distributors |
i 0.5 | % | ||
Auto Parts & Equipment |
i 0.5 | % | ||
Specialty Retail |
i 0.4 | % | ||
Hotels, Restaurants & Leisure |
i 0.3 | % | ||
Aerospace & Defense |
i 0.3 | % | ||
Oil, Gas & Consumable Fuels |
i 0.3 | % | ||
Auto Components |
i 0.3 | % | ||
Footwear |
i 0.3 | % | ||
Media |
i 0.2 | % | ||
Airlines |
i 0.2 | % | ||
Machinery |
i 0.2 | % | ||
Metals & Mining |
i 0.1 | % | ||
Water Utilities |
i 0.1 | % | ||
Food & Staples Retailing |
i 0.1 | % | ||
Construction & Engineering |
i 0.1 | % | ||
Consumer Finance |
i 0.0 | % | ||
Energy Equipment & Services |
i 0.0 | % | ||
Total Investments |
i 100.0 | % | ||
Description |
Industry |
Spread Above Index (7) |
Floor |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||||||||||
Senior Secured Loans — i 124.6% |
||||||||||||||||||||||||||||||||||||
First Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
Aegis Toxicology Sciences Corporation(16) |
i Health Care Providers & Services | L+ i 550 | i 1.00 | % | i 10.09 | % | i 5/7/2018 | i 5/9/2025 | $ | i 17,103 | $ | i 16,793 | $ | i 17,103 | ||||||||||||||||||||||
All States Ag Parts, LLC(16) |
i Trading Companies & Distributors | S+ i 575 | i 1.00 | % | i 10.19 | % | i 4/1/2022 | i 9/1/2026 | i 4,197 | i 4,081 | i 4,197 | |||||||||||||||||||||||||
American Teleconferencing Services, Ltd** |
i Communications Equipment | L+ i 650 | i 1.00 | % | i — | i 5/5/2016 | i 9/9/2021 | i 36,135 | i 25,926 | i — | ||||||||||||||||||||||||||
American Teleconferencing Services, Ltd** |
i Communications Equipment | L+ i 650 | i 1.00 | % | i — | i 9/17/2021 | i 1/31/2023 | i 6,405 | i 6,254 | i 224 | ||||||||||||||||||||||||||
AmeriMark Intermediate Holdings, LLC(14) |
i Internet & Catalog Retail | L+ i 800 | i 1.00 | % | i 14.77 | % | i 7/28/2021 | i 10/15/2026 | i 24,087 | i 23,711 | i 22,882 | |||||||||||||||||||||||||
Apex Services Partners, LLC(16) |
i Diversified Consumer Services | S+ i 525 | i 1.00 | % | i 9.80 | % | i 8/31/2022 | i 7/31/2025 | i 14,021 | i 13,644 | i 14,021 | |||||||||||||||||||||||||
Atria Wealth Solutions, Inc.(16) |
i Diversified Financial Services | S+ i 600 | i 1.00 | % | i 10.84 | % | i 9/14/2018 | i 2/29/2024 | i 8,149 | i 8,107 | i 8,149 | |||||||||||||||||||||||||
Basic Fun, Inc.(16) |
i Specialty Retail | L+ i 550 | i 1.00 | % | i 10.27 | % | i 10/30/2020 | i 10/30/2023 | i 2,162 | i 2,152 | i 2,162 | |||||||||||||||||||||||||
BayMark Health Services, Inc.(16) |
i Health Care Providers & Services | L+ i 500 | i 1.00 | % | i 9.73 | % | i 4/1/2022 | i 6/11/2027 | i 9,432 | i 9,078 | i 9,432 | |||||||||||||||||||||||||
BDG Media, Inc. |
i Media | L+ i 900 | i 0.25 | % | i 13.17 | % | i 7/18/2022 | i 4/27/2023 | i 14,454 | i 14,454 | i 14,454 | |||||||||||||||||||||||||
CC SAG Holdings Corp. (Spectrum Automotive)(16) |
i Diversified Consumer Services | L+ i 575 | i 0.75 | % | i 10.48 | % | i 6/29/2021 | i 6/29/2028 | i 20,427 | i 20,057 | i 20,427 | |||||||||||||||||||||||||
Composite Technology Acquisition Corp.(16) |
i Building Products | L+ i 475 | i 1.00 | % | i 9.73 | % | i 4/1/2022 | i 2/1/2025 | i 10,386 | i 9,983 | i 10,386 | |||||||||||||||||||||||||
Copper River Seafoods, Inc. |
i Food Products | P+ i 275 | i — | i 10.25 | % | i 8/31/2022 | i 4/23/2025 | i 8,405 | i 8,405 | i 8,405 | ||||||||||||||||||||||||||
DeepIntent, Inc. |
i Media | P+ i 175 | i — | i 9.25 | % | i 10/12/2022 | i 3/25/2025 | i 16,951 | i 16,951 | i 16,951 | ||||||||||||||||||||||||||
Enhanced Permanent Capital, LLC(3) |
i Capital Markets | L+ i 700 | i 1.00 | % | i 10.13 | % | i 12/29/2020 | i 12/29/2025 | i 35,205 | i 34,496 | i 35,205 | |||||||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16) |
i Trading Companies & Distributors | S+ i 475 | i 1.00 | % | i 9.43 | % | i 4/1/2022 | i 12/31/2025 | i 4,978 | i 4,804 | i 4,978 | |||||||||||||||||||||||||
Enverus Holdings, Inc. (fka Drilling Info Holdings)(16) |
i IT Services | L+ i 450 | i — | i 8.88 | % | i 4/1/2022 | i 7/30/2025 | i 11,598 | i 11,129 | i 11,598 | ||||||||||||||||||||||||||
Erie Construction Mid-west, LLC(16) |
i Building Products | S+ i 475 | i 1.00 | % | i 9.79 | % | i 4/1/2022 | i 7/30/2027 | i 8,915 | i 8,580 | i 8,915 | |||||||||||||||||||||||||
Foundation Consumer Brands, LLC(16) |
i Personal Products | L+ i 550 | i 1.00 | % | i 10.15 | % | i 2/12/2021 | i 2/12/2027 | i 35,273 | i 34,421 | i 35,273 | |||||||||||||||||||||||||
GSM Acquisition Corp.(16) |
i Leisure Equipment & Products | S+ i 500 | i 1.00 | % | i 9.03 | % | i 4/1/2022 | i 11/16/2026 | i 11,022 | i 10,562 | i 10,912 | |||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc.(16) |
i Insurance | L+ i 525 | i 0.75 | % | i 9.63 | % | i 4/1/2022 | i 11/25/2026 | i 6,223 | i 5,994 | i 6,223 | |||||||||||||||||||||||||
High Street Buyer, Inc.(16) |
i Insurance | L+ i 600 | i 0.75 | % | i 10.73 | % | i 4/1/2022 | i 4/16/2028 | i 5,188 | i 4,900 | i 5,188 | |||||||||||||||||||||||||
Human Interest Inc. |
i Internet Software & Services | S+ i 785 | i 1.00 | % | i 11.97 | % | i 6/30/2022 | i 7/1/2027 | i 20,104 | i 19,783 | i 20,104 | |||||||||||||||||||||||||
iCIMS, Inc. |
i Software | S+ i 725 | i 0.75 | % | i 11.52 | % (26) |
i 8/18/2022 | i 8/18/2028 | i 32,084 | i 31,548 | i 31,522 | |||||||||||||||||||||||||
Ivy Fertility Services, LLC |
i Health Care Providers & Services | L+ i 625 | i 1.00 | % | i 10.39 | % | i 12/22/2021 | i 2/25/2026 | i 30,092 | i 29,415 | i 30,393 | |||||||||||||||||||||||||
Kaseya, Inc.(16) |
i Software | S+ i 575 | i 0.75 | % | i 10.33 | % | i 6/22/2022 | i 6/23/2029 | i 32,426 | i 31,966 | i 32,426 | |||||||||||||||||||||||||
Kid Distro Holdings, LLC (Distro Kid)(16) |
i Software | L+ i 575 | i 1.00 | % | i 10.48 | % | i 9/24/2021 | i 10/1/2027 | i 26,452 | i 26,015 | i 26,452 | |||||||||||||||||||||||||
Kingsbridge Holdings, LLC(2) |
i Multi-Sector Holdings | L+ i 700 | i 1.00 | % | i 10.75 | % | i 12/21/2018 | i 12/21/2024 | i 80,000 | i 79,800 | i 80,000 | |||||||||||||||||||||||||
KORE Wireless Group, Inc.(16) |
i Wireless Telecommunication Services | S+ i 550 | i — | i 10.08 | % | i 12/21/2018 | i 12/21/2024 | i 23,588 | i 23,123 | i 23,588 | ||||||||||||||||||||||||||
Logix Holding Company, LLC(16) |
i Communications Equipment | L+ i 575 | i 1.00 | % | i 10.13 | % | i 9/14/2018 | i 12/22/2024 | i 14,009 | i 13,246 | i 13,449 | |||||||||||||||||||||||||
Luxury Asset Capital, LLC(16) |
i Thrifts & Mortgage Finance | S+ i 675 | i 1.00 | % | i 10.99 | % | i 7/15/2022 | i 7/15/2027 | i 27,500 | i 26,991 | i 27,500 | |||||||||||||||||||||||||
Maurices, Incorporated(16) |
i Specialty Retail | S+ i 675 | i 1.00 | % | i 8.74 | % | i 8/27/2021 | i 6/1/2024 | i 7,808 | i 7,678 | i 7,808 | |||||||||||||||||||||||||
Montefiore Nyack Hospital |
i Health Care Providers & Services | L+ i 495 | i — | i 9.72 | % | i 8/9/2022 | i 11/15/2024 | i 3,966 | i 3,966 | i 3,966 | ||||||||||||||||||||||||||
NAC Holdings Corporation (Jaguar)(16) |
i Insurance | S+ i 525 | i 1.00 | % | i 9.45 | % | i 7/30/2021 | i 9/28/2024 | i 28,603 | i 28,214 | i 28,603 | |||||||||||||||||||||||||
National Spine and Pain Centers, LLC |
i Health Care Providers & Services | L+ i 500 | i 1.00 | % | i 7.31 | % | i 4/1/2022 | i 6/2/2024 | i 2,681 | i 2,564 | i 2,547 | |||||||||||||||||||||||||
One Touch Direct, LLC |
i Commercial Services & Supplies | P+ i 75 | i — | i 8.25 | % | i 4/3/2020 | i 3/30/2024 | i 4,431 | i 4,431 | i 4,431 | ||||||||||||||||||||||||||
Orthopedic Care Partners Management, LLC |
i Health Care Providers & Services | S+ i 650 | i 1.00 | % | i 10.91 | % | i 8/17/2022 | i 5/16/2024 | i 3,111 | i 3,092 | i 3,111 | |||||||||||||||||||||||||
Pediatric Home Respiratory Services, LLC |
i Health Care Providers & Services | S+ i 625 | i 1.00 | % | i 10.67 | % | i 8/19/2022 | i 12/4/2024 | i 1,327 | i 1,309 | i 1,313 | |||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC |
i Insurance | S+ i 600 | i 0.75 | % | i 10.44 | % | i 4/1/2022 | i 11/1/2028 | i 10,854 | i 10,699 | i 10,854 | |||||||||||||||||||||||||
PhyNet Dermatology LLC |
i Health Care Providers & Services | S+ i 625 | (15) |
i 1.00 | % | i 9.81 | % | i 9/5/2018 | i 8/16/2024 | i 14,458 | i 14,420 | i 14,458 | ||||||||||||||||||||||||
Pinnacle Treatment Centers, Inc.(16) |
i Health Care Providers & Services | S+ i 650 | i 1.00 | % | i 10.57 | % | i 1/22/2020 | i 1/2/2026 | i 27,997 | i 27,528 | i 27,367 | |||||||||||||||||||||||||
Plastics Management, LLC(16) |
i Health Care Providers & Services | S+ i 500 | i 1.00 | % | i 9.89 | % | i 4/1/2022 | i 8/18/2027 | i 9,491 | i 9,161 | i 9,491 | |||||||||||||||||||||||||
PPT Management Holdings, LLC(16) |
i Health Care Providers & Services | L+ i 850 | (11) |
i 1.00 | % | i 12.83 | % | i 9/14/2018 | i 1/30/2023 | i 32,163 | i 31,987 | i 25,827 | ||||||||||||||||||||||||
RQM+ Corp.(16) |
i Life Sciences Tools & Services | S+ i 575 | i 1.00 | % | i 10.97 | % | i 8/20/2021 | i 8/12/2026 | i 26,823 | i 26,455 | i 26,823 | |||||||||||||||||||||||||
RSC Acquisition, Inc.(16) |
i Insurance | S+ i 550 | i 0.75 | % | i 9.26 | % | i 4/1/2022 | i 11/1/2026 | i 6,985 | i 6,813 | i 6,985 | |||||||||||||||||||||||||
RxSense Holdings LLC(16) |
i Diversified Consumer Services | L+ i 500 | i 1.00 | % | i 9.41 | % | i 4/1/2022 | i 3/13/2026 | i 11,775 | i 11,357 | i 11,775 | |||||||||||||||||||||||||
SCP Eye Care, LLC |
i Health Care Providers & Services | S+ i 575 | i 1.00 | % | i 9.46 | % | i 10/6/2022 | i 10/5/2029 | i 8,314 | i 8,050 | i 8,044 | |||||||||||||||||||||||||
SHO Holding I Corporation (Shoes for Crews)(16) |
i Footwear | L+ i 523 | i 1.00 | % | i 9.66 | % | i 4/1/2022 | i 4/27/2024 | i 5,704 | i 5,361 | i 5,419 | |||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC(16) |
i Health Care Providers & Services | S+ i 600 | i 1.00 | % | i 10.77 | % | i 6/3/2022 | i 1/27/2026 | i 1,399 | i 1,387 | i 1,399 | |||||||||||||||||||||||||
SPAR Marketing Force, Inc. |
i Media | P+ i 95 | i — | i 8.45 | % | i 7/18/2022 | i 10/10/2024 | i 9,162 | i 9,162 | i 9,162 | ||||||||||||||||||||||||||
Stryten Resources LLC |
i Auto Parts & Equipment | S+ i 800 | i 1.00 | % | i 12.44 | % | i 8/11/2021 | i 10/12/2026 | i 25,922 | i 25,506 | i 25,922 | |||||||||||||||||||||||||
SunMed Group Holdings, LLC(16) |
i Health Care Equipment & Supplies | L+ i 575 | i 0.75 | % | i 10.48 | % | i 6/16/2021 | i 6/16/2028 | i 24,953 | i 24,446 | i 24,953 | |||||||||||||||||||||||||
TAUC Management, LLC(16) |
i Health Care Providers & Services | L+ i 525 | i 1.00 | % | i 9.98 | % | i 4/1/2022 | i 2/12/2027 | i 6,899 | i 6,585 | i 6,864 | |||||||||||||||||||||||||
Tilley Distribution, Inc.(16) |
i Trading Companies & Distributors | S+ i 550 | i 1.00 | % | i 10.14 | % | i 4/1/2022 | i 12/31/2026 | i 9,996 | i 9,527 | i 9,996 | |||||||||||||||||||||||||
Ultimate Baked Goods Midco LLC (Rise Baking)(16) |
i Packaged Foods & Meats | L+ i 650 | i 1.00 | % | i 10.88 | % | i 8/12/2021 | i 8/13/2027 | i 24,789 | i 24,038 | i 24,789 | |||||||||||||||||||||||||
Vessco Midco Holdings, LLC(16) |
i Water Utilities | L+ i 450 | i 1.00 | % | i 7.87 | % | i 4/1/2022 | i 11/2/2026 | i 1,728 | i 1,668 | i 1,728 | |||||||||||||||||||||||||
World Insurance Associates, LLC(16) |
i Insurance | S+ i 575 | i 1.00 | % | i 9.31 | % | i 4/1/2022 | i 4/1/2026 | i 31,624 | i 30,785 | i 30,359 | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||
Total First Lien Bank Debt/Senior Secured Loans |
|
$ | i 912,558 | $ | i 886,513 | |||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||
Second Lien Asset-Based Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
ACRES Commercial Mortgage, LLC |
i Diversified Financial Services | S+ i 705 | i 1.00 | % | i 11.38 | % | i 12/24/2021 | i 8/21/2028 | i 29,925 | $ | i 29,398 | $ | i 29,925 | |||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||
Second Lien Bank Debt/Senior Secured Loans |
||||||||||||||||||||||||||||||||||||
RD Holdco, Inc.** (2) |
i Diversified Consumer Services | S+ i 975 | (11) |
i 1.00 | % | i — |
i 12/23/2013 | i 10/12/2026 | i 13,043 | $ | i 11,791 | $ | i 6,521 | |||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||
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) |
i Pharmaceuticals | L+ i 765 | i 1.78 | % | i 11.82 | % | i 12/31/2019 | i 7/1/2024 | $ | i 23,159 | $ | i 23,894 | $ | i 24,433 | ||||||||||||||||||||
Apeel Technology, Inc |
i Biotechnology | S+ i 625 | i 1.00 | % | i 8.75 | % | i 6/29/2022 | i 6/1/2027 | i 3,643 | i 3,620 | i 3,643 | |||||||||||||||||||||||
Arcutis Biotherapeutics, Inc.(3) |
i Pharamceuticals | L+ i 745 | i 0.10 | % | i 11.62 | % | i 12/22/2021 | i 1/1/2027 | i 66,849 | i 67,077 | i 67,685 | |||||||||||||||||||||||
Ardelyx, Inc.(3) |
i Pharmaceuticals | L+ i 795 | i 0.10 | % | i 12.12 | % | i 2/23/2022 | i 3/1/2027 | i 9,475 | i 9,437 | i 9,499 | |||||||||||||||||||||||
BridgeBio Pharma, Inc.(3) |
i Biotechnology | i — |
i — |
i 9.00 | % (22) |
i 11/17/2021 | i 11/17/2026 | i 39,839 | i 39,340 | i 39,839 | ||||||||||||||||||||||||
Centrexion Therapeutics, Inc. |
i Pharmaceuticals | L+ i 725 | i 2.45 | % | i 11.42 | % | i 6/28/2019 | i 1/1/2024 | i 11,844 | i 12,372 | i 12,555 | |||||||||||||||||||||||
Cerapedics, Inc. |
i Biotechnology | S+ i 620 | i 2.75 | % | i 10.52 | % | i 12/27/2022 | i 1/1/2028 | i 26,939 | i 26,874 | i 26,872 | |||||||||||||||||||||||
Glooko, Inc.(16) |
i Health Care Technology | L+ i 790 | i 0.10 | % | i 12.07 | % | i 9/30/2021 | i 10/1/2026 | i 15,883 | i 15,867 | i 15,922 | |||||||||||||||||||||||
Meditrina, Inc. |
i Health Care Equipment & Supplies | S+ i 550 | i 3.45 | % | i 9.82 | % | i 12/20/2022 | i 12/1/2027 | i 3,367 | i 3,338 | i 3,359 | |||||||||||||||||||||||
Neuronetics, Inc.(16) |
i Health Care Equipment & Supplies | L+ i 765 | i 1.66 | % | i 11.82 | % | i 3/2/2020 | i 2/28/2025 | i 18,012 | i 18,450 | i 19,003 | |||||||||||||||||||||||
OmniGuide Holdings, Inc. (13) |
i Health Care Equipment & Supplies | L+ i 1405 | i 0.10 | % | i 18.22 | % (23) |
i 7/30/2018 | i 7/1/2023 | i 19,201 | i 19,380 | i 19,777 | |||||||||||||||||||||||
Outset Medical, Inc.(3) |
i Health Care Equipment & Supplies | S+ i 515 | i 2.75 | % | i 9.33 | % | i 11/3/2022 | i 11/1/2027 | i 35,084 | i 34,880 | i 34,820 | |||||||||||||||||||||||
Spectrum Pharmaceuticals, Inc.(16) |
i Biotechnology | S+ i 570 | i 2.30 | % | i 9.88 | % | i 9/21/2022 | i 9/1/2027 | i 10,525 | i 10,406 | i 10,420 | |||||||||||||||||||||||
Vapotherm, Inc. |
i Health Care Equipment & Supplies | S+ i 830 | i 1.00 | % | i 12.58 | % (24) |
i 2/18/2022 | i 2/1/2027 | i 34,455 | i 34,270 | i 34,628 | |||||||||||||||||||||||
Total First Lien Life Science Senior Secured Loans |
$ | i 319,205 | $ | i 322,455 | ||||||||||||||||||||||||||||||
Total Senior Secured Loans |
$ |
i 1,272,952 |
$ |
i 1,245,414 |
||||||||||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||
Equipment Financing — i 26.6% |
||||||||||||||||||||||||||
Aero Operating LLC (10) |
i Commercial Services & Supplies | i 8.47- i 9.64% |
i 2/12/2021 | i 3/1/2025- i 12/1/2026 |
$ | i 2,264 | $ | i 2,262 | $ | i 2,262 | ||||||||||||||||
AFG Dallas III, LLC (10) |
i Diversified Consumer Services | i 10.00% | i 8/11/2022 | i 8/11/2026- i 8/29/2026 |
i 1,036 | i 1,036 | i 1,036 | |||||||||||||||||||
Air Methods Corporation (10) |
i Airlines | i 7.08- i 7.13% |
i 11/3/2021 | i 11/3/2026- i 11/23/2026 |
i 3,600 | i 3,660 | i 3,600 | |||||||||||||||||||
AmeraMex International, Inc. (10) |
i Commercial Services & Supplies | i 10.00% | i 3/29/2019 | i 9/15/2024 | i 1,059 | i 1,059 | i 1,069 | |||||||||||||||||||
Bazzini, LLC (10) |
i Food & Staples Retailing | i 10.46% | i 12/23/2022 | i 1/1/2028 | i 2,365 | i 2,440 | i 2,365 | |||||||||||||||||||
Boart Longyear Company (10) |
i Metals & Mining | i 8.31- i 10.44% |
i 5/28/2020 | i 7/1/2024- i 10/7/2026 |
i 4,568 | i 4,568 | i 4,568 | |||||||||||||||||||
Bowman Energy Solutions, LLC (10) |
i Commercial Services & Supplies | i 7.42% | i 7/1/2022 | i 8/1/2026 | i 153 | i 153 | i 153 | |||||||||||||||||||
C-Port/Stone LLC (10) |
i Oil, Gas & Consumable Fuels | i 8.54% | i 10/7/2022 | i 11/1/2027 | i 6,708 | i 6,514 | i 6,507 | |||||||||||||||||||
Capital City Jet Center, Inc. (10) |
i Airlines | i 10.00% | i 4/4/2018 | i 10/4/2023- i 6/22/2026 |
i 2,241 | i 2,241 | i 2,214 | |||||||||||||||||||
Champion Air, LLC (10) |
i Airlines | i 10.00% | i 3/19/2018 | i 1/1/2023 | i 1,055 | i 1,055 | i 1,055 | |||||||||||||||||||
CKD Holdings, Inc. (10) |
i Road & Rail | i 8.10- i 8.60% |
i 9/22/2022 | i 3/22/2026- i 9/22/2027 |
i 3,690 | i 3,690 | i 3,690 | |||||||||||||||||||
Clubcorp Holdings, Inc. (10) |
i Hotels, Restaurants & Leisure | i 9.36- i 13.01% |
i 5/27/2021 | i 4/1/2025- i 1/1/2028 |
i 6,539 | i 6,539 | i 6,539 | |||||||||||||||||||
Dongwon Autopart Technology Inc. (10) |
i Auto Components | i 7.96% | i 2/2/2021 | i 1/1/2026 | i 1,828 | i 1,849 | i 1,828 | |||||||||||||||||||
Drillers Choice, Inc. (10) |
i Commercial Services & Supplies | i 8.00% | i 10/31/2022 | i 11/1/2027 | i 1,589 | i 1,589 | i 1,589 | |||||||||||||||||||
EasyPak, LLC (10) |
i Containers & Packaging | i 9.01% | i 1/6/2021 | i 1/1/2024 | i 276 | i 276 | i 276 | |||||||||||||||||||
Energy Drilling Services, LLC (10) |
i Diversified Consumer Services | i 6.58- i 9.16% |
i 8/26/2022 | i 12/9/2025- i 9/1/2027 |
i 1,321 | i 1,321 | i 1,295 | |||||||||||||||||||
Environmental Protection & Improvement Company, LLC (10) |
i Road & Rail | i 8.25% | i 9/30/2020 | i 10/1/2027 | i 5,270 | i 5,300 | i 5,270 | |||||||||||||||||||
Equipment Operating Leases, LLC (2)(12) |
i Multi-Sector Holdings | i 8.37% | i 4/27/2018 | i 4/27/2025 | i 3,837 | i 3,837 | i 3,741 | |||||||||||||||||||
First American Commercial Bancorp, Inc. (10) |
i Diversified Financial Services | i 7.50- i 9.02% |
i 10/28/2021 | i 10/1/2026- i 3/1/2027 |
i 2,938 | i 2,941 | i 2,938 | |||||||||||||||||||
First National Capital, LLC (10) |
i Diversified Financial Services | i 9.00% | i 11/5/2021 | i 8/1/2026 | i 7,116 | i 7,116 | i 7,116 | |||||||||||||||||||
Freightsol LLC (10) |
i Road & Rail | i 12.51- i 12.89% |
i 4/9/2019 | i 11/1/2023 | i 779 | i 784 | i 779 | |||||||||||||||||||
Garda CL Technical Services, Inc. (10) |
i Commercial Services & Supplies | i 8.30- i 8.77% |
i 3/22/2018 | i 6/5/2023- i 10/5/2023 |
i 469 | i 469 | i 468 | |||||||||||||||||||
Georgia Jet, Inc. (10) |
i Airlines | i 8.00% | i 12/4/2017 | i 1/4/2024 | i 425 | i 425 | i 425 | |||||||||||||||||||
GMT Corporation (10) |
i Machinery | i 10.71% | i 10/23/2018 | i 1/1/2026 | i 4,801 | i 4,806 | i 4,801 | |||||||||||||||||||
Hawkeye Contracting Company, LLC (10) |
i Construction & Engineering | i 10.50% | i 10/8/2021 | i 11/1/2025 | i 997 | i 997 | i 997 | |||||||||||||||||||
HTI Logistics Corporation (10) |
i Commercial Services & Supplies | i 9.69- i 9.94% |
i 11/15/2018 | i 5/1/2024- i 9/1/2025 |
i 290 | i 290 | i 283 | |||||||||||||||||||
International Automotive Components Group, North America, Inc. (10) |
i Auto Components | i 7.95% | i 6/23/2021 | i 6/23/2025 | i 6,072 | i 6,109 | i 5,951 | |||||||||||||||||||
Kool Pak, LLC (10) |
i Road & Rail | i 8.58% | i 2/5/2018 | i 3/1/2024 | i 194 | i 194 | i 194 | |||||||||||||||||||
Loc Performance Products, LLC (10) |
i Machinery | i 10.50% | i 12/29/2022 | i 6/1/2027 | i 767 | i 767 | i 767 | |||||||||||||||||||
Loyer Capital LLC (2)(12) |
i Multi-Sector Holdings | i 8.73- i 11.52% |
i 5/16/2019 | i 5/16/2024- i 9/25/2024 |
i 7,500 | i 7,500 | i 7,361 | |||||||||||||||||||
Lux Credit Consultants, LLC (10) |
i Road & Rail | i 8.28- i 12.09% |
i 6/17/2021 | i 12/1/2024- i 12/1/2026 |
i 16,411 | i 16,411 | i 16,411 | |||||||||||||||||||
Lux Vending, LLC (10) |
i Consumer Finance | i 12.46- i 13.26% |
i 8/20/2021 | i 8/20/2024- i 10/1/2024 |
i 1,638 | i 1,663 | i 1,638 | |||||||||||||||||||
Mountain Air Helicopters, Inc. (10) |
i Commercial Services & Supplies | i 10.00% | i 7/31/2017 | i 2/28/2025 | i 369 | i 368 | i 369 | |||||||||||||||||||
Ozzies, Inc. (10) |
i Commercial Services & Supplies | i 10.72% | i 12/23/2022 | i 1/1/2027 | i 2,005 | i 2,072 | i 2,005 | |||||||||||||||||||
PCX Aerostructures LLC (10) |
i Aerospace & Defense | i 9.32% | i 11/23/2022 | i 12/1/2028 | i 2,658 | i 2,658 | i 2,658 | |||||||||||||||||||
Rane Light Metal Castings Inc. (10) |
i Machinery | i 10.00% | i 6/1/2020 | i 6/1/2024 | i 159 | i 159 | i 159 | |||||||||||||||||||
Rango, Inc. (10) |
i Commercial Services & Supplies | i 9.33- i 9.79% |
i 9/24/2019 | i 4/1/2023- i 11/1/2024 |
i 1,940 | i 1,960 | i 1,904 | |||||||||||||||||||
Royal Coach Lines, Inc.(10) |
i Road & Rail | i 9.56% | i 11/21/2019 | i 8/1/2025 | i 849 | i 849 | i 775 | |||||||||||||||||||
Royal Express Inc. (10) |
i Road & Rail | i 9.53% | i 1/17/2019 | i 2/1/2024 | i 428 | i 431 | i 428 | |||||||||||||||||||
Rotten Rock Hardscaping & Tree Service (10) |
i Diversified Consumer Services | i 8.21% | i 12/6/2022 | i 12/6/2027 | i 245 | i 245 | i 245 | |||||||||||||||||||
Signet Marine Corporation (10) |
i Transportation Infrastructure | i 8.50% | i 10/31/2022 | i 7/1/2029 | i 14,102 | i 14,152 | i 14,102 | |||||||||||||||||||
SLR Equipment Finance(2) |
i Multi-Sector Holdings | i 8.50% | i 1/24/2022 | i 1/24/2023 | i 5,000 | i 5,000 | i 5,000 | |||||||||||||||||||
Smiley Lifting Solutions, LLC(10) |
i Commercial Services & Supplies | i 7.82- i 8.28% |
i 6/30/2022 | i 9/15/2026- i 12/29/2029 |
i 4,139 | i 4,139 | i 4,139 | |||||||||||||||||||
ST Coaches, LLC (10) |
i Road & Rail | i 8.47- i 8.58% |
i 7/31/2017 | i 7/1/2023- i 1/25/2025 |
i 1,521 | i 1,521 | i 1,459 | |||||||||||||||||||
Star Coaches Inc. (10) |
i Road & Rail | i 8.42% | i 3/9/2018 | i 4/1/2025 | i 2,887 | i 2,887 | i 2,591 | |||||||||||||||||||
Superior Transportation, Inc. (10) |
i Road & Rail | i 10.22- i 10.63% |
i 7/31/2017 | i 1/1/2026 | i 3,369 | i 3,369 | i 3,369 | |||||||||||||||||||
The Smedley Company & Smedley Services, Inc. (10) |
i Commercial Services & Supplies | i 4.07% | i 7/31/2017 | i 1/15/2028 | i 1,706 | i 1,706 | i 1,706 | |||||||||||||||||||
Trinity Equipment Rentals, Inc. (10) |
i Commercial Services & Supplies | i 7.94- i 8.75% |
i 10/8/2021 | i 11/1/2024- i 12/1/2026 |
i 577 | i 577 | i 577 | |||||||||||||||||||
U.S. Crane & Rigging, LLC (10) |
i Commercial Services & Supplies | i 10.92% | i 12/23/2022 | i 3/1/2027 | i 2,005 | i 2,005 | i 2,005 | |||||||||||||||||||
Up Trucking Services, LLC (10) |
i Road & Rail | i 11.21% | i 3/23/2018 | i 8/1/2024 | i 469 | i 473 | i 469 | |||||||||||||||||||
Wind River Environmental, LLC (10) |
i Diversified Consumer Services | i 8.43- i 10.00% |
i 7/31/2019 | i 8/1/2024- i 10/5/2025 |
i 604 | i 605 | i 604 | |||||||||||||||||||
Womble Company, Inc. (10) |
i Energy Equipment & Services | i 9.11% | i 12/27/2019 | i 1/1/2025 | i 386 | i 386 | i 371 | |||||||||||||||||||
Worldwide Flight Services, Inc. (10) |
i Transportation Infrastructure | i 8.32- i 9.36% |
i 9/23/2022 | i 9/23/2027- i 10/28/2027 |
i 304 | i 308 | i 304 | |||||||||||||||||||
Zamborelli Enterprises Pacific Souther Foundation (10) |
i Diversified Consumer Services | i 8.91% | i 12/7/2022 | i 1/1/2027 | i 707 | i 714 | i 707 | |||||||||||||||||||
Shares/Units |
||||||||||||||||||||||||||
SLR Equipment Finance Equity Interests (2)(9)(17)* |
i Multi-Sector Holdings | i 7/31/2017 | i 200 | i 145,000 | i 120,820 | |||||||||||||||||||||
Total Equipment Financing |
$ |
i 291,445 |
$ |
i 265,952 |
||||||||||||||||||||||
Description |
Industry |
Interest Rate (1) |
Acquisition Date |
Maturity Date |
Par Amount |
Cost |
Fair Value |
|||||||||||||||||||
Preferred Equity – i 0.4% |
||||||||||||||||||||||||||
SOINT, LLC (2)(3)(4) |
i Aerospace & Defense | i 5.00 | % (11) |
i 6/8/2012 | i 6/30/2023 | i 49,273 | $ | i 4,927 | $ | i 3,801 | ||||||||||||||||
Description |
Industry |
Acquisition Date |
Shares/Units |
Cost |
Fair Value |
|||||||||||||
Common Equity/Equity Interests/Warrants— i 57.1% |
||||||||||||||||||
aTyr Pharma, Inc. Warrants * |
i Pharmaceuticals | i 11/18/2016 | i 6,347 | $ | i 106 | $ | i — | |||||||||||
CardioFocus, Inc. Warrants * |
i Health Care Equipment & Supplies | i 3/31/2017 | i 90 | i 51 | i — | |||||||||||||
Centrexion Therapeutics, Inc. Warrants * |
i Pharmaceuticals | i 6/28/2019 | i 289,102 | i 136 | i 82 | |||||||||||||
Conventus Orthopaedics, Inc. Warrants * |
i Health Care Equipment & Supplies | i 6/15/2016 | i 157,500 | i 65 | i — | |||||||||||||
Delphinus Medical Technologies, Inc. Warrants * |
i Health Care Equipment & Supplies | i 8/18/2017 | i 444,388 | i 74 | i 103 | |||||||||||||
Essence Group Holdings Corporation (Lumeris) Warrants * |
i Health Care Technology | i 3/22/2017 | i 260,000 | i 129 | i 366 | |||||||||||||
KBH Topco LLC (Kingsbridge) (2)(5)(18) |
i Multi-Sector Holdings | i 11/3/2020 | i 73,500,000 | i 136,596 | i 148,444 | |||||||||||||
Meditrina, Inc. Warrants * |
i Health Care Equipment & Supplies | i 12/20/2022 | i 29,366 | i 23 | i 23 | |||||||||||||
RD Holdco, Inc. (Rug Doctor) (2)* |
i Diversified Consumer Services | i 12/23/2013 | i 231,177 | i 15,683 | i — | |||||||||||||
RD Holdco, Inc. (Rug Doctor) Class B (2)* |
i Diversified Consumer Services | i 12/23/2013 | i 522 | i 5,216 | i — | |||||||||||||
RD Holdco, Inc. (Rug Doctor) Warrants (2)* |
i Diversified Consumer Services | i 12/23/2013 | i 30,370 | i 381 | i — | |||||||||||||
Senseonics Holdings, Inc. (3)(8)* |
i Health Care Equipment & Supplies | i 7/25/2019 | i 469,353 | i 235 | i 483 | |||||||||||||
SLR Business Credit (2)(3)(19) |
i Diversified Financial Services | i 4/1/2022 | i 100 | i 81,583 | i 89,370 | |||||||||||||
SLR Credit Solutions (2)(3)(20) |
i Diversified Financial Services | i 12/28/2012 | i 280,303 | i 280,737 | i 288,760 | |||||||||||||
SLR Healthcare ABL (2)(3)(21) |
i Diversified Financial Services | i 4/1/2022 | i 32,839 | i 34,335 | i 34,350 | |||||||||||||
SLR Senior Lending Program LLC (2)(3)(25) |
i Asset Management | i 12/1/2022 | i — | i 9,500 | i 9,426 | |||||||||||||
Spectrum Pharmaceuticals, Inc. Warrants * |
i Biotechnology | i 9/21/2022 | i 159,470 | i 51 | i 15 | |||||||||||||
Vapotherm, Inc. Warrants* |
i Health Care Equipment & Supplies | i 2/18/2022 | i 36,996 | i 210 | i 87 | |||||||||||||
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics) |
i Health Care Equipment & Supplies | i 5/10/2018 | i 33,430 | i 152 | i — | |||||||||||||
Total Common Equity/Equity Interests/Warrants |
$ |
i 565,263 |
$ |
i 571,509 |
||||||||||||||
Total Investments (6) — i 208.7% |
$ |
i 2,134,587 |
$ |
i 2,086,676 |
||||||||||||||
Description |
Industry |
Acquisition Date |
Maturity Date |
Par Amount |
||||||||||||||||||||
Cash Equivalents — i 41.8% |
||||||||||||||||||||||||
U.S. Treasury Bill |
i Government | i 12/30/2022 | i 2/23/2023 | $ | i 420,000 | $ | i 417,590 | $ | i 417,590 | |||||||||||||||
Total Investments & Cash Equivalents — i 250.5% |
$ |
i 2,552,177 |
$ |
i 2,504,266 |
||||||||||||||||||||
Liabilities in Excess of Other Assets — ( i 150.5%) |
( i 1,504,535 | ) | ||||||||||||||||||||||
Net Assets — i 100.0% |
$ |
i 999,731 |
||||||||||||||||||||||
(1) | Floating rate debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), 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, 2022. |
(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 (“1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than i 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2022 in these controlled investments are as
follows: |
Name of Issuer |
Fair Value at December 31, 2021 |
Gross Additions |
Gross Reductions |
Realized Gain (Loss) |
Change in Unrealized Gain (Loss) |
Fair Value at December 31, 2022 |
Interest/ Dividend Income |
|||||||||||||||||||||
Equipment Operating Leases, LLC |
$ | i 18,939 | $ | i — | $ | ( i 15,833 | ) | $ | i — | $ | i 635 | $ | i 3,741 | $ | i 749 | |||||||||||||
Kingsbridge Holdings, LLC |
i 80,000 | i — | i — | i — | ( i 87 | ) | i 80,000 | i 7,402 | ||||||||||||||||||||
KBH Topco, LLC (Kingsbridge) |
i 145,996 | i — | i — | i — | i 2,448 | i 148,444 | i 15,225 | |||||||||||||||||||||
Loyer Capital LLC |
i 10,725 | i — | ( i 3,500 | ) | i — | i 136 | i 7,361 | i 1,003 | ||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, common equity) |
i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, class B) |
i 5,216 | i — | i — | i — | ( i 5,216 | ) | i — | i — | ||||||||||||||||||||
RD Holdco, Inc. (Rug Doctor, warrants) |
i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||
RD Holdco, Inc. (debt) |
i 11,829 | i 685 | i — | i — | ( i 5,280 | ) | i 6,521 | ( i 18 | ) | |||||||||||||||||||
SLR Business Credit |
i — | i 81,583 | i — | i — | i 7,787 | i 89,370 | i 5,150 | |||||||||||||||||||||
SLR Credit Solutions |
i 298,766 | i — | i — | i — | ( i 10,006 | ) | i 288,760 | i 20,500 | ||||||||||||||||||||
SLR Equipment Finance (equity) |
i 129,102 | i — | i — | i — | ( i 8,282 | ) | i 120,820 | i — | ||||||||||||||||||||
SLR Equipment Finance (debt) |
i — | i 5,000 | i — | i — | i — | i 5,000 | i 379 | |||||||||||||||||||||
SLR Healthcare ABL |
i — | i 34,335 | i — | i — | i 15 | i 34,350 | i 2,595 | |||||||||||||||||||||
SLR Senior Lending Program LLC |
i — | i 9,500 | i — | i — | ( i 74 | ) | i 9,426 | i — | ||||||||||||||||||||
SOAGG LLC |
i 1,121 | i — | ( i 447 | ) | i — | ( i 674 | ) | i — | i 647 | |||||||||||||||||||
SOINT, LLC |
i 4,509 | i 266 | ( i 942 | ) | i — | ( i 32 | ) | i 3,801 | i 266 | |||||||||||||||||||
$ | i 706,203 | $ | i 131,369 | $ | ( i 20,722 | ) | $ | i — | $ | ( i 18,630 | ) | $ | i 797,594 | $ | i 53,898 | |||||||||||||
(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, 2022, on a fair value basis, non-qualifying assets in the portfolio represented i 24.2%
of the total assets of the Company. |
(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 $ i 17,187; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $ i 161,053
and $ i 143,866, respectively, based on a tax cost of $ i 2,069,489. Unless otherwise noted, all of the
Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated. |
(7) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR, SOFR or PRIME rate. These instruments are often subject to a LIBOR, 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) | AmeriMark Interactive, LLC, AmeriMark Direct LLC, AmeriMark Intermediate Sub, Inc., L.T.D. Commodities LLC, Dr. Leonard’s Healthcare Corp. and Amerimark Intermediate Holdings, LLC are each co-Borrowers. Amerimark may elect to defer up to i 8.00% of the coupon as PIK. |
(15) | Spread is i 5.75% Cash / i 0.50% PIK. |
(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 10 to the consolidated financial statements. |
(18) | See note 11 to the consolidated financial statements. |
(19) | See note 13 to the consolidated financial statements. |
(20) | See note 9 to the consolidated financial statements. |
(21) | See note 12 to the consolidated financial statements. |
(22) | BridgeBio Pharma, Inc. may elect to defer up to i 3.00% of the coupon as PIK. |
(23) | OmniGuide Holdings, Inc. may elect to defer up to i 10.00% of the coupon as PIK. |
(24) | Vapotherm, Inc. may elect to defer up to i 8.00% of the coupon as PIK. |
(25) | See note 17 to the consolidated financial statements. |
(26) | iCIMS, Inc. may elect to defer up to i 3.875% of the coupon as PIK. |
* | Non-income producing security. |
** | Investment is on non-accrual status. |
Industry Classification |
||||
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL) |
i 22.1 | % | ||
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC) |
i 17.5 | % | ||
Health Care Providers & Services |
i 7.7 | % | ||
Health Care Equipment & Supplies |
i 6.6 | % | ||
Pharmaceuticals |
i 5.5 | % | ||
Software |
i 4.3 | % | ||
Insurance |
i 4.2 | % | ||
Biotechnology |
i 3.9 | % | ||
Diversified Consumer Services |
i 2.7 | % | ||
Media |
i 1.9 | % | ||
Road & Rail |
i 1.7 | % | ||
Personal Products |
i 1.7 | % | ||
Capital Markets |
i 1.7 | % | ||
Thrifts & Mortgage Finance |
i 1.3 | % | ||
Life Sciences Tools & Services |
i 1.3 | % | ||
Auto Parts & Equipment |
i 1.2 | % | ||
Packaged Foods & Meats |
i 1.2 | % | ||
Wireless Telecommunication Services |
i 1.1 | % | ||
Commercial Services & Supplies |
i 1.1 | % | ||
Internet & Catalog Retail |
i 1.1 | % | ||
Internet Software & Services |
i 1.0 | % | ||
Building Products |
i 0.9 | % | ||
Trading Companies & Distributors |
i 0.9 | % | ||
Health Care Technology |
i 0.8 | % | ||
Transportation Infrastructure |
i 0.7 | % | ||
Communications Equipment |
i 0.7 | % | ||
IT Services |
i 0.6 | % | ||
Leisure Equipment & Products |
i 0.5 | % | ||
Specialty Retail |
i 0.5 | % | ||
Asset Management |
i 0.5 | % | ||
Food Products |
i 0.4 | % | ||
Auto Components |
i 0.4 | % | ||
Airlines |
i 0.3 | % | ||
Hotels, Restaurants & Leisure |
i 0.3 | % | ||
Oil, Gas & Consumable Fuels |
i 0.3 | % | ||
Aerospace & Defense |
i 0.3 | % | ||
Machinery |
i 0.3 | % | ||
Footwear |
i 0.3 | % | ||
Metals & Mining |
i 0.2 | % | ||
Food & Staples Retailing |
i 0.1 | % | ||
Water Utilities |
i 0.1 | % | ||
Consumer Finance |
i 0.1 | % | ||
Construction & Engineering |
i 0.0 | % | ||
Energy Equipment & Services |
i 0.0 | % | ||
Containers & Packaging |
i 0.0 | % | ||
Total Investments |
i 100.0 | % | ||
(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 i 60 days, for which market quotations are readily available and deemed to represent fair value under GAAP, at such market quotations (unless they are deemed not to represent fair value). A market quotation is readily available for a security only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the
Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. If the Company anticipates using a market quotation for a security, it will also monitor for circumstances that may necessitate the use of fair value, such as significant events that may cause concern over the reliability of a market quotation. We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker or a primary market dealer or other independent pricing service). We utilize 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 i 60 days or less shall each be valued at cost plus accreted discount, or minus amortized premium, which is expected to approximate fair value, unless such valuation, in the judgment of the Investment Adviser, does not represent fair value, in which case such investments shall be valued at
fair value as determined in good faith by or under the direction of the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board. Such determination of fair values involves subjective judgments and estimates. |
(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 RICs 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 i 4% excise tax on this income. The
Company will accrue excise tax on such estimated excess taxable income as appropriate. |
(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 i 30 days or more ( i 90 days or more for equipment financing) and/or when it is no longer probable that principal or interest
cash payments will be collected. Such 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 September 30, |
Nine months ended September 30, |
|||||||||||||||
2022 |
2023 |
2022 |
||||||||||||||
Earnings (loss) per share (basic & diluted) |
||||||||||||||||
Numerator—net increase (decrease) in net assets resulting from operations: |
$ | i 26,947 | $ | i 13,528 | $ | i 52,766 | $ | ( i 655 | ) | |||||||
Denominator – weighted average shares: |
i i 54,554,634 / | i i 54,772,651 / | i i 54,554,639 / | i i 50,647,874 / | ||||||||||||
Earnings (loss) per share: |
$ | i i 0.49 / | $ | i i 0.25 / | $ | i i 0.97 / | ($ | i i 0.01 / | ) |
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 |
$ | i — | $ | i — | $ | i 1,300,366 | $ | i — | $ | i 1,300,366 | ||||||||||
Equipment Financing |
i — | i — | i 265,306 | i — | i 265,306 | |||||||||||||||
Preferred Equity |
i — | i — | i 3,801 | i — | i 3,801 | |||||||||||||||
Common Equity/Equity Interests/Warrants |
i 315 | i — | i 571,991 | i 29,277 | i 601,583 | |||||||||||||||
Total Investments |
$ | i 315 | $ | i — | $ | i 2,141,464 | $ | i 29,277 | $ | i 2,171,056 | ||||||||||
Level 1 |
Level 2 |
Level 3 |
Measured at Net Asset Value* |
Total |
||||||||||||||||
Assets: |
||||||||||||||||||||
Senior Secured Loans |
$ | i — | $ | i — | $ | i 1,245,414 | $ | i — | $ | i 1,245,414 | ||||||||||
Equipment Financing |
i — | i — | i 265,952 | i — | i 265,952 | |||||||||||||||
Preferred Equity |
i — | i — | i 3,801 | i — | i 3,801 | |||||||||||||||
Common Equity/Equity Interests/Warrants |
i 483 | i — | i 561,600 | i 9,426 | i 571,509 | |||||||||||||||
Total Investments |
$ | i 483 | $ | i — | $ | i 2,076,767 | $ | i 9,426 | $ | i 2,086,676 | ||||||||||
* | 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, June 30, 2023 |
$ | i 1,318,512 | $ | i 271,333 | $ | i 3,801 | $ | i 566,427 | $ | i 2,160,073 | ||||||||||
Total gains or losses included in earnings: |
||||||||||||||||||||
Net realized loss |
( i 29,555 | ) | i — | i — | i — | ( i 29,555 | ) | |||||||||||||
Net change in unrealized gain (loss) |
i 41,505 | i 190 | ( i 64 | ) | ( i 7,280 | ) | i 34,351 | |||||||||||||
Purchase of investment securities * |
i 168,421 | i 4,190 | i 64 | i 12,895 | i 185,570 | |||||||||||||||
Proceeds from dispositions of investment securities |
( i 198,517 | ) | ( i 10,407 | ) | i — | ( i 51 | ) | ( i 208,975 | ) | |||||||||||
Transfers in/out of Level 3 |
i — | i — | i — | i — | i — | |||||||||||||||
Fair value, September 30, 2023 |
$ | i 1,300,366 | $ | i 265,306 | $ | i 3,801 | $ | i 571,991 | $ | i 2,141,464 | ||||||||||
Unrealized 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) |
$ | i 9,782 | $ | i 190 | $ | ( i 64) | $ | ( i 7,251 | ) | $ | i 2,657 | |||||||||
Senior Secured Loans |
Equipment Financing |
Preferred Equity |
Common Equity/ Equity Interests/ Warrants |
Total |
||||||||||||||||
Fair value, December 31, 2022 |
$ | i 1,245,414 | $ | i 265,952 | $ | i 3,801 | $ | i 561,600 | $ | i 2,076,767 | ||||||||||
Total gains or losses included in earnings: |
||||||||||||||||||||
Net realized loss |
( i 28,398 | ) | i — | i — | i — | ( i 28,398 | ) | |||||||||||||
Net change in unrealized gain (loss) |
i 35,682 | i 111 | ( i 187 | ) | ( i 21,639 | ) | i 13,967 | |||||||||||||
Purchase of investment securities * |
i 488,757 | i 34,274 | i 187 | i 32,081 | i 555,299 | |||||||||||||||
Proceeds from dispositions of investment securities |
( i 441,089 | ) | ( i 35,031 | ) | i — | ( i 51 | ) | ( i 476,171 | ) | |||||||||||
Transfers in/out of Level 3 |
i — | i — | i — | i — | i — | |||||||||||||||
Fair value, September 30, 2023 |
$ | i 1,300,366 | $ | i 265,306 | $ | i 3,801 | $ | i 571,991 | $ | i 2,141,464 | ||||||||||
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) |
$ | i 29,925 | $ | i 111 | $ | ( i 187 | ) | $ | ( i 21,639 | ) | $ | i 8,210 | ||||||||
* |
Includes PIK capitalization and accretion of discount |
Senior Secured Loans |
Equipment Financing |
Preferred Equity |
Common Equity/ Equity Interests/ Warrants |
Total |
||||||||||||||||
Fair value, December 31, 2021 |
$ | i 939,690 | $ | i 273,795 | $ | i 5,630 | $ | i 450,381 | $ | i 1,669,496 | ||||||||||
Total gains or losses included in earnings: |
||||||||||||||||||||
Net realized gain (loss) |
( i 36,244 | ) | i — | i — | i 6 | ( i 36,238 | ) | |||||||||||||
Net change in unrealized loss |
( i 8,065 | ) | ( i 6,924 | ) | ( i 706 | ) | ( i 5,048 | ) | ( i 20,743 | ) | ||||||||||
Purchase of investment securities(1) |
i 796,389 | i 84,168 | i 266 | i 116,272 | i 997,095 | |||||||||||||||
Proceeds from dispositions of investment securities |
( i 446,356 | ) | ( i 85,087 | ) | ( i 1,389 | ) | ( i 11 | ) | ( i 532,843 | ) | ||||||||||
Transfers in/out of Level 3 |
i — | i — | i — | i — | i — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fair value, December 31, 2022 |
$ | i 1,245,414 | $ | i 265,952 | $ | i 3,801 | $ | i 561,600 | $ | i 2,076,767 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unrealized 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 loss |
$ | ( i 8,920 | ) | $ | ( i 6,924 | ) | $ | ( i 706 | ) | $ | ( i 5,048 | ) | $ | ( i 21,598 | ) | |||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes positions acquired from SUNS as a result of the Mergers. |
2022 Unsecured Notes |
For the year ended December 31, 2022 |
|||
Beginning fair value |
$ | i 150,000 | ||
Net realized (gain) loss |
i — | |||
Net change in unrealized (gain) loss |
i — | |||
Borrowings |
i — | |||
Repayments |
( i 150,000 | ) | ||
Transfers in/out of Level 3 |
i — | |||
|
|
|||
Ending fair value |
$ | i — | ||
|
|
Asset or Liability |
Fair Value at September 30, 2023 |
Principal Valuation Technique/Methodology |
Unobservable Input |
Range (Weighted Average) | ||||||||||
Senior Secured Loans |
Asset | $ $ |
i 1,292,834 i 7,532
|
|
i Income Approach i Recovery Analysis
|
i Market Yield i Recoverable
Amount |
i 10.1% - i 20.5% ( i 12.8%)
N/A | |||||||
Equipment Financing |
Asset | $ $ |
i 144,486 i 120,820
|
|
i Income Approach i Market Multiple
(1) |
i Market Yield i Comparable Multiple
|
i 8.5% - i 9.5% ( i 9.5%)
i 1.1x- i 1.4x ( i 1.2x) | |||||||
Preferred Equity |
Asset | $ | i 3,801 | i Income Approach | i Market Yield | i 5.0% - i 5.0% ( i 5.0%) |
||||||||
Common Equity/Equity Interests/Warrants |
Asset | $ $ |
i 165,771 i 406,220
|
|
i Market Multiple (2) i Market Approach
|
i Comparable Multiple i Return
on Equity |
i 6.3x - i 11.5x ( i 8.8x)
i 5.5% - i 30.7% ( i 10.7%) |
(1) | Includes $ i 120,820 of investments valued using an implied multiple. |
(2) | Includes $ i 855 of investments valued using a Black-Scholes model and $ i 164,916
of investments valued using an EBITDA multiple. |
Asset or Liability |
Fair Value at December 31, 2022 |
Principal Valuation Technique/Methodology |
Unobservable Input |
Range (Weighted Average) | ||||||||||
Senior Secured Loans |
Asset | $ $ |
i 1,212,842 i 32,572
|
|
i Income Approach i Market Multiple
(1) |
i Market Yield i Comparable
Multiple |
i 9.4% - i 18.2% ( i 12.0%)
i 0.1x- i 21.4x ( i 12.4x) | |||||||
Equipment Financing |
Asset | $ $ |
i 145,132 i 120,820
|
|
i I ncome Approach i Market Multiple
(2) |
i Market Yield i Comparable
Multiple |
i 8.5% - i 9.7% ( i 9.7%)
i 1.1x- i 1.4x ( i 1.2x) | |||||||
Preferred Equity |
Asset | $ | i 3,801 | i I ncome Approach |
i Market Yield | i 5.0% - i 5.0% ( i 5.0%) |
||||||||
Common Equity/Equity Interests/Warrants |
Asset | $ $ |
i 149,120 i 412,480
|
|
i Market Multiple (3) i Market
Approach |
i Comparable Multiple i Return
on Equity |
i 7.8x – i 9.8x ( i 8.8x)
i 6.6% - i 35.2% ( i 9.2%) |
(1) | Investments are valued using a sum-of-the |
(2) | Includes $ i 120,820 of investments valued using an implied multiple. |
(3) | Includes $ i 676 of investments valued using a Black-Scholes model and $ i 148,444
of investments valued using an EBITDA multiple. |
Facility |
Face Amount |
Carrying Value |
Face Amount |
Carrying Value |
||||||||||||
Credit Facility |
$ | i 521,500 | $ | i 517,582 | (1) |
$ | i 393,000 | $ | i 388,254 | (1) | ||||||
SPV Credit Facility |
i 206,250 | i 205,263 | (2) |
i 155,200 | i 154,302 | (2) | ||||||||||
2023 Unsecured Notes |
i — | i — | i 75,000 | i 74,979 | (3) | |||||||||||
2024 Unsecured Notes |
i 125,000 | i 124,637 | (4) |
i 125,000 | i 124,421 | (4) | ||||||||||
2025 Unsecured Notes |
i 85,000 | i 84,738 | (5) |
i 85,000 | i 84,613 | (5) | ||||||||||
2026 Unsecured Notes |
i 75,000 | i 74,586 | (6) |
i 75,000 | i 74,498 | (6) | ||||||||||
2027 Unsecured Notes |
i 50,000 | i 49,963 | (7) |
i 50,000 | i 49,953 | (7) | ||||||||||
2027 Series F Unsecured Notes |
i 135,000 | i 134,985 | (8) |
i 135,000 | i 134,978 | (8) | ||||||||||
$ | i 1,197,750 | $ | i 1,191,754 | $ | i 1,093,200 | $ | i 1,085,998 | |||||||||
(1) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ i 3,918 and $ i 4,746
as of September 30, 2023 and December 31, 2022, respectively. |
(2) | Carrying Value equals the Face Amount net of unamortized market discount of $ i 987 and $ i 898
as of September 30, 2023 and December 31, 2022, respectively. |
(3) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ i 21 as of December 31, 2022. |
(4) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ i 363 and $ i 579
as of September 30, 2023 and December 31, 2022, respectively. |
(5) | Carrying Value equals the Face Amount net of unamortized market discount of $ i 262 and $ i 387
as of September 30, 2023 and December 31, 2022, respectively. |
(6) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ i 414 and $ i 502
as of September 30, 2023 and December 31, 2022, respectively. |
(7) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ i 37 and $ i 47
as of September 30, 2023 and December 31, 2022, respectively. |
(8) | Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ i 15 and $ i 22
as of September 30, 2023 and December 31, 2022, respectively. |
Nine months ended September 30, 2023 |
Nine months ended September 30, 2022 |
|||||||
Per Share Data: (a) |
||||||||
Net asset value, beginning of year |
$ | i 18.33 | $ | i 19.93 | ||||
Net investment income |
i 1.25 | i 1.06 | ||||||
Net realized and unrealized loss |
( i 0.29 | ) | ( i 1.08 | )* | ||||
Net increase (decrease) in net assets resulting from operations |
i 0.96 | ( i 0.02 | ) | |||||
Issuance of common stock in connection with the Mergers |
— | ( i 0.31 | ) | |||||
Distributions to stockholders: |
||||||||
From distributable earnings |
( i 1.23 | ) | ( i 1.06 | ) | ||||
From return of capital |
i — | ( i 0.17 | ) | |||||
Net asset value, end of period |
$ | i 18.06 | $ | i 18.37 | ||||
Per share market value, end of period |
$ | i 15.39 | $ | i 12.32 | ||||
Total Return (b)(c) |
i 20.07 | % | ( i 27.75 | %) | ||||
Net assets, end of period |
$ | i 985,385 | $ | i 1,006,225 | ||||
Shares outstanding, end of period |
i 54,554,634 | i 54,772,651 | ||||||
Ratios to average net assets (c): |
||||||||
Net investment income |
i 6.90 | % | i 5.51 | % | ||||
Operating expenses |
i 4.89 | %** | i 3.90 | %** | ||||
Interest and other credit facility expenses |
i 5.37 | % | i 3.22 | % | ||||
Total expenses |
i 10.26 | %** | i 7.12 | %** | ||||
Average debt outstanding |
$ | i 1,161,095 | $ | i 951,995 | ||||
Portfolio turnover ratio |
i 22.1 | % | i 13.8 | % |
(a) | Calculated using the average shares outstanding method, except for the issuance of common stock in connection with the Mergers, which reflects the actual amount per share for the applicable period. |
(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, 2022 and December 31, 2021 was $ i 13.91 and $ i 18.43,
respectively. Total return does not include a sales load. |
(c) | Not annualized for periods less than one year. |
* | The amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of the Mergers. |
** | 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 nine months ended September 30, 2023, the ratios of operating expenses to average net assets and total expenses to average net assets would be i 4.93% and i 10.30%,
respectively, without the performance-based incentive fee waiver. For the nine months ended September 30, 2022, the ratios of operating expenses to average net assets and total expenses to average net assets would be i 4.06% and i 7.28%,
respectively, without the performance-based incentive fee waiver. |
SLR Credit Solutions* |
$ | i 44,263 | $ | i 44,263 | ||||
Outset Medical, Inc. |
i 35,084 | i 35,084 | ||||||
Apeel Technology, Inc. |
i 32,786 | i 32,786 | ||||||
Southern Orthodontic Partners Management, LLC |
i 21,931 | i 1,918 | ||||||
SLR Senior Lending Program LLC* |
i 21,250 | i 40,500 | ||||||
Orthopedic Care Partners Management, LLC |
i 20,770 | i 1,620 | ||||||
Human Interest, Inc. |
i 20,104 | i 20,104 | ||||||
CVAUSA Management, LLC |
i 18,239 | i — | ||||||
BDG Media, Inc. |
i 12,646 | i 3,546 | ||||||
Neuronetics, Inc. |
i 11,579 | i — | ||||||
ONS MSO, LLC |
i 10,961 | i — | ||||||
iCIMS, Inc. |
i 10,506 | i 11,435 | ||||||
Cerapedics, Inc. |
i 9,217 | i 6,735 | ||||||
Alkeme Intermediate Holdings, LLC |
i 8,531 | i — | ||||||
Arcutis Biotherapeutics, Inc. |
i 8,356 | i 8,356 | ||||||
Ardelyx, Inc. |
i 7,752 | i 7,752 | ||||||
West-NR Parent, Inc. |
i 6,830 | i — | ||||||
United Digestive MSO Parent, LLC |
i 5,259 | i — | ||||||
Peter C. Foy & Associates Insurance Services, LLC |
i 5,062 | i 1,094 | ||||||
Luxury Asset Capital, LLC |
i 4,500 | i 7,500 | ||||||
UVP Management, LLC |
i 4,386 | i — | ||||||
Kaseya, Inc. |
i 3,769 | i 3,936 | ||||||
Urology Management Holdings, Inc. |
i 3,596 | i — | ||||||
The Townsend Company, LLC |
i 3,556 | i — | ||||||
SLR Equipment Finance |
i 3,500 | i 1,000 | ||||||
Vertos Medical, Inc. |
i 3,325 | i — | ||||||
Foundation Consumer Brands, LLC |
i 3,009 | i 3,009 | ||||||
Kid Distro Holdings, LLC |
i 2,650 | i 2,650 | ||||||
Maurices, Incorporated |
i 2,589 | i 4,314 | ||||||
Erie Construction Mid-west, LLC |
i 2,403 | i 1,248 | ||||||
Ultimate Baked Goods Midco LLC |
i 2,371 | i 1,636 | ||||||
Basic Fun, Inc. |
i 2,150 | i 2,675 | ||||||
Bayside Opco, LLC |
i 1,721 | i — | ||||||
SunMed Group Holdings, LLC |
i 1,621 | i 843 | ||||||
SCP Eye Care, LLC |
i 1,459 | i 2,771 | ||||||
SLR Healthcare ABL* |
i 1,400 | i 1,400 | ||||||
RxSense Holdings LLC |
i 1,250 | i 1,250 | ||||||
Enverus Holdings, Inc. |
i 1,239 | i 1,004 | ||||||
Tilley Distribution, Inc. |
i 1,158 | i 525 | ||||||
GSM Acquisition Corp. |
i 862 | i 784 | ||||||
Composite Technology Acquisition Corp |
i 796 | i 1,537 | ||||||
High Street Buyer, Inc. |
i 631 | i 327 | ||||||
CC SAG Holdings Corp. (Spectrum Automotive) |
i 548 | i 20,670 | ||||||
ENS Holdings III Corp, LLC |
i 461 | i 144 | ||||||
Pinnacle Treatment Centers, Inc. |
i 386 | i 1,745 | ||||||
Vessco Midco Holdings, LLC |
i 327 | i 3,892 | ||||||
TAUC Management, LLC |
i 294 | i 294 | ||||||
All States Ag Parts, LLC |
i 212 | i 135 | ||||||
Glooko, Inc. |
i — | i 17,868 | ||||||
World Insurance Associates, LLC |
i — | i 17,117 | ||||||
Spectrum Pharmaceuticals, Inc. |
i — | i 8,771 | ||||||
Atria Wealth Solutions, Inc. |
i — | i 8,215 | ||||||
Accession Risk Management Group, Inc. |
i — | i 7,498 | ||||||
Copper River Seafoods, Inc. |
i — | i 3,595 | ||||||
Meditrina, Inc. |
i — | i 3,367 | ||||||
One Touch Direct, LLC |
i — | i 3,069 | ||||||
DeepIntent, Inc. |
i — | i 3,049 | ||||||
Plastics Management, LLC |
i — | i 2,424 | ||||||
Pediatric Home Respiratory Services, LLC |
i — | i 1,805 | ||||||
Ivy Fertility Services, LLC |
i — | i 1,571 | ||||||
NAC Holdings Corporation |
i — | i 1,479 | ||||||
SPAR Marketing Force, Inc. |
i — | i 1,338 | ||||||
Montefiore Nyack Hospital |
i — | i 1,034 | ||||||
American Teleconferencing Services, Ltd |
i — | i 1,090 | ||||||
BayMark Health Services, Inc. |
i — | i 391 | ||||||
|
|
|
|
|||||
Total Commitments |
$ | i 367,295 | $ | i 364,163 | ||||
|
|
|
|
* | The Company controls the funding of these commitments and may cancel them at its discretion. |
Shares |
Amount |
|||||||||||||||
Three months ended September 30, 2023 |
Three months ended September 30, 2022 |
Three months ended September 30, 2023 |
Three months ended September 30, 2022 |
|||||||||||||
Shares issued in connection with the Mergers |
i — | i — | $ | i — | $ | i — | ||||||||||
Net increase |
i — | i — | $ | i — | $ | i — | ||||||||||
Shares |
Amount |
|||||||||||||||
Nine months ended September 30, 2023 |
Nine months ended September 30, 2022 |
Nine months ended September 30, 2023 |
Nine months ended September 30, 2022 |
|||||||||||||
Shares issued in connection with the Mergers |
i — | i 12,511,825 | $ | i — | $ | i 226,839 | ||||||||||
Shares repurchased |
( i 746 | ) | i — | $ | ( i 10 | ) | $ | i — | ||||||||
Net increase |
( i 746 | ) | i 12,511,825 | $ | ( i 10 | ) | $ | i 226,839 | ||||||||
Description |
Industry |
Spread Above Index (1) |
Floor |
Interest Rate (2) |
Maturity Date |
Par Amount |
Cost |
Fair Value (3) |
||||||||||||||||||||||
Accession Risk Management Group, Inc. (4) |
Insurance | i S+550 | i 0.75 | % | i 11.02 | % | i 11/1/26 | $ | i 9,078 | $ | i 9,078 | $ | i 9,078 | |||||||||||||||||
Aegis Toxicology Sciences Corporation (4) |
Health Care Providers & Services | i S+550 | i 1.00 | % | i 11.13 | % | i 5/9/25 | i 2,960 | i 2,960 | i 2,960 | ||||||||||||||||||||
Alkeme Intermediary Holdings, LLC (4) |
Insurance | i S+650 | i 1.00 | % | i 11.92 | % | i 10/28/26 | i 3,021 | i 2,931 | i 2,930 | ||||||||||||||||||||
All States Ag Parts, LLC (4) |
Trading Companies & Distributors | i S+600 | i 1.00 | % | i 11.60 | % | i 9/1/26 | i 2,138 | i 2,138 | i 2,138 | ||||||||||||||||||||
Atria Wealth Solutions, Inc. (4) |
Diversified Financial Services | i S+650 | i 1.00 | % | i 12.15 | % | i 2/29/24 | i 2,475 | i 2,475 | i 2,475 | ||||||||||||||||||||
BayMark Health Services, Inc. (4) |
Health Care Providers & Services | i S+500 | i 1.00 | % | i 10.65 | % | i 6/11/27 | i 4,043 | i 4,043 | i 4,043 | ||||||||||||||||||||
CC SAG Holdings Corp. (4) |
Diversified Consumer Services | i S+575 | i 0.75 | % | i 11.18 | % | i 6/29/28 | i 2,992 | i 2,992 | i 2,992 | ||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (4) |
Trading Companies & Distributors | i S+475 | i 1.00 | % | i 10.24 | % | i 12/31/25 | i 1,089 | i 1,089 | i 1,089 | ||||||||||||||||||||
Fertility (ITC) Investment Holdco, LLC (4) |
Health Care Providers & Services | i S+650 | i 1.00 | % | i 11.63 | % | i 1/3/29 | i 5,970 | i 5,799 | i 5,970 | ||||||||||||||||||||
Foundation Consumer Brands, LLC (4) |
Personal Products | i S+625 | i 1.00 | % | i 11.77 | % | i 2/12/27 | i 8,911 | i 8,911 | i 8,911 | ||||||||||||||||||||
High Street Buyer, Inc. (4) |
Insurance | i S+600 | i 0.75 | % | i 11.54 | % | i 4/16/28 | i 4,433 | i 4,433 | i 4,433 | ||||||||||||||||||||
iCIMS, Inc. (4) |
Software | i S+725 | i 0.75 | % | i 12.14 | % | i 8/18/28 | i 3,059 | i 3,028 | i 3,059 | ||||||||||||||||||||
Kaseya, Inc. (4) |
Software | i S+625 | i 0.75 | % | i 11.58 | % | i 6/23/29 | i 9,000 | i 9,000 | i 9,000 | ||||||||||||||||||||
Kid Distro Holdings, LLC (4) |
Software | i S+550 | i 1.00 | % | i 11.04 | % | i 10/1/27 | i 8,962 | i 8,962 | i 8,962 | ||||||||||||||||||||
ONS MSO, LLC (4) |
Health Care Providers & Services | i S+625 | i 1.00 | % | i 11.62 | % | i 7/8/25 | i 5,936 | i 5,779 | i 5,936 | ||||||||||||||||||||
PhyNet Dermatology LLC (4) |
Health Care Providers & Services | i S+625 | i 1.00 | % | i 11.45 | % | i 8/16/24 | i 5,964 | i 5,964 | i 5,964 | ||||||||||||||||||||
Pinnacle Treatment Centers, Inc. (4) |
Health Care Providers & Services | i S+675 | i 1.00 | % | i 12.10 | % | i 1/2/26 | i 4,725 | i 4,725 | i 4,725 | ||||||||||||||||||||
Plastics Management, LLC (4) |
Health Care Providers & Services | i S+500 | i 1.00 | % | i 10.44 | % | i 8/18/27 | i 5,651 | i 5,476 | i 5,651 | ||||||||||||||||||||
RQM+ Corp. (4) |
Life Sciences Tools & Services | i S+575 | i 1.00 | % | i 11.40 | % | i 8/12/26 | i 5,970 | i 5,970 | i 5,970 | ||||||||||||||||||||
RxSense Holdings LLC (4) |
Diversified Consumer Services | i S+500 | i 1.00 | % | i 10.47 | % | i 3/13/26 | i 2,977 | i 2,977 | i 2,977 | ||||||||||||||||||||
SunMed Group Holdings, LLC (4) |
Health Care Equipment & Supplies | i S+550 | i 0.75 | % | i 10.99 | % | i 6/16/28 | i 8,971 | i 8,971 | i 8,971 | ||||||||||||||||||||
The Townsend Company, LLC (4) |
Commercial Services & Supplies | i S+625 | i 1.00 | % | i 11.57 | % | i 8/15/29 | i 3,570 | i 3,482 | i 3,481 | ||||||||||||||||||||
Tilley Distribution, Inc. (4) |
Trading Companies & Distributors | i S+600 | i 1.00 | % | i 11.54 | % | i 12/31/26 | i 5,963 | i 5,963 | i 5,963 | ||||||||||||||||||||
Ultimate Baked Goods Midco LLC (4) |
Packaged Foods & Meats | i S+625 | i 1.00 | % | i 11.67 | % | i 8/13/27 | i 8,977 | i 8,977 | i 8,977 | ||||||||||||||||||||
Urology Management Holdings, Inc. (4) |
Health Care Providers & Services | i S+625 | i 1.00 | % | i 11.79 | % | i 6/15/26 | i 2,465 | i 2,403 | i 2,440 | ||||||||||||||||||||
Vessco Midco Holdings, LLC (4) |
Water Utilities | i S+450 | i 1.00 | % | i 9.92 | % | i 11/2/26 | i 1,845 | i 1,845 | i 1,845 | ||||||||||||||||||||
West-NR Parent, Inc.(4) |
Insurance | i S+625 | i 1.00 | % | i 11.72 | % | i 12/27/27 | i 2,674 | i 2,622 | i 2,621 | ||||||||||||||||||||
$ | i 132,993 | $ | i 133,561 | |||||||||||||||||||||||||||
(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 September 30, 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. |
Description |
Industry |
Spread Above Index (1) |
Floor |
Interest Rate (2) |
Maturity Date |
Par Amount |
Cost |
Fair Value (3) |
||||||||||||||||||||||
Atria Wealth Solutions, Inc. (4) |
Diversified Financial Services | i S+600 | i 1.00 | % | i 10.84 | % | i 2/29/24 | $ | i 2,494 | $ | i 2,494 | $ | i 2,494 | |||||||||||||||||
BayMark Health Services, Inc. (4) |
Health Care Providers & Services | i L+500 | i 1.00 | % | i 9.73 | % | i 6/11/27 | i 2,992 | i 2,992 | i 2,992 | ||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (4) |
Trading Companies & Distributors | i L+475 | i 1.00 | % | i 9.43 | % | i 12/31/25 | i 1,097 | i 1,097 | i 1,097 | ||||||||||||||||||||
Foundation Consumer Brands, LLC (4) |
Personal Products | i L+550 | i 1.00 | % | i 10.15 | % | i 2/12/27 | i 2,963 | i 2,963 | i 2,963 | ||||||||||||||||||||
High Street Buyer, Inc. (4) |
Insurance | i L+600 | i 0.75 | % | i 10.73 | % | i 4/16/28 | i 2,494 | i 2,494 | i 2,494 | ||||||||||||||||||||
Ivy Fertility Services, LLC (4) |
Health Care Providers & Services | i L+625 | i 1.00 | % | i 10.39 | % | i 2/25/26 | i 3,000 | i 3,000 | i 3,030 | ||||||||||||||||||||
Kid Distro Holdings, LLC (4) |
Software | i L+575 | i 1.00 | % | i 10.48 | % | i 10/1/27 | i 2,992 | i 2,992 | i 2,992 | ||||||||||||||||||||
$ | i 18,032 | $ | i 18,062 | |||||||||||||||||||||||||||
(1) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR. These instruments are typically subject to a LIBOR or SOFR floor. |
(2) | Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or 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, 2022. |
(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. |
Selected Balance Sheet Information for SSLP: |
||||||||
Investments at fair value (cost $ i 132,993 and $ i 18,032, respectively) |
$ | i 133,561 | $ | i 18,062 | ||||
Cash and other assets |
i 3,886 | i 1,043 | ||||||
Total assets |
$ | i 137,447 | $ | i 19,105 | ||||
Debt outstanding |
$ | i 77,826 | $ | i — | ||||
Distributions payable |
i 500 | i — | ||||||
Interest payable and other credit facility related expenses |
i 358 | i 165 | ||||||
Accrued expenses and other payables |
i 209 | i 89 | ||||||
Total liabilities |
$ | i 78,893 | $ | i 254 | ||||
Members’ equity |
$ | i 58,554 | $ | i 18,851 | ||||
Total liabilities and members’ equity |
$ | i 137,447 | $ | i 19,105 | ||||
Selected Income Statement Information for SSLP: |
||||||||||||
Interest income |
$ | i 2,757 | $ | i 5,371 | $ | i 152 | ||||||
Service fees* |
i 66 | i 123 | $ | i 4 | ||||||||
Interest and other credit facility expenses |
i 1,773 | i 4,025 | i 166 | |||||||||
Organizational costs |
i — | i — | i 73 | |||||||||
Other general and administrative expenses |
i 32 | i 89 | i 88 | |||||||||
Total expenses |
i 1,871 | i 4,237 | i 331 | |||||||||
Net investment income (loss) |
$ | i 886 | $ | i 1,134 | $ | ( i 179 | ) | |||||
Realized gain on investments |
i — | i 30 | i — | |||||||||
Net change in unrealized gain on investments |
i 177 | i 538 | i 30 | |||||||||
Net realized and unrealized gain on investments |
$ | i 177 | $ | i 568 | i 30 | |||||||
Net income (loss) |
$ | i 1,063 | $ | i 1,702 | $ | ( i 149 | ) | |||||
* | Service fees are included within the Company’s Consolidated Statements of Operations as other income. |
/s/ KPMG LLP |
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 our 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 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; |
• |
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, 2022, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with 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. |
Description |
Industry |
Spread Above Index (1) |
Floor |
Interest Rate (2) |
Maturity Date |
Par Amount |
Cost |
Fair Value (3) |
||||||||||||||||||||||
Accession Risk Management Group, Inc. (4) |
Insurance | S+550 | 0.75 | % | 11.02 | % | 11/1/26 | $ | 9,078 | $ | 9,078 | $ | 9,078 | |||||||||||||||||
Aegis Toxicology Sciences Corporation (4) |
Health Care Providers & Services | S+550 | 1.00 | % | 11.13 | % | 5/9/25 | 2,960 | 2,960 | 2,960 | ||||||||||||||||||||
Alkeme Intermediary Holdings, LLC (4) |
Insurance | S+650 | 1.00 | % | 11.92 | % | 10/28/26 | 3,021 | 2,931 | 2,930 | ||||||||||||||||||||
All States Ag Parts, LLC (4) |
Trading Companies & Distributors | S+600 | 1.00 | % | 11.60 | % | 9/1/26 | 2,138 | 2,138 | 2,138 | ||||||||||||||||||||
Atria Wealth Solutions, Inc. (4) |
Diversified Financial Services | S+650 | 1.00 | % | 12.15 | % | 2/29/24 | 2,475 | 2,475 | 2,475 | ||||||||||||||||||||
BayMark Health Services, Inc. (4) |
Health Care Providers & Services | S+500 | 1.00 | % | 10.65 | % | 6/11/27 | 4,043 | 4,043 | 4,043 | ||||||||||||||||||||
CC SAG Holdings Corp. (4) |
Diversified Consumer Services | S+575 | 0.75 | % | 11.18 | % | 6/29/28 | 2,992 | 2,992 | 2,992 | ||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (4) |
Trading Companies & Distributors | S+475 | 1.00 | % | 10.24 | % | 12/31/25 | 1,089 | 1,089 | 1,089 | ||||||||||||||||||||
Fertility (ITC) Investment Holdco, LLC (4) |
Health Care Providers & Services | S+650 | 1.00 | % | 11.63 | % | 1/3/29 | 5,970 | 5,799 | 5,970 | ||||||||||||||||||||
Foundation Consumer Brands, LLC (4) |
Personal Products | S+625 | 1.00 | % | 11.77 | % | 2/12/27 | 8,911 | 8,911 | 8,911 | ||||||||||||||||||||
High Street Buyer, Inc. (4) |
Insurance | S+600 | 0.75 | % | 11.54 | % | 4/16/28 | 4,433 | 4,433 | 4,433 | ||||||||||||||||||||
iCIMS, Inc. (4) |
Software | S+725 | 0.75 | % | 12.14 | % | 8/18/28 | 3,059 | 3,028 | 3,059 | ||||||||||||||||||||
Kaseya, Inc. (4) |
Software | S+625 | 0.75 | % | 11.58 | % | 6/23/29 | 9,000 | 9,000 | 9,000 | ||||||||||||||||||||
Kid Distro Holdings, LLC (4) |
Software | S+550 | 1.00 | % | 11.04 | % | 10/1/27 | 8,962 | 8,962 | 8,962 | ||||||||||||||||||||
ONS MSO, LLC (4) |
Health Care Providers & Services | S+625 | 1.00 | % | 11.62 | % | 7/8/25 | 5,936 | 5,779 | 5,936 | ||||||||||||||||||||
PhyNet Dermatology LLC (4) |
Health Care Providers & Services | S+625 | 1.00 | % | 11.45 | % | 8/16/24 | 5,964 | 5,964 | 5,964 | ||||||||||||||||||||
Pinnacle Treatment Centers, Inc. (4) |
Health Care Providers & Services | S+675 | 1.00 | % | 12.10 | % | 1/2/26 | 4,725 | 4,725 | 4,725 | ||||||||||||||||||||
Plastics Management, LLC (4) |
Health Care Providers & Services | S+500 | 1.00 | % | 10.44 | % | 8/18/27 | 5,651 | 5,476 | 5,651 | ||||||||||||||||||||
RQM+ Corp. (4) |
Life Sciences Tools & Services | S+575 | 1.00 | % | 11.40 | % | 8/12/26 | 5,970 | 5,970 | 5,970 | ||||||||||||||||||||
RxSense Holdings LLC (4) |
Diversified Consumer Services | S+500 | 1.00 | % | 10.47 | % | 3/13/26 | 2,977 | 2,977 | 2,977 | ||||||||||||||||||||
SunMed Group Holdings, LLC (4) |
Health Care Equipment & Supplies |
S+550 | 0.75 | % | 10.99 | % | 6/16/28 | 8,971 | 8,971 | 8,971 | ||||||||||||||||||||
The Townsend Company, LLC (4) |
Commercial Services & Supplies | S+625 | 1.00 | % | 11.57 | % | 8/15/29 | 3,570 | 3,482 | 3,481 | ||||||||||||||||||||
Tilley Distribution, Inc. (4) |
Trading Companies & Distributors | S+600 | 1.00 | % | 11.54 | % | 12/31/26 | 5,963 | 5,963 | 5,963 | ||||||||||||||||||||
Ultimate Baked Goods Midco LLC (4) |
Packaged Foods & Meats | S+625 | 1.00 | % | 11.67 | % | 8/13/27 | 8,977 | 8,977 | 8,977 | ||||||||||||||||||||
Urology Management Holdings, Inc. (4) |
Health Care Providers & Services | S+625 | 1.00 | % | 11.79 | % | 6/15/26 | 2,465 | 2,403 | 2,440 | ||||||||||||||||||||
Vessco Midco Holdings, LLC (4) |
Water Utilities | S+450 | 1.00 | % | 9.92 | % | 11/2/26 | 1,845 | 1,845 | 1,845 | ||||||||||||||||||||
West-NR Parent, Inc.(4) |
Insurance | S+625 | 1.00 | % | 11.72 | % | 12/27/27 | 2,674 | 2,622 | 2,621 |
(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 September 30, 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. |
Description |
Industry |
Spread Above Index (1) |
Floor |
Interest Rate (2) |
Maturity Date |
Par Amount |
Cost |
Fair Value (3) |
||||||||||||||||||||||||
Atria Wealth Solutions, Inc. (4) |
Diversified Financial Services | S+600 | 1.00 | % | 10.84 | % | 2/29/24 | $ | 2,494 | $ | 2,494 | $ | 2,494 | |||||||||||||||||||
BayMark Health Services, Inc. (4) |
Health Care Providers & Services | L+500 | 1.00 | % | 9.73 | % | 6/11/27 | 2,992 | 2,992 | 2,992 | ||||||||||||||||||||||
ENS Holdings III Corp. & ES Opco USA LLC (4) |
|
Trading Companies & Distributors |
|
L+475 | 1.00 | % | 9.43 | % | 12/31/25 | 1,097 | 1,097 | 1,097 | ||||||||||||||||||||
Foundation Consumer Brands, LLC (4) |
Personal Products | L+550 | 1.00 | % | 10.15 | % | 2/12/27 | 2,963 | 2,963 | 2,963 | ||||||||||||||||||||||
High Street Buyer, Inc. (4) |
Insurance | L+600 | 0.75 | % | 10.73 | % | 4/16/28 | 2,494 | 2,494 | 2,494 | ||||||||||||||||||||||
Ivy Fertility Services, LLC (4) |
Health Care Providers & Services | L+625 | 1.00 | % | 10.39 | % | 2/25/26 | 3,000 | 3,000 | 3,030 | ||||||||||||||||||||||
Kid Distro Holdings, LLC (4) |
Software | L+575 | 1.00 | % | 10.48 | % | 10/1/27 | 2,992 | 2,992 | 2,992 | ||||||||||||||||||||||
$ | 18,032 | $ | 18,062 | |||||||||||||||||||||||||||||
(1) | Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR. These instruments are typically subject to a LIBOR or SOFR floor. |
(2) | Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or 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, 2022. |
(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. |
Selected Balance Sheet Information for SSLP (in thousands): |
||||||||
Investments at fair value (cost $132,993 and $18,032, respectively) |
$ | 133,561 | $ | 18,062 | ||||
Cash and other assets |
3,886 | 1,043 | ||||||
Total assets |
$ | 137,447 | $ | 19,105 | ||||
Debt outstanding |
$ | 77,826 | $ | — | ||||
Distributions payable |
500 | — | ||||||
Interest payable and other credit facility related expenses |
358 | 165 | ||||||
Accrued expenses and other payables |
209 | 89 | ||||||
Total liabilities |
$ | 78,893 | $ | 254 | ||||
Members’ equity |
$ | 58,554 | $ | 18,851 | ||||
Total liabilities and members’ equity |
$ | 137,447 | $ | 19,105 | ||||
Selected Income Statement Information for SSLP (in thousands): |
||||||||||||
Interest income |
$ | 2,757 | $ | 5,371 | $ | 152 | ||||||
Service fees* |
66 | 123 | $ | 4 | ||||||||
Interest and other credit facility expenses |
1,773 | 4,025 | 166 | |||||||||
Organizational costs |
— | — | 73 | |||||||||
Other general and administrative expenses |
32 | 89 | 88 | |||||||||
Total expenses |
1,871 | 4,237 | 331 | |||||||||
Net investment income (loss) |
$ | 886 | $ | 1,134 | $ | (179 | ) | |||||
Realized gain on investments |
— | 30 | — | |||||||||
Net change in unrealized gain on investments |
177 | 538 | 30 | |||||||||
Net realized and unrealized gain on investments |
$ | 177 | $ | 568 | 30 | |||||||
Net income (loss) |
$ | 1,063 | $ | 1,702 | $ | (149 | ) | |||||
* | 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) |
$ | 627.8 | $ | — | $ | 206.3 | $ | 421.5 | $ | — | ||||||||||
Unsecured senior notes |
470.0 | — | 210.0 | 260.0 | — | |||||||||||||||
Term loans |
100.0 | — | — | 100.0 | — |
(1) | As of September 30, 2023, we had a total of $232.3 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 2023 (through September 30, 2023) |
$ | i 421,500 | $ | i 642 | i — | N/A | ||||||||||
Fiscal 2022 |
i 293,000 | i 513 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 222,500 | i 552 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 126,000 | i 421 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 42,900 | i 182 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 96,400 | i 593 | i — | N/A | ||||||||||||
Fiscal 2017 |
i 245,600 | i 1,225 | i — | N/A | ||||||||||||
Fiscal 2016 |
i 115,200 | i 990 | i — | N/A | ||||||||||||
Fiscal 2015 |
i 207,900 | i 1,459 | i — | N/A | ||||||||||||
Fiscal 2014 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2013 |
i — | i — | i — | N/A | ||||||||||||
SPV Credit Facility |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i 206,250 | i 314 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 155,200 | i 272 | i — | N/A | ||||||||||||
2022 Unsecured Notes |
||||||||||||||||
Fiscal 2022 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2021 |
i 150,000 | i 372 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 150,000 | i 501 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 150,000 | i 638 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 150,000 | i 923 | i — | N/A | ||||||||||||
Fiscal 2017 |
i 150,000 | i 748 | i — | N/A | ||||||||||||
Fiscal 2016 |
i 50,000 | i 430 | i — | N/A | ||||||||||||
2022 Tranche C Notes |
||||||||||||||||
Fiscal 2022 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2021 |
i 21,000 | i 52 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 21,000 | i 70 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 21,000 | i 89 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 21,000 | i 129 | i — | N/A | ||||||||||||
Fiscal 2017 |
i 21,000 | i 105 | i — | N/A | ||||||||||||
2023 Unsecured Notes |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2022 |
i 75,000 | i 131 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 75,000 | i 186 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 75,000 | i 250 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 75,000 | i 319 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 75,000 | i 461 | i — | N/A | ||||||||||||
Fiscal 2017 |
i 75,000 | i 374 | i — | 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 2023 (through September 30, 2023) |
i 125,000 | i 190 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 125,000 | i 219 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 125,000 | i 309 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 125,000 | i 417 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 125,000 | i 531 | i — | N/A | ||||||||||||
2025 Unsecured Notes |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i 85,000 | i 129 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 85,000 | i 149 | i — | N/A | ||||||||||||
2026 Unsecured Notes |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i 75,000 | i 114 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 75,000 | i 131 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 75,000 | i 186 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 75,000 | i 250 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 75,000 | i 319 | i — | N/A | ||||||||||||
2027 Unsecured Notes |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i 50,000 | i 76 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 50,000 | i 88 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 50,000 | i 124 | i — | N/A | ||||||||||||
2027 Series F Unsecured Notes |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i 135,000 | i 206 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 135,000 | i 237 | i — | N/A | ||||||||||||
2042 Unsecured Notes |
||||||||||||||||
Fiscal 2017 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2016 |
i 100,000 | i 859 | i — | $ | i 1,002 | |||||||||||
Fiscal 2015 |
i 100,000 | i 702 | i — | i 982 | ||||||||||||
Fiscal 2014 |
i 100,000 | i 2,294 | i — | i 943 | ||||||||||||
Fiscal 2013 |
i 100,000 | i 2,411 | i — | i 934 | ||||||||||||
Senior Secured Notes |
||||||||||||||||
Fiscal 2017 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2016 |
i 75,000 | i 645 | i — | N/A | ||||||||||||
Fiscal 2015 |
i 75,000 | i 527 | i — | N/A | ||||||||||||
Fiscal 2014 |
i 75,000 | i 1,721 | i — | N/A | ||||||||||||
Fiscal 2013 |
i 75,000 | i 1,808 | i — | N/A | ||||||||||||
Term Loans |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
i 100,000 | i 152 | i — | N/A | ||||||||||||
Fiscal 2022 |
i 100,000 | i 175 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 100,000 | i 248 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 75,000 | i 250 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 75,000 | i 319 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 50,000 | i 308 | i — | N/A | ||||||||||||
Fiscal 2017 |
i 50,000 | i 250 | i — | N/A | ||||||||||||
Fiscal 2016 |
i 50,000 | i 430 | i — | N/A | ||||||||||||
Fiscal 2015 |
i 50,000 | i 351 | i — | N/A | ||||||||||||
Fiscal 2014 |
i 50,000 | i 1,147 | i — | N/A | ||||||||||||
Fiscal 2013 |
i 50,000 | i 1,206 | i — | N/A | ||||||||||||
NEFPASS Facility |
||||||||||||||||
Fiscal 2021 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2020 |
i 30,000 | i 100 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 30,000 | i 128 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 30,000 | i 185 | i — | N/A |
SSLP Facility |
||||||||||||||||
Fiscal 2019 |
i — | i — | i — | N/A | ||||||||||||
Fiscal 2018 |
i 53,785 | i 331 | i — | N/A | ||||||||||||
Total Senior Securities |
||||||||||||||||
Fiscal 2023 (through September 30, 2023) |
$ | i 1,197,750 | $ | i 1,823 | i — | N/A | ||||||||||
Fiscal 2022 |
i 1,093,200 | i 1,915 | i — | N/A | ||||||||||||
Fiscal 2021 |
i 818,500 | i 2,029 | i — | N/A | ||||||||||||
Fiscal 2020 |
i 677,000 | i 2,259 | i — | N/A | ||||||||||||
Fiscal 2019 |
i 593,900 | i 2,525 | i — | N/A | ||||||||||||
Fiscal 2018 |
i 476,185 | i 2,930 | i — | N/A | ||||||||||||
Fiscal 2017 |
i 541,600 | i 2,702 | i — | N/A | ||||||||||||
Fiscal 2016 |
i 390,200 | i 3,354 | i — | N/A | ||||||||||||
Fiscal 2015 |
i 432,900 | i 3,039 | i — | N/A | ||||||||||||
Fiscal 2014 |
i 225,000 | i 5,162 | i — | N/A | ||||||||||||
Fiscal 2013 |
i 225,000 | i 5,425 | i — | 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 September 30, 2023, asset coverage was 182.3%. |
(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, 2014 and 2013 periods was $100,175, $98,196, $94,301 and $93,392, respectively. |
(in millions) |
||||||||
SLR Credit Solutions* |
$ | 44.3 | $ | 44.3 | ||||
Outset Medical, Inc. |
35.1 | 35.1 | ||||||
Apeel Technology, Inc. |
32.8 | 32.8 | ||||||
Southern Orthodontic Partners Management, LLC |
21.9 | 1.9 | ||||||
SLR Senior Lending Program LLC* |
21.3 | 40.5 | ||||||
Orthopedic Care Partners Management, LLC |
20.8 | 1.6 | ||||||
Human Interest, Inc. |
20.1 | 20.1 | ||||||
CVAUSA Management, LLC |
18.2 | — | ||||||
BDG Media, Inc. |
12.6 | 3.5 | ||||||
Neuronetics, Inc. |
11.6 | — | ||||||
ONS MSO, LLC |
11.0 | — | ||||||
iCIMS, Inc. |
10.5 | 11.4 | ||||||
Cerapedics, Inc. |
9.2 | 6.7 | ||||||
Alkeme Intermediate Holdings, LLC |
8.5 | — | ||||||
Arcutis Biotherapeutics, Inc. |
8.4 | 8.4 | ||||||
Ardelyx, Inc. |
7.8 | 7.8 | ||||||
West-NR Parent, Inc. |
6.8 | — | ||||||
United Digestive MSO Parent, LLC |
5.2 | — | ||||||
Peter C. Foy & Associates Insurance Services, LLC |
5.1 | 1.1 | ||||||
Luxury Asset Capital, LLC |
4.5 | 7.5 | ||||||
UVP Management, LLC |
4.4 | — | ||||||
Kaseya, Inc. |
3.8 | 3.9 | ||||||
Urology Management Holdings, Inc. |
3.6 | — | ||||||
The Townsend Company, LLC |
3.5 | — | ||||||
SLR Equipment Finance |
3.5 | 1.0 | ||||||
Vertos Medical, Inc. |
3.3 | — | ||||||
Foundation Consumer Brands, LLC |
3.0 | 3.0 | ||||||
Kid Distro Holdings, LLC |
2.7 | 2.7 | ||||||
Maurices, Incorporated |
2.6 | 4.3 | ||||||
Erie Construction Mid-west, LLC |
2.4 | 1.3 | ||||||
Ultimate Baked Goods Midco LLC |
2.4 | 1.6 | ||||||
Basic Fun, Inc. |
2.1 | 2.7 | ||||||
Bayside Opco, LLC |
1.7 | — | ||||||
SunMed Group Holdings, LLC |
1.6 | 0.8 | ||||||
SCP Eye Care, LLC |
1.5 | 2.8 | ||||||
SLR Healthcare ABL* |
1.4 | 1.4 | ||||||
RxSense Holdings LLC |
1.3 | 1.3 | ||||||
Enverus Holdings, Inc. |
1.2 | 1.0 | ||||||
Tilley Distribution, Inc. |
1.1 | 0.5 | ||||||
GSM Acquisition Corp. |
0.9 | 0.8 | ||||||
Composite Technology Acquisition Corp. |
0.8 | 1.5 | ||||||
High Street Buyer, Inc. |
0.6 | 0.3 | ||||||
CC SAG Holdings Corp. (Spectrum Automotive) |
0.5 | 20.7 | ||||||
ENS Holdings III Corp, LLC |
0.5 | 0.1 | ||||||
Pinnacle Treatment Centers, Inc. |
0.4 | 1.7 | ||||||
Vessco Midco Holdings, LLC |
0.3 | 3.9 | ||||||
TAUC Management, LLC |
0.3 | 0.3 | ||||||
All States Ag Parts, LLC |
0.2 | 0.1 | ||||||
Glooko, Inc. |
— | 17.9 | ||||||
World Insurance Associates, LLC |
— | 17.1 | ||||||
Spectrum Pharmaceuticals, Inc. |
— | 8.8 | ||||||
Atria Wealth Solutions, Inc. |
— | 8.2 | ||||||
Accession Risk Management Group, Inc. |
— | 7.5 | ||||||
Copper River Seafoods, Inc. |
— | 3.6 | ||||||
Meditrina, Inc. |
— | 3.4 | ||||||
One Touch Direct, LLC |
— | 3.1 | ||||||
DeepIntent, Inc. |
— | 3.1 | ||||||
Plastics Management, LLC |
— | 2.4 | ||||||
Pediatric Home Respiratory Services, LLC |
— | 1.8 | ||||||
Ivy Fertility Services, LLC |
— | 1.6 | ||||||
NAC Holdings Corporation |
— | 1.5 | ||||||
SPAR Marketing Force, Inc. |
— | 1.3 | ||||||
Montefiore Nyack Hospital |
— | 1.0 | ||||||
American Teleconferencing Services, Ltd. |
— | 1.1 | ||||||
BayMark Health Services, Inc. |
— | 0.4 | ||||||
|
|
|
|
|||||
Total Commitments |
$ | 367.3 | $ | 364.2 | ||||
|
|
|
|
* | The Company controls the funding of these commitments and may cancel them at its discretion. |
• |
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. |
• |
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”. |
Increase (Decrease) in LIBOR and SOFR |
(1.00 |
%) |
1.00 |
% | ||||
Increase (Decrease) in Net Investment Income Per Share Per Year |
$ |
(0.07 |
) |
$ |
0.08 |
Item 2. |
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
Exhibit Number |
Description | |
2.1 |
||
3.1 |
||
3.2 |
||
4.1 |
||
4.2 |
||
23.1 |
||
31.1 |
||
31.2 |
||
31.3 |
||
32.1 |
||
32.2 |
||
32.3 |
||
101.INS |
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.* | |
101.SCH |
Inline XBRL Taxonomy Extension Schema Document* | |
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document* |
Exhibit Number |
Description | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document* | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |
104 | Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
(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 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. |
* |
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) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/12/27 | ||||
3/14/27 | ||||
1/6/27 | ||||
12/15/26 | ||||
6/1/26 | ||||
3/31/26 | ||||
11/13/25 | ||||
3/31/25 | ||||
12/15/24 | ||||
5/10/24 | ||||
1/31/24 | ||||
12/31/23 | ||||
12/28/23 | ||||
12/14/23 | ||||
Filed on: | 11/7/23 | 8-K | ||
11/3/23 | ||||
For Period end: | 9/30/23 | |||
9/28/23 | ||||
9/20/23 | ||||
9/5/23 | 4, 8-K | |||
8/30/23 | 8-K | |||
8/29/23 | 3, 8-K | |||
8/24/23 | 4 | |||
8/18/23 | ||||
8/8/23 | 10-Q, 8-K | |||
8/1/23 | ||||
7/31/23 | ||||
7/20/23 | ||||
7/5/23 | 8-K | |||
6/30/23 | 10-Q | |||
6/29/23 | ||||
6/20/23 | ||||
6/16/23 | ||||
6/1/23 | 8-K | |||
5/31/23 | ||||
5/24/23 | 4/A | |||
5/10/23 | 10-Q, 8-K | |||
5/9/23 | ||||
5/2/23 | ||||
4/20/23 | ||||
4/4/23 | 8-K | |||
3/23/23 | ||||
3/1/23 | ||||
2/28/23 | 10-K, 8-K | |||
2/16/23 | ||||
2/2/23 | 8-K | |||
1/26/23 | ||||
1/20/23 | ||||
1/10/23 | 8-K | |||
1/5/23 | ||||
12/31/22 | 10-K | |||
12/22/22 | ||||
12/12/22 | ||||
12/6/22 | 8-K | |||
12/1/22 | 4 | |||
11/17/22 | ||||
11/2/22 | 10-Q, 8-K | |||
10/20/22 | ||||
10/12/22 | 8-K | |||
10/7/22 | 8-K | |||
10/5/22 | 8-K | |||
10/4/22 | DEFA14A | |||
9/30/22 | 10-Q | |||
9/20/22 | ||||
9/2/22 | 8-K | |||
9/1/22 | ||||
8/18/22 | 4/A, PRE 14A | |||
8/2/22 | 10-Q, 8-K | |||
7/21/22 | ||||
7/6/22 | 8-K | |||
7/5/22 | ||||
6/23/22 | ||||
6/3/22 | 8-K | |||
6/2/22 | ||||
5/19/22 | ||||
5/8/22 | ||||
5/3/22 | 10-Q, 8-K | |||
4/21/22 | ||||
4/4/22 | 8-K | |||
4/1/22 | 4, 4/A, 8-K, POS EX | |||
3/18/22 | ||||
3/1/22 | 10-K, 425, 8-K | |||
1/6/22 | 8-K | |||
1/5/22 | ||||
12/31/21 | 10-K, 5, 5/A | |||
12/28/21 | 8-K | |||
12/16/21 | N-14 8C | |||
12/1/21 | 425, 8-K | |||
11/3/21 | 10-Q, 8-K | |||
10/5/21 | ||||
9/23/21 | ||||
9/14/21 | ||||
8/3/21 | 10-Q, 8-K | |||
7/2/21 | ||||
6/23/21 | ||||
6/3/21 | ||||
5/5/21 | 10-Q, 8-K | |||
4/2/21 | ||||
3/18/21 | ||||
2/25/21 | 8-K | |||
2/24/21 | 10-K, 8-K | |||
11/3/20 | ||||
3/31/20 | 10-Q | |||
12/18/19 | 8-K | |||
8/28/19 | 8-K | |||
6/28/19 | ||||
5/1/18 | ||||
1/20/18 | ||||
11/22/17 | POS EX | |||
10/20/17 | ||||
7/31/17 | ||||
6/13/17 | ||||
9/30/16 | 10-Q, 8-K | |||
7/28/16 | ||||
9/30/13 | 10-Q | |||
12/28/12 | 8-K | |||
11/30/12 | ||||
11/16/12 | 8-A12B, 8-K, POS EX | |||
8/26/11 | ||||
2/9/10 | 3, 4, 8-A12B, CERTNAS, CORRESP, EFFECT, N-2/A, N-54A | |||
1/7/10 | N-2/A | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/01/21 SLR Investment Corp. 8-K:1,5,7,911/30/21 5:5.9M Donnelley … Solutions/FA 11/16/12 SLR Investment Corp. POS EX 11/16/12 6:853K Donnelley … Solutions/FA 2/09/10 SLR Investment Corp. N-2/A 11:1.1M Donnelley … Solutions/FA 1/07/10 SLR Investment Corp. N-2/A 11:2.7M Donnelley … Solutions/FA |