Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 24, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SLR INVESTMENT CORP. | ||
Securities Act File Number | 814-00754 | ||
Entity Tax Identification Number | 26-1381340 | ||
Trading Symbol | SLRC | ||
Entity Central Index Key | 0001418076 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Interactive Data Current | Yes | ||
City Area Code | 212 | ||
Local Phone Number | 993-1670 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 500 Park Avenue | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Address, State or Province | NY | ||
Entity Address, City or Town | New York | ||
Entity Address, Postal Zip Code | 10022 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Common Stock, Shares Outstanding | 54,554,634 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 741.8 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York | ||
Auditor Firm ID | 185 |
Consolidated Statements of Asse
Consolidated Statements of Assets And Liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments at fair value: | ||
Cash | $ 10,743 | $ 2,935 |
Cash equivalents (cost: $417,590 and $320,000, respectively) | 417,590 | 320,000 |
Dividends receivable | 11,192 | 9,028 |
Interest receivable | 9,706 | 6,521 |
Receivable for investments sold | 1,124 | 1,378 |
Prepaid expenses and other assets | 664 | 567 |
Total assets | 2,537,695 | 2,011,011 |
Liabilities | ||
Debt ($1,093,200 and $818,500 face amounts, respectively, reported net of unamortized debt issuance costs of $7,202 and $6,462, respectively. See notes 6 and 7) | 1,085,998 | 812,038 |
Payable for investments and cash equivalents purchased | 417,611 | 320,041 |
Distributions payable | 7,481 | 17,327 |
Management fee payable (see note 3) | 7,964 | 7,435 |
Performance-based incentive fee payable (see note 3) | 5,422 | 1,864 |
Interest payable (see note 7) | 7,943 | 4,492 |
Administrative services payable (see note 3) | 1,488 | 2,689 |
Other liabilities and accrued expenses | 4,057 | 2,844 |
Total liabilities | 1,537,964 | 1,168,730 |
Commitments and contingencies (see note 11) | ||
Net Assets | ||
Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,555,380 and 42,260,826 shares issued and outstanding, respectively | 546 | 423 |
Paid-in capital in excess of par (see note 2f) | 1,162,569 | 936,999 |
Accumulated distributable net loss (see note 2f) | (163,384) | (95,141) |
Total net assets | $ 999,731 | $ 842,281 |
Net Asset Value Per Share | $ 18.33 | $ 19.93 |
Companies less than 5% owned [Member] | ||
Investments at fair value: | ||
Investment Owned, at Fair Value | $ 1,289,082 | $ 964,379 |
Companies more than 25% owned [Member] | ||
Investments at fair value: | ||
Investment Owned, at Fair Value | $ 797,594 | $ 706,203 |
Consolidated Statements of As_2
Consolidated Statements of Assets And Liabilities (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment owned, at cost | $ 2,552,177 | $ 2,016,953 |
Cash equivalents at cost | 417,590 | 320,000 |
Debt instrument, face amount | 1,093,200 | 818,500 |
Debt issuance costs | $ 7,202 | $ 6,462 |
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 54,555,380 | 42,260,826 |
Common stock, shares, outstanding | 54,555,380 | 42,260,826 |
Companies less than 5% owned [Member] | ||
Investment owned, at cost | $ 1,312,701 | $ 985,088 |
Companies more than 25% owned [Member] | ||
Investment owned, at cost | $ 821,886 | $ 711,865 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENT INCOME: | |||
Total investment income | $ 177,505 | $ 139,354 | $ 121,745 |
EXPENSES: | |||
Management fees (see note 3) | 29,982 | 28,277 | 24,951 |
Performance-based incentive fees (see note 3) | 15,097 | 10,309 | 2,272 |
Interest and other credit facility expenses (see note 7) | 46,087 | 29,876 | 27,156 |
Administrative services expense (see note 3) | 5,401 | 5,575 | 5,215 |
Other general and administrative expenses | 6,099 | 4,390 | 2,936 |
Total expenses | 102,666 | 78,427 | 62,530 |
Performance-based incentive fees waived (see note 3) | (1,527) | 0 | 0 |
Net expenses | 101,139 | 78,427 | 62,530 |
Net investment income | 76,366 | 60,927 | 59,215 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: | |||
Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned) | (36,485) | 26 | (26,638) |
Net change in unrealized gain (loss) on investments and cash equivalents: | |||
Net change in unrealized gain (loss) on investments and cash equivalents | (21,539) | (1,387) | (17,126) |
Net realized and unrealized gain (loss) on investments and cash equivalents | (58,024) | (1,361) | (43,764) |
Net increase in net assets resulting from operations | $ 18,342 | $ 59,566 | $ 15,451 |
Earnings Per Share, Basic | $ 0.35 | $ 1.41 | $ 0.37 |
Earnings Per Share, Diluted | $ 0.35 | $ 1.41 | $ 0.37 |
Companies less than 5% owned [Member] | |||
INVESTMENT INCOME: | |||
Interest | $ 121,491 | $ 86,122 | $ 84,143 |
Dividends | 0 | 133 | 50 |
Other income | 2,116 | 4,157 | 1,885 |
Net change in unrealized gain (loss) on investments and cash equivalents: | |||
Net change in unrealized gain (loss) on investments and cash equivalents | (2,909) | (10,500) | 8,970 |
Companies more than 25% owned [Member] | |||
INVESTMENT INCOME: | |||
Interest | 9,515 | 11,354 | 8,861 |
Dividends | 44,383 | 37,564 | 26,794 |
Other income | 0 | 24 | 12 |
Net change in unrealized gain (loss) on investments and cash equivalents: | |||
Net change in unrealized gain (loss) on investments and cash equivalents | $ (18,630) | $ 9,113 | $ (26,096) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Net Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (decrease) in net assets resulting from operations: | |||
Net investment income | $ 76,366 | $ 60,927 | $ 59,215 |
Net realized gain (loss) | (36,485) | 26 | (26,638) |
Net change in unrealized gain (loss) | (21,539) | (1,387) | (17,126) |
Net increase in net assets resulting from operations | 18,342 | 59,566 | 15,451 |
Distributions to stockholders (see note 8a): | |||
From distributable earnings | (57,594) | (41,221) | (48,795) |
From return of capital | (27,099) | (28,087) | (20,513) |
Net distributions to stockholders | (84,693) | (69,308) | (69,308) |
Capital transactions (see note 13): | |||
Issuance of common stock | 226,839 | 0 | 0 |
Repurchases of common stock | (3,038) | 0 | 0 |
Net increase in net assets resulting from capital transactions | 223,801 | 0 | 0 |
Total increase (decrease) in net assets | 157,450 | (9,742) | (53,857) |
Net assets at beginning of period | 842,281 | 852,023 | 905,880 |
Net assets at end of period | $ 999,731 | $ 842,281 | $ 852,023 |
Capital share activity (see note 13): | |||
Issuance of common stock | 12,511,825 | 0 | 0 |
Repurchases of common stock | (217,271) | 0 | 0 |
Net increase from capital share activity | 12,294,554 | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash Flows from Operating Activities | ||||
Net increase in net assets resulting from operations | $ 18,342 | $ 59,566 | $ 15,451 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Net realized (gain) loss on investments and cash equivalents | 36,485 | (26) | 26,638 | |
Net change in unrealized loss on investments | 21,539 | 1,387 | 17,126 | |
(Increase) decrease in operating assets: | ||||
Purchase of investments | (609,645) | (596,256) | (426,897) | |
Proceeds from disposition of investments | 531,389 | 468,532 | 357,632 | |
Net accretion of discount on investments | (9,850) | (6,087) | (7,581) | |
Capitalization of payment-in-kind income | (4,282) | (7,592) | (5,384) | |
Collections of payment-in-kind income | 1,286 | 1,411 | 1,339 | |
Receivable for investments sold | 254 | (1,123) | 1,952 | |
Interest receivable | (3,185) | (43) | (1,077) | |
Dividends receivable | (2,164) | (1,101) | 2,561 | |
Prepaid expenses and other assets | (97) | 4 | 44 | |
Cash and other net assets acquired in merger | 3,640 | 0 | 0 | |
Increase (decrease) in operating liabilities: | ||||
Payable for investments and cash equivalents purchased | 97,570 | (59,997) | (39,624) | |
Management fee payable | 529 | 900 | (212) | |
Performance-based incentive fee payable | 3,558 | 1,072 | (3,489) | |
Administrative services expense payable | (1,201) | 743 | (811) | |
Interest payable | 3,451 | 1,076 | (262) | |
Other liabilities and accrued expenses | 1,213 | 414 | (10) | |
Deferred financing costs/market discount | 2,227 | 2,019 | 1,234 | |
Net Cash Provided by (Used in) Operating Activities | 91,059 | (135,101) | (61,370) | |
Cash Flows from Financing Activities: | ||||
Cash distributions paid | (94,539) | (69,308) | (69,308) | |
Proceeds from unsecured borrowings | 134,914 | 49,936 | 0 | |
Repayment of unsecured borrowings | (171,000) | 0 | 0 | |
Proceeds from secured borrowings | 844,002 | 812,132 | 337,000 | |
Repayments of secured borrowings | (696,000) | (723,500) | (253,900) | |
Repurchase of common stock | (3,038) | 0 | 0 | |
Net Cash Provided by Financing Activities | 14,339 | 69,260 | 13,792 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 105,398 | (65,841) | (47,578) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 322,935 | 388,776 | 436,354 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 428,333 | 322,935 | 388,776 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 42,636 | 28,800 | 27,418 | |
Issuance of shares in connection with the Mergers | [1] | $ 226,839 | $ 0 | $ 0 |
[1]On April 1, 2022, in connection with the Mergers (as defined in Note 1 “Organization”), the Company acquired net assets of $244,691 for the total stock consideration of $226,839. For further details, refer to Note 17 “Merger with SUNS”. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | Apr. 01, 2022 USD ($) |
Statement of Cash Flows [Abstract] | |
Noncash or part noncash acquisition, value of assets acquired | $ 244,691 |
Stock issued | $ 226,839 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Investments [Line Items] | |||
Cost | $ 2,552,177 | $ 2,016,953 | |
Total Investments & Cash Equivalents | 2,504,266 | 1,990,582 | |
Liabilities in Excess of Other Assets | (1,504,535) | (1,148,301) | |
Total net assets | $ 999,731 | $ 842,281 | |
Percentage of Total Investments (at fair value) | 100% | 100% | |
Senior Secured Loans 0 124.6% | |||
Schedule of Investments [Line Items] | |||
Cost | $ 1,272,952 | ||
Fair Value | 1,245,414 | ||
Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 912,558 | ||
Fair Value | 886,513 | ||
Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 319,205 | ||
Fair Value | 322,455 | ||
Total Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 2,134,587 | $ 1,696,953 | |
Fair Value | $ 2,086,676 | 1,670,582 | |
Senior Secured Loans 0 111.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 959,162 | ||
Fair Value | 939,690 | ||
Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 579,211 | ||
Fair Value | 559,571 | ||
Senior Secured Loans 0 111.5% [Member] | Second Lien Asset-Based Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 58,795 | ||
Fair Value | 58,889 | ||
Senior Secured Loans 0 111.5% [Member] | Second Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 49,576 | ||
Fair Value | 48,703 | ||
Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 271,580 | ||
Fair Value | 272,527 | ||
Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 292,365 | ||
Fair Value | 273,795 | ||
Preferred Equity 2 0.7% [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 6,049 | ||
Fair Value | 5,630 | ||
Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 439,377 | ||
Fair Value | $ 451,467 | ||
Cash Equivalents 0 38.0% [Member] | U.S. Treasury Bill [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Government | ||
Acquisition Date | Dec. 31, 2021 | ||
Maturity Date | Jan. 25, 2022 | ||
Par Amount | $ 320,000 | ||
Cost | 320,000 | ||
Fair Value | $ 320,000 | ||
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC) [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 17.50% | 24.80% | |
Diversified Financial Services (includes SLR Credit Solutions) [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 22.10% | 20.70% | |
Health Care Providers & Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 7.70% | 9.60% | |
Pharmaceuticals [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 5.50% | 7.80% | |
Health Care Equipment & Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 6.60% | 5% | |
Software [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 4.30% | 5% | |
Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 3.90% | 2.40% | |
Wireless Telecommunication Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.10% | 2.20% | |
Capital Markets [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.70% | 1.60% | |
Personal Products [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.70% | 2% | |
Road & Rail [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.70% | 1.90% | |
IT Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.60% | 1.90% | |
Insurance [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 4.20% | 1.60% | |
Diversified Consumer Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 2.70% | 1.80% | |
Commercial Services & Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.10% | 1.60% | |
Auto Parts & Equipment [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.20% | 1.50% | |
Internet & Catalog Retail [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.10% | 1.50% | |
Packaged Foods & Meats [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.20% | 1.10% | |
Life Sciences Tools & Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.30% | 1% | |
Communications Equipment [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.70% | 0.90% | |
Specialty Retail [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.50% | 0.70% | |
Auto Components [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.40% | 0.60% | |
Airlines [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.30% | 0.60% | |
Health Care Technology [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.80% | 0.50% | |
Transportation Infrastructure [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.70% | ||
Machinery [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.30% | 0.30% | |
Metals & Mining [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.20% | 0.30% | |
Aerospace & Defense [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.30% | 0.30% | |
Consumer Finance [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.10% | 0.10% | |
Air Freight & Logistics [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.10% | ||
Construction & Engineering [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0% | 0.10% | |
Hotels, Restaurants & Leisure [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.30% | 0.30% | |
Oil, Gas & Consumable Fuels [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.30% | 0.10% | |
Containers & Packaging [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0% | 0% | |
Energy Equipment & Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0% | 0.10% | |
Building Products [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.90% | ||
Internet Software Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1% | ||
Trading Companies and Distributors [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.90% | ||
Leisure Equipment and Products [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.50% | ||
Footwear [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.30% | ||
Water Utilities [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.10% | ||
Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Cost | $ 291,445 | ||
Fair Value | $ 265,952 | ||
Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Oct. 04, 2023 | |
Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Cost | $ 565,263 | ||
Fair Value | $ 571,509 | ||
Cash Equivalents 0 41.8% | U.S. Treasury Bill [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Government | ||
Acquisition Date | Dec. 30, 2022 | ||
Maturity Date | Feb. 23, 2023 | ||
Par Amount | $ 420,000 | ||
Cost | 417,590 | ||
Fair Value | $ 417,590 | ||
Thrifts Mortgage Finance [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.30% | ||
Media [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 1.90% | ||
Food Products [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.40% | ||
Food and Staples Retailing [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.10% | ||
Asset Management [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments (at fair value) | 0.50% | ||
Aegis Toxicology Sciences Corporation [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | L+550 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.09% | |
Acquisition Date | [2] | May 07, 2018 | |
Maturity Date | [2] | May 09, 2025 | |
Par Amount | [2] | $ 17,103 | |
Cost | [2] | 16,793 | |
Fair Value | [2] | $ 17,103 | |
Aegis Toxicology Sciences Corporation [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5] | L+550 | |
Floor | 1% | ||
Interest Rate | [6] | 6.50% | |
Acquisition Date | May 07, 2018 | ||
Maturity Date | May 09, 2025 | ||
Par Amount | $ 12,402 | ||
Cost | 12,283 | ||
Fair Value | $ 12,402 | ||
All State Ag Parts, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Trading Companies & Distributors | |
Spread Above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.19% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Sep. 01, 2026 | |
Par Amount | [2] | $ 4,197 | |
Cost | [2] | 4,081 | |
Fair Value | [2] | $ 4,197 | |
Alteon Health, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5] | L+650 | |
Floor | 1% | ||
Interest Rate | [6] | 7.50% | |
Acquisition Date | Sep. 14, 2018 | ||
Maturity Date | Sep. 01, 2023 | ||
Par Amount | $ 14,117 | ||
Cost | 14,079 | ||
Fair Value | $ 14,117 | ||
American Teleconferencing Services, Ltd. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [7] | Communications Equipment | |
Spread Above Index | [3],[7] | L+650 | |
Floor | [7] | 1% | |
Interest Rate | [4],[7] | 0% | |
Acquisition Date | [7] | May 05, 2016 | |
Maturity Date | [7] | Sep. 09, 2021 | |
Par Amount | [7] | $ 36,135 | |
Cost | [7] | 25,926 | |
Fair Value | [7] | $ 0 | |
American Teleconferencing Services, Ltd. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [7] | Communications Equipment | |
Spread Above Index | [5],[7] | L+650 | |
Floor | [7] | 1% | |
Interest Rate | [6],[7] | 7.50% | |
Acquisition Date | [7] | May 05, 2016 | |
Maturity Date | [7] | Sep. 09, 2021 | |
Par Amount | [7] | $ 24,822 | |
Cost | [7] | 24,453 | |
Fair Value | [7] | $ 3,345 | |
American Teleconferencing Services, Ltd. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [7] | Communications Equipment | |
Spread Above Index | [3],[7] | L+650 | |
Floor | [7] | 1% | |
Interest Rate | [4],[7] | 0% | |
Acquisition Date | [7] | Sep. 17, 2021 | |
Maturity Date | [7] | Jan. 31, 2023 | |
Par Amount | [7] | $ 6,405 | |
Cost | [7] | 6,254 | |
Fair Value | [7] | $ 224 | |
American Teleconferencing Services, Ltd. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [7] | Communications Equipment | |
Spread Above Index | [5],[7] | L+650 | |
Floor | [7] | 1% | |
Interest Rate | [6],[7] | 7.50% | |
Acquisition Date | [7] | Sep. 17, 2021 | |
Maturity Date | [7] | Mar. 31, 2022 | |
Par Amount | [7] | $ 4,576 | |
Cost | [7] | 4,508 | |
Fair Value | [7] | $ 4,576 | |
AmeriMark Intermediate Holdings, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [8] | Internet & Catalog Retail | |
Spread Above Index | [3],[8] | L+800 | |
Floor | [8] | 1% | |
Interest Rate | [4],[8] | 14.77% | |
Acquisition Date | [8] | Jul. 28, 2021 | |
Maturity Date | [8] | Oct. 15, 2026 | |
Par Amount | [8] | $ 24,087 | |
Cost | [8] | 23,711 | |
Fair Value | [8] | $ 22,882 | |
AmeriMark Intermediate Holdings, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [9] | Internet & Catalog Retail | |
Spread Above Index | [5],[9] | L+600 | |
Floor | [9] | 1% | |
Interest Rate | [6],[9] | 7% | |
Acquisition Date | [9] | Jul. 28, 2021 | |
Maturity Date | [9] | Oct. 15, 2026 | |
Par Amount | [9] | $ 25,226 | |
Cost | [9] | 24,739 | |
Fair Value | [9] | $ 24,721 | |
Atria Wealth Solutions, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2],[3] | Diversified Financial Services | |
Spread Above Index | [2],[3] | S+600 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.84% | |
Acquisition Date | [2] | Sep. 14, 2018 | |
Maturity Date | [2] | Feb. 29, 2024 | |
Par Amount | [2] | $ 8,149 | |
Cost | [2] | 8,107 | |
Fair Value | [2] | $ 8,149 | |
Atria Wealth Solutions, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Diversified Financial Services | ||
Spread Above Index | [5] | L+600 | |
Floor | 1% | ||
Interest Rate | [6] | 7% | |
Acquisition Date | Sep. 14, 2018 | ||
Maturity Date | Nov. 30, 2022 | ||
Par Amount | $ 6,345 | ||
Cost | 6,329 | ||
Fair Value | $ 6,345 | ||
Basic Fun, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Specialty Retail | |
Spread Above Index | [2],[3] | L+550 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.27% | |
Acquisition Date | [2] | Oct. 30, 2020 | |
Maturity Date | [2] | Oct. 30, 2023 | |
Par Amount | [2] | $ 2,162 | |
Cost | [2] | 2,152 | |
Fair Value | [2] | $ 2,162 | |
Basic Fun, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Specialty Retail | ||
Spread Above Index | [5] | L+550 | |
Floor | 1% | ||
Interest Rate | [6] | 6.50% | |
Acquisition Date | Oct. 30, 2020 | ||
Maturity Date | Oct. 30, 2023 | ||
Par Amount | $ 2,902 | ||
Cost | 2,871 | ||
Fair Value | $ 2,902 | ||
BayMark Health Services Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | L+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.73% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Jun. 11, 2027 | |
Par Amount | [2] | $ 9,432 | |
Cost | [2] | 9,078 | |
Fair Value | [2] | $ 9,432 | |
CC SAG Holdings Corp. (Spectrum Automotive) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Diversified Consumer Services | |
Spread Above Index | [2],[3] | L+575 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 10.48% | |
Acquisition Date | [2] | Jun. 29, 2021 | |
Maturity Date | [2] | Jun. 29, 2028 | |
Par Amount | [2] | $ 20,427 | |
Cost | [2] | 20,057 | |
Fair Value | [2] | $ 20,427 | |
CC SAG Holdings Corp. (Spectrum Automotive) [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Diversified Consumer Services | ||
Spread Above Index | [5] | L+575 | |
Floor | 0.75% | ||
Interest Rate | [6] | 6.50% | |
Acquisition Date | Jun. 29, 2021 | ||
Maturity Date | Jun. 29, 2028 | ||
Par Amount | $ 12,168 | ||
Cost | 11,995 | ||
Fair Value | $ 12,168 | ||
Community Brands ParentCo, LLC (fka Ministry Brands) [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Software | ||
Spread Above Index | [5] | L+400 | |
Floor | 1% | ||
Interest Rate | [6] | 5% | |
Acquisition Date | Jul. 30, 2021 | ||
Maturity Date | Dec. 02, 2022 | ||
Par Amount | $ 34,901 | ||
Cost | 34,538 | ||
Fair Value | $ 34,901 | ||
Enhanced Permanent Capital, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10] | Capital Markets | |
Spread Above Index | [3],[10] | L+700 | |
Floor | [10] | 1% | |
Interest Rate | [4],[10] | 10.13% | |
Acquisition Date | [10] | Dec. 29, 2020 | |
Maturity Date | [10] | Dec. 29, 2025 | |
Par Amount | [10] | $ 35,205 | |
Cost | [10] | 34,496 | |
Fair Value | [10],[11] | $ 35,205 | |
Enhanced Permanent Capital, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10] | Capital Markets | |
Spread Above Index | [5],[10] | L+700 | |
Floor | [10] | 1% | |
Interest Rate | [6],[10] | 8% | |
Acquisition Date | [10] | Dec. 29, 2020 | |
Maturity Date | [10] | Dec. 29, 2025 | |
Par Amount | [10] | $ 26,061 | |
Cost | [10] | 25,418 | |
Fair Value | [10] | $ 26,061 | |
Foundation Consumer Brands, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Personal Products | |
Spread Above Index | [2],[3] | L+550 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.15% | |
Acquisition Date | [2] | Feb. 12, 2021 | |
Maturity Date | [2] | Feb. 12, 2027 | |
Par Amount | [2] | $ 35,273 | |
Cost | [2] | 34,421 | |
Fair Value | [2] | $ 35,273 | |
Foundation Consumer Brands, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Personal Products | ||
Spread Above Index | [5] | L+638 | |
Floor | 1% | ||
Interest Rate | [6] | 7.38% | |
Acquisition Date | Feb. 12, 2021 | ||
Maturity Date | Feb. 12, 2027 | ||
Par Amount | $ 33,367 | ||
Cost | 32,633 | ||
Fair Value | $ 33,367 | ||
iCIMS, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Software | ||
Spread Above Index | [3] | S+725 | |
Floor | [2] | 0.75% | |
Interest Rate | [4] | 11.52% | |
Acquisition Date | Aug. 18, 2022 | ||
Maturity Date | Aug. 18, 2028 | ||
Par Amount | $ 32,084 | ||
Cost | 31,548 | ||
Fair Value | $ 31,522 | ||
iCIMS, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Software | ||
Spread Above Index | [5] | L+650 | |
Floor | 1% | ||
Interest Rate | [6] | 7.50% | |
Acquisition Date | Sep. 07, 2018 | ||
Maturity Date | Sep. 12, 2024 | ||
Par Amount | $ 19,341 | ||
Cost | 19,120 | ||
Fair Value | $ 19,341 | ||
Inszone Mid, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Insurance | ||
Spread Above Index | [5] | L+575 | |
Floor | 1% | ||
Interest Rate | [6] | 6.75% | |
Acquisition Date | Sep. 28, 2021 | ||
Maturity Date | Jun. 30, 2026 | ||
Par Amount | $ 11,141 | ||
Cost | 11,035 | ||
Fair Value | $ 11,086 | ||
Ivy Fertility Services, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3] | L+625 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 10.39% | |
Acquisition Date | Dec. 22, 2021 | ||
Maturity Date | Feb. 25, 2026 | ||
Par Amount | $ 30,092 | ||
Cost | 29,415 | ||
Fair Value | $ 30,393 | ||
Ivy Fertility Services, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5] | L+625 | |
Floor | 1% | ||
Interest Rate | [6] | 7.25% | |
Acquisition Date | Dec. 22, 2021 | ||
Maturity Date | Feb. 25, 2026 | ||
Par Amount | $ 21,677 | ||
Cost | 21,299 | ||
Fair Value | $ 21,298 | ||
Kid Distro Holdings, LLC (Distro Kid) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Software | |
Spread Above Index | [2],[3] | L+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.48% | |
Acquisition Date | [2] | Sep. 24, 2021 | |
Maturity Date | [2] | Oct. 01, 2027 | |
Par Amount | [2] | $ 26,452 | |
Cost | [2] | 26,015 | |
Fair Value | [2] | $ 26,452 | |
Kid Distro Holdings, LLC (Distro Kid) [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Software | ||
Spread Above Index | [5] | L+600 | |
Floor | 1% | ||
Interest Rate | [6] | 7% | |
Acquisition Date | Sep. 24, 2021 | ||
Maturity Date | Oct. 01, 2027 | ||
Par Amount | $ 29,743 | ||
Cost | 29,168 | ||
Fair Value | $ 29,148 | ||
Kingsbridge Holdings, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [12] | Multi-Sector Holdings | |
Spread Above Index | [3],[12] | L+700 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4],[12] | 10.75% | |
Acquisition Date | [12] | Dec. 21, 2018 | |
Maturity Date | [12] | Dec. 21, 2024 | |
Par Amount | [12] | $ 80,000 | |
Cost | [12] | 79,800 | |
Fair Value | [12] | $ 80,000 | |
Kingsbridge Holdings, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13] | Multi-Sector Holdings | |
Spread Above Index | [5],[13] | L+700 | |
Floor | [13] | 1% | |
Interest Rate | [6],[13] | 8% | |
Acquisition Date | [13] | Dec. 21, 2018 | |
Maturity Date | [13] | Dec. 21, 2024 | |
Par Amount | [13] | $ 80,000 | |
Cost | [13] | 79,713 | |
Fair Value | [13] | $ 80,000 | |
KORE Wireless Group, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Wireless Telecommunication Services | |
Spread Above Index | [2],[3] | S+550 | |
Floor | [2] | 0% | |
Interest Rate | [2],[4] | 10.08% | |
Acquisition Date | [2] | Dec. 21, 2018 | |
Maturity Date | [2] | Dec. 21, 2024 | |
Par Amount | [2] | $ 23,588 | |
Cost | [2] | 23,123 | |
Fair Value | [2] | $ 23,588 | |
KORE Wireless Group, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10] | Wireless Telecommunication Services | |
Spread Above Index | [5],[10] | L+550 | |
Floor | [10] | 0% | |
Interest Rate | [6],[10] | 5.72% | |
Acquisition Date | [10] | Dec. 21, 2018 | |
Maturity Date | [10] | Dec. 21, 2024 | |
Par Amount | [10] | $ 36,470 | |
Cost | [10] | 36,062 | |
Fair Value | [10] | $ 36,470 | |
Logix Holding Company, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Communications Equipment | |
Spread Above Index | [2],[3] | L+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.13% | |
Acquisition Date | [2] | Sep. 14, 2018 | |
Maturity Date | [2] | Dec. 22, 2024 | |
Par Amount | [2] | $ 14,009 | |
Cost | [2] | 13,246 | |
Fair Value | [2] | $ 13,449 | |
Logix Holding Company, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Communications Equipment | ||
Spread Above Index | [5] | L+575 | |
Floor | 1% | ||
Interest Rate | [6] | 6.75% | |
Acquisition Date | Sep. 14, 2018 | ||
Maturity Date | Dec. 22, 2024 | ||
Par Amount | $ 7,400 | ||
Cost | 7,359 | ||
Fair Value | $ 7,178 | ||
Maurices, Incorporated [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Specialty Retail | |
Spread Above Index | [2],[3] | S+675 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 8.74% | |
Acquisition Date | [2] | Aug. 27, 2021 | |
Maturity Date | [2] | Jun. 01, 2024 | |
Par Amount | [2] | $ 7,808 | |
Cost | [2] | 7,678 | |
Fair Value | [2] | $ 7,808 | |
Maurices, Incorporated [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Specialty Retail | ||
Spread Above Index | [5] | L+675 | |
Floor | 1% | ||
Interest Rate | [6] | 7.75% | |
Acquisition Date | Aug. 27, 2021 | ||
Maturity Date | Jun. 01, 2024 | ||
Par Amount | $ 5,135 | ||
Cost | 5,044 | ||
Fair Value | $ 5,135 | ||
MMIT Holdings, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | IT Services | ||
Spread Above Index | [5] | L+625 | |
Floor | 1% | ||
Interest Rate | [6] | 7.25% | |
Acquisition Date | Sep. 21, 2021 | ||
Maturity Date | Sep. 15, 2027 | ||
Par Amount | $ 31,026 | ||
Cost | 30,541 | ||
Fair Value | $ 31,026 | ||
NAC Holdings Corporation (Jaguar) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Insurance | |
Spread Above Index | [2],[3] | S+525 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.45% | |
Acquisition Date | [2] | Jul. 30, 2021 | |
Maturity Date | [2] | Sep. 28, 2024 | |
Par Amount | [2] | $ 28,603 | |
Cost | [2] | 28,214 | |
Fair Value | [2] | $ 28,603 | |
NAC Holdings Corporation (Jaguar) [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Insurance | ||
Spread Above Index | [5] | L+525 | |
Floor | 1% | ||
Interest Rate | [6] | 6.25% | |
Acquisition Date | Jul. 30, 2021 | ||
Maturity Date | Sep. 28, 2024 | ||
Par Amount | $ 15,924 | ||
Cost | 15,730 | ||
Fair Value | $ 15,844 | ||
One Touch Direct, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Commercial Services & Supplies | ||
Spread Above Index | [3] | P+75 | |
Floor | [2] | 0% | |
Interest Rate | [4] | 8.25% | |
Acquisition Date | Apr. 03, 2020 | ||
Maturity Date | Mar. 30, 2024 | ||
Par Amount | $ 4,431 | ||
Cost | 4,431 | ||
Fair Value | $ 4,431 | ||
One Touch Direct, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Commercial Services & Supplies | ||
Spread Above Index | [5] | P+75 | |
Floor | 0% | ||
Interest Rate | [6] | 4% | |
Acquisition Date | Apr. 03, 2020 | ||
Maturity Date | Sep. 30, 2022 | ||
Par Amount | $ 274 | ||
Cost | 274 | ||
Fair Value | $ 274 | ||
PhyNet Dermatology LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3],[14] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 9.81% | |
Acquisition Date | Sep. 05, 2018 | ||
Maturity Date | Aug. 16, 2024 | ||
Par Amount | $ 14,458 | ||
Cost | 14,420 | ||
Fair Value | $ 14,458 | ||
PhyNet Dermatology LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5],[15] | L+600 | |
Floor | 1% | ||
Interest Rate | [6] | 7% | |
Acquisition Date | Sep. 05, 2018 | ||
Maturity Date | Aug. 16, 2024 | ||
Par Amount | $ 14,589 | ||
Cost | 14,529 | ||
Fair Value | $ 14,589 | ||
Pinnacle Treatment Centers, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | S+650 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.57% | |
Acquisition Date | [2] | Jan. 22, 2020 | |
Maturity Date | [2] | Jan. 02, 2026 | |
Par Amount | [2] | $ 27,997 | |
Cost | [2] | 27,528 | |
Fair Value | [2] | $ 27,367 | |
Pinnacle Treatment Centers, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5] | L+575 | |
Floor | 1% | ||
Interest Rate | [6] | 6.75% | |
Acquisition Date | Jan. 22, 2020 | ||
Maturity Date | Dec. 31, 2022 | ||
Par Amount | $ 11,996 | ||
Cost | 11,953 | ||
Fair Value | $ 11,996 | ||
PPT Management Holdings, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | L+850 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 12.83% | |
Acquisition Date | [2] | Sep. 14, 2018 | |
Maturity Date | [2] | Jan. 30, 2023 | |
Par Amount | [2] | $ 32,163 | |
Cost | [2] | 31,987 | |
Fair Value | [2] | $ 25,827 | |
PPT Management Holdings, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5],[16] | L+800 | |
Floor | 1% | ||
Interest Rate | [6] | 9% | |
Acquisition Date | Sep. 14, 2018 | ||
Maturity Date | Dec. 16, 2022 | ||
Par Amount | $ 21,120 | ||
Cost | 21,086 | ||
Fair Value | $ 18,374 | ||
RQM+ Corp. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Life Sciences Tools & Services | |
Spread Above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.97% | |
Acquisition Date | [2] | Aug. 20, 2021 | |
Maturity Date | [2] | Aug. 12, 2026 | |
Par Amount | [2] | $ 26,823 | |
Cost | [2] | 26,455 | |
Fair Value | [2] | $ 26,823 | |
RQM+ Corp. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Life Sciences Tools & Services | ||
Spread Above Index | [5] | L+575 | |
Floor | 1% | ||
Interest Rate | [6] | 6.75% | |
Acquisition Date | Aug. 20, 2021 | ||
Maturity Date | Aug. 12, 2026 | ||
Par Amount | $ 16,504 | ||
Cost | 16,349 | ||
Fair Value | $ 16,462 | ||
Stryten Energy LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Auto Parts & Equipment | ||
Spread Above Index | [5] | L+800 | |
Floor | 1% | ||
Interest Rate | [6] | 9% | |
Acquisition Date | Aug. 11, 2021 | ||
Maturity Date | Oct. 12, 2026 | ||
Par Amount | $ 26,184 | ||
Cost | 25,676 | ||
Fair Value | $ 25,923 | ||
SunMed Group Holdings, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Equipment & Supplies | |
Spread Above Index | [2],[3] | L+575 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 10.48% | |
Acquisition Date | [2] | Jun. 16, 2021 | |
Maturity Date | [2] | Jun. 16, 2028 | |
Par Amount | [2] | $ 24,953 | |
Cost | [2] | 24,446 | |
Fair Value | [2] | $ 24,953 | |
SunMed Group Holdings, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Equipment & Supplies | ||
Spread Above Index | [5] | L+575 | |
Floor | 0.75% | ||
Interest Rate | [6] | 6.50% | |
Acquisition Date | Jun. 16, 2021 | ||
Maturity Date | Jun. 16, 2028 | ||
Par Amount | $ 18,536 | ||
Cost | 18,232 | ||
Fair Value | $ 18,351 | ||
Ultimate Baked Goods Midco LLC (Rise Baking) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Packaged Foods & Meats | |
Spread Above Index | [2],[3] | L+650 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.88% | |
Acquisition Date | [2] | Aug. 12, 2021 | |
Maturity Date | [2] | Aug. 13, 2027 | |
Par Amount | [2] | $ 24,789 | |
Cost | [2] | 24,038 | |
Fair Value | [2] | $ 24,789 | |
Ultimate Baked Goods Midco LLC (Rise Baking) [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Packaged Foods & Meats | ||
Spread Above Index | [5] | L+625 | |
Floor | 1% | ||
Interest Rate | [6] | 7.25% | |
Acquisition Date | Aug. 12, 2021 | ||
Maturity Date | Aug. 13, 2027 | ||
Par Amount | $ 19,381 | ||
Cost | 18,920 | ||
Fair Value | $ 18,896 | ||
USR Parent, Inc. (Staples) [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Specialty Retail | ||
Spread Above Index | [5] | L+884 | |
Floor | 1% | ||
Interest Rate | [6] | 9.84% | |
Acquisition Date | Jun. 03, 2020 | ||
Maturity Date | Sep. 12, 2022 | ||
Par Amount | $ 3,275 | ||
Cost | 3,275 | ||
Fair Value | $ 3,275 | ||
ACRES Commercial Mortgage, LLC [Member] | Senior Secured Loans 0 124.6% | Second Lien Asset-Based Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Diversified Financial Services | ||
Spread Above Index | [3] | S+705 | |
Floor | 1% | ||
Interest Rate | [4] | 11.38% | |
Acquisition Date | Dec. 24, 2021 | ||
Maturity Date | Aug. 21, 2028 | ||
Par Amount | $ 29,925 | ||
Cost | 29,398 | ||
Fair Value | $ 29,925 | ||
ACRES Commercial Mortgage, LLC [Member] | Senior Secured Loans 0 111.5% [Member] | Second Lien Asset-Based Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Diversified Financial Services | ||
Spread Above Index | [5] | S+705 | |
Floor | 1% | ||
Interest Rate | [6] | 8.05% | |
Acquisition Date | Dec. 24, 2021 | ||
Maturity Date | Aug. 21, 2028 | ||
Par Amount | $ 29,925 | ||
Cost | 29,328 | ||
Fair Value | $ 29,326 | ||
Varilease Finance, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | Second Lien Asset-Based Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Multi-Sector Holdings | ||
Spread Above Index | [5] | L+750 | |
Floor | 1% | ||
Interest Rate | [6] | 8.50% | |
Acquisition Date | Aug. 22, 2014 | ||
Maturity Date | Nov. 15, 2025 | ||
Par Amount | $ 29,563 | ||
Cost | 29,467 | ||
Fair Value | $ 29,563 | ||
PhyMed Management LLC [Member] | Senior Secured Loans 0 111.5% [Member] | Second Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5],[17] | L+1500 | |
Floor | 1% | ||
Interest Rate | [6] | 16% | |
Acquisition Date | Dec. 18, 2015 | ||
Maturity Date | Sep. 30, 2022 | ||
Par Amount | $ 37,819 | ||
Cost | 37,757 | ||
Fair Value | $ 36,874 | ||
Rug Doctor LLC [Member] | Senior Secured Loans 0 111.5% [Member] | Second Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13] | Diversified Consumer Services | |
Spread Above Index | [5],[13],[18] | L+975 | |
Floor | [13] | 1.50% | |
Interest Rate | [6],[13] | 11.25% | |
Acquisition Date | [13] | Dec. 23, 2013 | |
Maturity Date | [13] | May 16, 2023 | |
Par Amount | [13] | $ 11,828 | |
Cost | [13] | 11,819 | |
Fair Value | [13] | $ 11,829 | |
Alimera Sciences, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Pharmaceuticals | |
Spread Above Index | [2],[3] | L+765 | |
Floor | [2] | 1.78% | |
Interest Rate | [2],[4] | 11.82% | |
Acquisition Date | [2] | Dec. 31, 2019 | |
Maturity Date | [2] | Jul. 01, 2024 | |
Par Amount | [2] | $ 23,159 | |
Cost | [2] | 23,894 | |
Fair Value | [2] | $ 24,433 | |
Alimera Sciences, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Pharmaceuticals | ||
Spread Above Index | [5] | L+765 | |
Floor | 1.78% | ||
Interest Rate | [6] | 9.43% | |
Acquisition Date | Dec. 31, 2019 | ||
Maturity Date | Jul. 01, 2024 | ||
Par Amount | $ 20,074 | ||
Cost | 20,512 | ||
Fair Value | $ 20,475 | ||
Arcutis Biotherapeutics, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [11] | Pharamceuticals | |
Spread Above Index | [3],[11] | L+745 | |
Floor | [11] | 0.10% | |
Interest Rate | [4],[11] | 11.62% | |
Acquisition Date | [11] | Dec. 22, 2021 | |
Maturity Date | [11] | Jan. 01, 2027 | |
Par Amount | [11] | $ 66,849 | |
Cost | [11] | 67,077 | |
Fair Value | [11] | $ 67,685 | |
Arcutis Biotherapeutics, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10] | Pharamceuticals | |
Spread Above Index | [5],[10] | L+745 | |
Floor | [10] | 0.10% | |
Interest Rate | [6],[10] | 7.55% | |
Acquisition Date | [10] | Dec. 22, 2021 | |
Maturity Date | [10] | Jan. 01, 2027 | |
Par Amount | [10] | $ 21,735 | |
Cost | [10] | 21,645 | |
Fair Value | [10] | $ 21,637 | |
Ardelyx, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [11] | Pharmaceuticals | |
Spread Above Index | [3],[11] | L+795 | |
Floor | [11] | 0.10% | |
Interest Rate | [4],[11] | 12.12% | |
Acquisition Date | [11] | Feb. 23, 2022 | |
Maturity Date | [11] | Mar. 01, 2027 | |
Par Amount | [11] | $ 9,475 | |
Cost | [11] | 9,437 | |
Fair Value | [11] | $ 9,499 | |
Ardelyx, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Pharmaceuticals | ||
Spread Above Index | [5] | L+745 | |
Floor | 0.25% | ||
Interest Rate | [6] | 7.70% | |
Acquisition Date | May 10, 2018 | ||
Maturity Date | Nov. 01, 2022 | ||
Par Amount | $ 14,972 | ||
Cost | 16,198 | ||
Fair Value | $ 16,170 | ||
Axcella Health Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Pharmaceuticals | ||
Spread Above Index | [5] | L+860 | |
Floor | 0.10% | ||
Interest Rate | [6] | 8.70% | |
Acquisition Date | Sep. 02, 2021 | ||
Maturity Date | Sep. 01, 2026 | ||
Par Amount | $ 9,278 | ||
Cost | 9,318 | ||
Fair Value | $ 9,302 | ||
BridgeBio Pharma, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [11] | Biotechnology | |
Spread Above Index | [3],[11] | 0 | |
Floor | [11] | 0% | |
Interest Rate | [4],[11],[19] | 9% | |
Acquisition Date | [11] | Nov. 17, 2021 | |
Maturity Date | [11] | Nov. 17, 2026 | |
Par Amount | [11] | $ 39,839 | |
Cost | [11] | 39,340 | |
Fair Value | [11] | $ 39,839 | |
BridgeBio Pharma, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10] | Biotechnology | |
Spread Above Index | [5],[10] | 0 | |
Floor | [10] | 0% | |
Interest Rate | [6],[10] | 9% | |
Acquisition Date | [10] | Nov. 17, 2021 | |
Maturity Date | [10] | Nov. 17, 2026 | |
Par Amount | [10] | $ 34,574 | |
Cost | [10] | 34,082 | |
Fair Value | [10] | $ 34,055 | |
Centrexion Therapeutics, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Pharmaceuticals | ||
Spread Above Index | [3] | L+725 | |
Floor | 2.45% | ||
Interest Rate | [4] | 11.42% | |
Acquisition Date | Jun. 28, 2019 | ||
Maturity Date | Jan. 01, 2024 | ||
Par Amount | $ 11,844 | ||
Cost | 12,372 | ||
Fair Value | $ 12,555 | ||
Centrexion Therapeutics, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Pharmaceuticals | ||
Spread Above Index | [5] | L+725 | |
Floor | 2.45% | ||
Interest Rate | [6] | 9.70% | |
Acquisition Date | Jun. 28, 2019 | ||
Maturity Date | Jan. 01, 2024 | ||
Par Amount | $ 16,400 | ||
Cost | 16,693 | ||
Fair Value | $ 16,728 | ||
Cerapedics, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Biotechnology | ||
Spread Above Index | [3] | S+620 | |
Floor | 2.75% | ||
Interest Rate | [4] | 10.52% | |
Acquisition Date | Dec. 27, 2022 | ||
Maturity Date | Jan. 01, 2028 | ||
Par Amount | $ 26,939 | ||
Cost | 26,874 | ||
Fair Value | $ 26,872 | ||
Cerapedics, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Equipment & Supplies | ||
Spread Above Index | [5] | L+695 | |
Floor | 2.50% | ||
Interest Rate | [6] | 9.45% | |
Acquisition Date | Mar. 22, 2019 | ||
Maturity Date | Mar. 01, 2025 | ||
Par Amount | $ 26,861 | ||
Cost | 27,518 | ||
Fair Value | $ 27,465 | ||
Delphinus Medical Technologies, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Equipment & Supplies | ||
Spread Above Index | [5] | L+850 | |
Floor | 1% | ||
Interest Rate | [6] | 9.50% | |
Acquisition Date | Aug. 18, 2017 | ||
Maturity Date | Jun. 01, 2022 | ||
Par Amount | $ 1,089 | ||
Cost | 1,414 | ||
Fair Value | $ 1,405 | ||
Glooko, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Technology | |
Spread Above Index | [2],[3] | L+790 | |
Floor | [2] | 0.10% | |
Interest Rate | [2],[4] | 12.07% | |
Acquisition Date | [2] | Sep. 30, 2021 | |
Maturity Date | [2] | Oct. 01, 2026 | |
Par Amount | [2] | $ 15,883 | |
Cost | [2] | 15,867 | |
Fair Value | [2] | $ 15,922 | |
Glooko, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Technology | ||
Spread Above Index | [5] | L+790 | |
Floor | 0.10% | ||
Interest Rate | [6] | 8% | |
Acquisition Date | Sep. 30, 2021 | ||
Maturity Date | Oct. 01, 2026 | ||
Par Amount | $ 8,364 | ||
Cost | 8,339 | ||
Fair Value | $ 8,322 | ||
Neuronetics, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Equipment & Supplies | |
Spread Above Index | [2],[3] | L+765 | |
Floor | [2] | 1.66% | |
Interest Rate | [2],[4] | 11.82% | |
Acquisition Date | [2] | Mar. 02, 2020 | |
Maturity Date | [2] | Feb. 28, 2025 | |
Par Amount | [2] | $ 18,012 | |
Cost | [2] | 18,450 | |
Fair Value | [2] | $ 19,003 | |
Neuronetics, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Equipment & Supplies | ||
Spread Above Index | [5] | L+765 | |
Floor | 1.66% | ||
Interest Rate | [6] | 9.31% | |
Acquisition Date | Mar. 02, 2020 | ||
Maturity Date | Feb. 28, 2025 | ||
Par Amount | $ 15,613 | ||
Cost | 15,874 | ||
Fair Value | $ 15,878 | ||
OmniGuide Holdings, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [20] | Health Care Equipment & Supplies | |
Spread Above Index | [3],[20] | L+1405 | |
Floor | [20] | 0.10% | |
Interest Rate | [4],[20],[21] | 18.22% | |
Acquisition Date | [20] | Jul. 30, 2018 | |
Maturity Date | [20] | Jul. 01, 2023 | |
Par Amount | [20] | $ 19,201 | |
Cost | [20] | 19,380 | |
Fair Value | [20] | $ 19,777 | |
OmniGuide Holdings, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [20] | Health Care Equipment & Supplies | |
Spread Above Index | [5],[20] | L+1405 | |
Floor | [20] | 0.10% | |
Interest Rate | [6],[20] | 14.15% | |
Acquisition Date | [20] | Jul. 30, 2018 | |
Maturity Date | [20] | Jul. 01, 2023 | |
Par Amount | [20] | $ 18,879 | |
Cost | [20] | 17,845 | |
Fair Value | [20] | $ 18,958 | |
Rezolute, Inc [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Biotechnology | ||
Spread Above Index | [5] | L+875 | |
Floor | 0.12% | ||
Interest Rate | [6] | 8.87% | |
Acquisition Date | Apr. 14, 2021 | ||
Maturity Date | Apr. 01, 2026 | ||
Par Amount | $ 5,675 | ||
Cost | 5,663 | ||
Fair Value | $ 5,661 | ||
Rubius Therapeutics, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10] | Pharmaceuticals | |
Spread Above Index | [5],[10] | L+550 | |
Floor | [10] | 2.10% | |
Interest Rate | [6],[10] | 7.60% | |
Acquisition Date | [10] | Dec. 21, 2018 | |
Maturity Date | [10] | Jun. 01, 2026 | |
Par Amount | [10] | $ 40,291 | |
Cost | [10] | 41,103 | |
Fair Value | [10] | $ 41,097 | |
scPharmaceuticals, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Pharmaceuticals | ||
Spread Above Index | [5] | L+795 | |
Floor | 2.23% | ||
Interest Rate | [6] | 10.18% | |
Acquisition Date | Sep. 17, 2019 | ||
Maturity Date | Sep. 17, 2023 | ||
Par Amount | $ 4,098 | ||
Cost | 4,165 | ||
Fair Value | $ 4,160 | ||
SOC Telemed, Inc. [Member] | Senior Secured Loans 0 111.5% [Member] | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [5] | L+747 | |
Floor | 0.13% | ||
Interest Rate | [6] | 7.60% | |
Acquisition Date | Mar. 26, 2021 | ||
Maturity Date | Apr. 01, 2026 | ||
Par Amount | $ 31,137 | ||
Cost | 31,211 | ||
Fair Value | $ 31,214 | ||
Vapotherm, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Equipment & Supplies | ||
Spread Above Index | [3] | S+830 | |
Floor | 1% | ||
Interest Rate | [4],[22] | 12.58% | |
Acquisition Date | Feb. 18, 2022 | ||
Maturity Date | Feb. 01, 2027 | ||
Par Amount | $ 34,455 | ||
Cost | 34,270 | ||
Fair Value | 34,628 | ||
Aero Operating LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Feb. 12, 2021 | |
Par Amount | [1] | 3,103 | |
Cost | [1] | 3,100 | |
Fair Value | [1] | $ 3,100 | |
Aero Operating LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.47% | |
Maturity Date | [1] | Mar. 01, 2025 | |
Aero Operating LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.64% | |
Maturity Date | [1] | Dec. 01, 2026 | |
Aero Operating LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Feb. 12, 2021 | |
Par Amount | [1] | $ 2,264 | |
Cost | [1] | 2,262 | |
Fair Value | [1] | $ 2,262 | |
Aero Operating LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.47% | |
Maturity Date | [1] | Mar. 01, 2025 | |
Aero Operating LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.64% | |
Maturity Date | [1] | Dec. 01, 2026 | |
Air Methods Corporation [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Acquisition Date | [1] | Nov. 03, 2021 | |
Par Amount | [1] | $ 4,063 | |
Cost | [1] | 4,145 | |
Fair Value | [1] | $ 4,063 | |
Air Methods Corporation [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 7.08% | |
Maturity Date | [1] | Nov. 03, 2026 | |
Air Methods Corporation [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 7.13% | |
Maturity Date | [1] | Nov. 23, 2026 | |
Air Methods Corporation [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Acquisition Date | [1] | Nov. 03, 2021 | |
Par Amount | [1] | $ 3,600 | |
Cost | [1] | 3,660 | |
Fair Value | [1] | $ 3,600 | |
Air Methods Corporation [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 7.08% | |
Maturity Date | [1] | Nov. 03, 2026 | |
Air Methods Corporation [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 7.13% | |
Maturity Date | [1] | Nov. 23, 2026 | |
AmeraMex International, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[6] | 10% | |
Acquisition Date | [1] | Mar. 29, 2019 | |
Maturity Date | [1] | Mar. 28, 2022 | |
Par Amount | [1] | $ 3,149 | |
Cost | [1] | 3,148 | |
Fair Value | [1] | $ 3,180 | |
AmeraMex International, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 10% | |
Acquisition Date | [1] | Mar. 29, 2019 | |
Maturity Date | [1] | Sep. 15, 2024 | |
Par Amount | [1] | $ 1,059 | |
Cost | [1] | 1,059 | |
Fair Value | [1] | 1,069 | |
Blackhawk Mining, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Oil, Gas & Consumable Fuels | |
Acquisition Date | [1] | Feb. 16, 2018 | |
Par Amount | [1] | 1,642 | |
Cost | [1] | 1,615 | |
Fair Value | [1] | 1,636 | |
Blackhawk Mining, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 10.97% | |
Maturity Date | [1] | Mar. 01, 2022 | |
Blackhawk Mining, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 11.16% | |
Maturity Date | [1] | Nov. 01, 2022 | |
Boart Longyear Company [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Metals & Mining | |
Acquisition Date | [1] | May 28, 2020 | |
Par Amount | [1] | 5,374 | |
Cost | [1] | 5,374 | |
Fair Value | [1] | $ 5,374 | |
Boart Longyear Company [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.06% | |
Maturity Date | [1] | Jul. 01, 2024 | |
Boart Longyear Company [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 10.44% | |
Maturity Date | [1] | Jan. 01, 2026 | |
Boart Longyear Company [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Metals & Mining | |
Acquisition Date | [1] | May 28, 2020 | |
Par Amount | [1] | $ 4,568 | |
Cost | [1] | 4,568 | |
Fair Value | [1] | $ 4,568 | |
Boart Longyear Company [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.31% | |
Maturity Date | [1] | Jul. 01, 2024 | |
Boart Longyear Company [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 10.44% | |
Maturity Date | [1] | Oct. 07, 2026 | |
Capital City Jet Center, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Interest Rate | [1],[6] | 10% | |
Acquisition Date | [1] | Apr. 04, 2018 | |
Par Amount | [1] | $ 3,102 | |
Cost | [1] | 3,102 | |
Fair Value | [1] | $ 3,053 | |
Capital City Jet Center, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Oct. 04, 2023 | |
Capital City Jet Center, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Jun. 22, 2026 | |
Capital City Jet Center, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Interest Rate | [1],[4] | 10% | |
Acquisition Date | [1] | Apr. 04, 2018 | |
Par Amount | [1] | $ 2,241 | |
Cost | [1] | 2,241 | |
Fair Value | [1] | $ 2,214 | |
Capital City Jet Center, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Jun. 22, 2026 | |
Champion Air, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Interest Rate | [1],[6] | 10% | |
Acquisition Date | [1] | Mar. 19, 2018 | |
Maturity Date | [1] | Jan. 01, 2023 | |
Par Amount | [1] | $ 1,685 | |
Cost | [1] | 1,685 | |
Fair Value | [1] | $ 1,685 | |
Champion Air, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Interest Rate | [1],[4] | 10% | |
Acquisition Date | [1] | Mar. 19, 2018 | |
Maturity Date | [1] | Jan. 01, 2023 | |
Par Amount | [1] | $ 1,055 | |
Cost | [1] | 1,055 | |
Fair Value | [1] | 1,055 | |
Clubcorp Holdings, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Hotels, Restaurants & Leisure | |
Acquisition Date | [1] | May 27, 2021 | |
Par Amount | [1] | 4,326 | |
Cost | [1] | 4,326 | |
Fair Value | [1] | $ 4,326 | |
Clubcorp Holdings, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.87% | |
Maturity Date | [1] | Jun. 01, 2025 | |
Clubcorp Holdings, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.41% | |
Maturity Date | [1] | Jan. 01, 2027 | |
Clubcorp Holdings, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Hotels, Restaurants & Leisure | |
Acquisition Date | [1] | May 27, 2021 | |
Par Amount | [1] | $ 6,539 | |
Cost | [1] | 6,539 | |
Fair Value | [1] | $ 6,539 | |
Clubcorp Holdings, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.36% | |
Maturity Date | [1] | Apr. 01, 2025 | |
Clubcorp Holdings, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 13.01% | |
Maturity Date | [1] | Jan. 01, 2028 | |
Dongwon Autopart Technology Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Auto Components | |
Interest Rate | [1],[6] | 7.96% | |
Acquisition Date | [1] | Feb. 02, 2021 | |
Maturity Date | [1] | Jan. 01, 2026 | |
Par Amount | [1] | $ 2,347 | |
Cost | [1] | 2,382 | |
Fair Value | [1] | $ 2,347 | |
Dongwon Autopart Technology Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Auto Components | |
Interest Rate | [1],[4] | 7.96% | |
Acquisition Date | [1] | Feb. 02, 2021 | |
Maturity Date | [1] | Jan. 01, 2026 | |
Par Amount | [1] | $ 1,828 | |
Cost | [1] | 1,849 | |
Fair Value | [1] | 1,828 | |
EasyPak, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Containers & Packaging | |
Interest Rate | [1],[6] | 9.01% | |
Acquisition Date | [1] | Jan. 06, 2021 | |
Maturity Date | [1] | Jan. 01, 2024 | |
Par Amount | [1] | 616 | |
Cost | [1] | 616 | |
Fair Value | [1] | $ 616 | |
EasyPak, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Containers & Packaging | |
Interest Rate | [1],[4] | 9.01% | |
Acquisition Date | [1] | Jan. 06, 2021 | |
Maturity Date | [1] | Jan. 01, 2024 | |
Par Amount | [1] | $ 276 | |
Cost | [1] | 276 | |
Fair Value | [1] | 276 | |
Environmental Protection & Improvement Company, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 8.25% | |
Acquisition Date | [1] | Sep. 30, 2020 | |
Maturity Date | [1] | Oct. 01, 2027 | |
Par Amount | [1] | 5,921 | |
Cost | [1] | 5,959 | |
Fair Value | [1] | $ 5,921 | |
Environmental Protection & Improvement Company, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[4] | 8.25% | |
Acquisition Date | [1] | Sep. 30, 2020 | |
Maturity Date | [1] | Oct. 01, 2027 | |
Par Amount | [1] | $ 5,270 | |
Cost | [1] | 5,300 | |
Fair Value | [1] | 5,270 | |
Equipment Operating Leases, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[23] | Multi-Sector Holdings | |
Acquisition Date | [13],[23] | Apr. 27, 2018 | |
Par Amount | [13],[23] | 19,671 | |
Cost | [13],[23] | 19,671 | |
Fair Value | [13],[23] | $ 18,939 | |
Equipment Operating Leases, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [6],[13],[23] | 7.53% | |
Maturity Date | [13],[23] | Aug. 01, 2022 | |
Equipment Operating Leases, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [6],[13],[23] | 8.37% | |
Maturity Date | [13],[23] | Apr. 27, 2025 | |
Equipment Operating Leases, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[23] | Multi-Sector Holdings | |
Interest Rate | [4],[12],[23] | 8.37% | |
Acquisition Date | [12],[23] | Apr. 27, 2018 | |
Maturity Date | [12],[23] | Apr. 27, 2025 | |
Par Amount | [12],[23] | $ 3,837 | |
Cost | [12],[23] | 3,837 | |
Fair Value | [12],[23] | 3,741 | |
First American Commercial Bancorp, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Financial Services | |
Interest Rate | [1],[6] | 7.50% | |
Acquisition Date | [1] | Oct. 28, 2021 | |
Maturity Date | [1] | Nov. 01, 2026 | |
Par Amount | [1] | 2,487 | |
Cost | [1] | 2,492 | |
Fair Value | [1] | $ 2,487 | |
First American Commercial Bancorp, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Financial Services | |
Acquisition Date | [1] | Oct. 28, 2021 | |
Par Amount | [1] | $ 2,938 | |
Cost | [1] | 2,941 | |
Fair Value | [1] | $ 2,938 | |
First American Commercial Bancorp, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 7.50% | |
Maturity Date | [1] | Oct. 01, 2026 | |
First American Commercial Bancorp, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.02% | |
Maturity Date | [1] | Mar. 01, 2027 | |
First National Capital, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Financial Services | |
Interest Rate | [1],[6] | 9% | |
Acquisition Date | [1] | Nov. 05, 2021 | |
Maturity Date | [1] | Aug. 01, 2026 | |
Par Amount | [1] | $ 8,681 | |
Cost | [1] | 8,681 | |
Fair Value | [1] | $ 8,681 | |
First National Capital, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Financial Services | |
Interest Rate | [1],[4] | 9% | |
Acquisition Date | [1] | Nov. 05, 2021 | |
Maturity Date | [1] | Aug. 01, 2026 | |
Par Amount | [1] | $ 7,116 | |
Cost | [1] | 7,116 | |
Fair Value | [1] | 7,116 | |
Freightsol LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Apr. 09, 2019 | |
Maturity Date | [1] | Nov. 01, 2023 | |
Par Amount | [1] | 1,364 | |
Cost | [1] | 1,381 | |
Fair Value | [1] | $ 1,364 | |
Freightsol LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 12.51% | |
Freightsol LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 12.89% | |
Freightsol LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Apr. 09, 2019 | |
Maturity Date | [1] | Nov. 01, 2023 | |
Par Amount | [1] | $ 779 | |
Cost | [1] | 784 | |
Fair Value | [1] | $ 779 | |
Freightsol LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 12.51% | |
Freightsol LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 12.89% | |
Garda CL Technical Services, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Mar. 22, 2018 | |
Par Amount | [1] | $ 1,245 | |
Cost | [1] | 1,245 | |
Fair Value | [1] | $ 1,242 | |
Garda CL Technical Services, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.30% | |
Maturity Date | [1] | Jun. 05, 2023 | |
Garda CL Technical Services, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.77% | |
Maturity Date | [1] | Oct. 05, 2023 | |
Garda CL Technical Services, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Mar. 22, 2018 | |
Par Amount | [1] | $ 469 | |
Cost | [1] | 469 | |
Fair Value | [1] | $ 468 | |
Garda CL Technical Services, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.30% | |
Maturity Date | [1] | Jun. 05, 2023 | |
Garda CL Technical Services, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.77% | |
Maturity Date | [1] | Oct. 05, 2023 | |
Georgia Jet, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Interest Rate | [1],[6] | 8% | |
Acquisition Date | [1] | Dec. 04, 2017 | |
Maturity Date | [1] | Jan. 04, 2024 | |
Par Amount | [1] | $ 795 | |
Cost | [1] | 795 | |
Fair Value | [1] | $ 795 | |
Georgia Jet, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Airlines | |
Interest Rate | [1],[4] | 8% | |
Acquisition Date | [1] | Dec. 04, 2017 | |
Maturity Date | [1] | Jan. 04, 2024 | |
Par Amount | [1] | $ 425 | |
Cost | [1] | 425 | |
Fair Value | [1] | 425 | |
GMT Corporation [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Machinery | |
Interest Rate | [1],[6] | 10.71% | |
Acquisition Date | [1] | Oct. 23, 2018 | |
Maturity Date | [1] | Oct. 01, 2025 | |
Par Amount | [1] | 5,476 | |
Cost | [1] | 5,484 | |
Fair Value | [1] | $ 5,476 | |
GMT Corporation [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Machinery | |
Interest Rate | [1],[4] | 10.71% | |
Acquisition Date | [1] | Oct. 23, 2018 | |
Maturity Date | [1] | Jan. 01, 2026 | |
Par Amount | [1] | $ 4,801 | |
Cost | [1] | 4,806 | |
Fair Value | [1] | 4,801 | |
Haljoe Coaches USA, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 8.53% | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Jul. 01, 2024 | |
Par Amount | [1] | 1,061 | |
Cost | [1] | 1,061 | |
Fair Value | [1] | 915 | |
Hawkeye Contracting Company, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Construction & Engineering | |
Interest Rate | [1],[6] | 10.50% | |
Acquisition Date | [1] | Oct. 08, 2021 | |
Maturity Date | [1] | Nov. 01, 2025 | |
Par Amount | [1] | 1,252 | |
Cost | [1] | 1,252 | |
Fair Value | [1] | $ 1,252 | |
Hawkeye Contracting Company, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Construction & Engineering | |
Interest Rate | [1],[4] | 10.50% | |
Acquisition Date | [1] | Oct. 08, 2021 | |
Maturity Date | [1] | Nov. 01, 2025 | |
Par Amount | [1] | $ 997 | |
Cost | [1] | 997 | |
Fair Value | [1] | 997 | |
HTI Logistics Corporation [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Nov. 15, 2018 | |
Par Amount | [1] | 414 | |
Cost | [1] | 414 | |
Fair Value | [1] | $ 404 | |
HTI Logistics Corporation [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.69% | |
Maturity Date | [1] | May 01, 2024 | |
HTI Logistics Corporation [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.94% | |
Maturity Date | [1] | Sep. 01, 2025 | |
HTI Logistics Corporation [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Nov. 15, 2018 | |
Par Amount | [1] | $ 290 | |
Cost | [1] | 290 | |
Fair Value | [1] | $ 283 | |
HTI Logistics Corporation [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.69% | |
Maturity Date | [1] | May 01, 2024 | |
HTI Logistics Corporation [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.94% | |
Maturity Date | [1] | Sep. 01, 2025 | |
International Automotive Components Group, North America, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Auto Components | |
Interest Rate | [1],[6] | 7.95% | |
Acquisition Date | [1] | Jun. 23, 2021 | |
Maturity Date | [1] | Jun. 23, 2025 | |
Par Amount | [1] | $ 8,184 | |
Cost | [1] | 8,250 | |
Fair Value | [1] | $ 8,184 | |
International Automotive Components Group, North America, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Auto Components | |
Interest Rate | [1],[4] | 7.95% | |
Acquisition Date | [1] | Jun. 23, 2021 | |
Maturity Date | [1] | Jun. 23, 2025 | |
Par Amount | [1] | $ 6,072 | |
Cost | [1] | 6,109 | |
Fair Value | [1] | 5,951 | |
Kool Pak, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 8.58% | |
Acquisition Date | [1] | Feb. 05, 2018 | |
Maturity Date | [1] | Mar. 01, 2024 | |
Par Amount | [1] | 345 | |
Cost | [1] | 345 | |
Fair Value | [1] | $ 345 | |
Kool Pak, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[4] | 8.58% | |
Acquisition Date | [1] | Feb. 05, 2018 | |
Maturity Date | [1] | Mar. 01, 2024 | |
Par Amount | [1] | $ 194 | |
Cost | [1] | 194 | |
Fair Value | [1] | 194 | |
Loyer Capital LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[23] | Multi-Sector Holdings | |
Acquisition Date | [13],[23] | May 16, 2019 | |
Par Amount | [13],[23] | 11,000 | |
Cost | [13],[23] | 11,000 | |
Fair Value | [13],[23] | $ 10,725 | |
Loyer Capital LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [6],[13],[23] | 8.73% | |
Maturity Date | [13],[23] | May 16, 2024 | |
Loyer Capital LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [6],[13],[23] | 11.52% | |
Maturity Date | [13],[23] | Sep. 25, 2024 | |
Loyer Capital LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[23] | Multi-Sector Holdings | |
Acquisition Date | [12],[23] | May 16, 2019 | |
Par Amount | [12],[23] | $ 7,500 | |
Cost | [12],[23] | 7,500 | |
Fair Value | [12],[23] | $ 7,361 | |
Loyer Capital LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [4],[12],[23] | 8.73% | |
Maturity Date | [12],[23] | May 16, 2024 | |
Loyer Capital LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [4],[12],[23] | 11.52% | |
Maturity Date | [12],[23] | Sep. 25, 2024 | |
Lux Credit Consultants, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Jun. 17, 2021 | |
Par Amount | [1] | $ 9,343 | |
Cost | [1] | 9,343 | |
Fair Value | [1] | $ 9,343 | |
Lux Credit Consultants, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.28% | |
Maturity Date | [1] | Dec. 01, 2024 | |
Lux Credit Consultants, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.65% | |
Maturity Date | [1] | Dec. 01, 2025 | |
Lux Credit Consultants, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Jun. 17, 2021 | |
Par Amount | [1] | $ 16,411 | |
Cost | [1] | 16,411 | |
Fair Value | [1] | $ 16,411 | |
Lux Credit Consultants, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.28% | |
Maturity Date | [1] | Dec. 01, 2024 | |
Lux Credit Consultants, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 12.09% | |
Maturity Date | [1] | Dec. 01, 2026 | |
Lux Vending, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Consumer Finance | |
Acquisition Date | [1] | Aug. 20, 2021 | |
Par Amount | [1] | $ 2,526 | |
Cost | [1] | 2,583 | |
Fair Value | [1] | $ 2,526 | |
Lux Vending, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 12.46% | |
Maturity Date | [1] | Aug. 20, 2024 | |
Lux Vending, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 13.26% | |
Maturity Date | [1] | Oct. 01, 2024 | |
Lux Vending, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Consumer Finance | |
Acquisition Date | [1] | Aug. 20, 2021 | |
Par Amount | [1] | $ 1,638 | |
Cost | [1] | 1,663 | |
Fair Value | [1] | $ 1,638 | |
Lux Vending, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 12.46% | |
Maturity Date | [1] | Aug. 20, 2024 | |
Lux Vending, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 13.26% | |
Maturity Date | [1] | Oct. 01, 2024 | |
Mountain Air Helicopters, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[6] | 10% | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Feb. 28, 2025 | |
Par Amount | [1] | $ 479 | |
Cost | [1] | 476 | |
Fair Value | [1] | $ 479 | |
Mountain Air Helicopters, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 10% | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Feb. 28, 2025 | |
Par Amount | [1] | $ 369 | |
Cost | [1] | 368 | |
Fair Value | [1] | 369 | |
Rane Light Metal Castings Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Machinery | |
Interest Rate | [1],[6] | 10% | |
Acquisition Date | [1] | Jun. 01, 2020 | |
Maturity Date | [1] | Jul. 01, 2024 | |
Par Amount | [1] | 253 | |
Cost | [1] | 253 | |
Fair Value | [1] | $ 253 | |
Rane Light Metal Castings Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Machinery | |
Interest Rate | [1],[4] | 10% | |
Acquisition Date | [1] | Jun. 01, 2020 | |
Maturity Date | [1] | Jun. 01, 2024 | |
Par Amount | [1] | $ 159 | |
Cost | [1] | 159 | |
Fair Value | [1] | 159 | |
Rango, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Sep. 24, 2019 | |
Par Amount | [1] | 3,615 | |
Cost | [1] | 3,656 | |
Fair Value | [1] | $ 3,547 | |
Rango, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.33% | |
Maturity Date | [1] | Apr. 01, 2023 | |
Rango, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9.79% | |
Maturity Date | [1] | Nov. 01, 2024 | |
Rango, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Sep. 24, 2019 | |
Par Amount | [1] | $ 1,940 | |
Cost | [1] | 1,960 | |
Fair Value | [1] | $ 1,904 | |
Rango, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.33% | |
Maturity Date | [1] | Apr. 01, 2023 | |
Rango, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.79% | |
Maturity Date | [1] | Nov. 01, 2024 | |
Rossco Crane & Rigging, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[6] | 11.53% | |
Acquisition Date | [1] | Aug. 25, 2017 | |
Maturity Date | [1] | Sep. 01, 2022 | |
Par Amount | [1] | $ 126 | |
Cost | [1] | 126 | |
Fair Value | [1] | 126 | |
Royal Coach Lines, Inc.[Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 9.56% | |
Acquisition Date | [1] | Nov. 21, 2019 | |
Maturity Date | [1] | Aug. 01, 2025 | |
Par Amount | [1] | 1,041 | |
Cost | [1] | 1,041 | |
Fair Value | [1] | $ 950 | |
Royal Coach Lines, Inc.[Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[4] | 9.56% | |
Acquisition Date | [1] | Nov. 21, 2019 | |
Maturity Date | [1] | Aug. 01, 2025 | |
Par Amount | [1] | $ 849 | |
Cost | [1] | 849 | |
Fair Value | [1] | 775 | |
Royal Express Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 9.53% | |
Acquisition Date | [1] | Jan. 17, 2019 | |
Maturity Date | [1] | Feb. 01, 2024 | |
Par Amount | [1] | 683 | |
Cost | [1] | 690 | |
Fair Value | [1] | $ 683 | |
Royal Express Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[4] | 9.53% | |
Acquisition Date | [1] | Jan. 17, 2019 | |
Maturity Date | [1] | Feb. 01, 2024 | |
Par Amount | [1] | $ 428 | |
Cost | [1] | 431 | |
Fair Value | [1] | 428 | |
Sidelines Tree Service LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Interest Rate | [1],[6] | 10.25% | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Oct. 01, 2022 | |
Par Amount | [1] | 46 | |
Cost | [1] | 46 | |
Fair Value | [1] | $ 45 | |
SLR Equipment Finance [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [12] | Multi-Sector Holdings | |
Interest Rate | [4],[12] | 8.50% | |
Acquisition Date | [12] | Jan. 24, 2022 | |
Maturity Date | [12] | Jan. 24, 2023 | |
Par Amount | [12] | $ 5,000 | |
Cost | [12] | 5,000 | |
Fair Value | [12] | 5,000 | |
South Texas Oilfield Solutions, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Energy Equipment & Services | |
Acquisition Date | [1] | Mar. 29, 2018 | |
Par Amount | [1] | 1,363 | |
Cost | [1] | 1,363 | |
Fair Value | [1] | 1,338 | |
South Texas Oilfield Solutions, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 12.52% | |
Maturity Date | [1] | Sep. 01, 2022 | |
South Texas Oilfield Solutions, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 13.76% | |
Maturity Date | [1] | Jul. 01, 2023 | |
ST Coaches, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Par Amount | [1] | 1,951 | |
Cost | [1] | 1,951 | |
Fair Value | [1] | $ 1,839 | |
ST Coaches, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.22% | |
Maturity Date | [1] | Oct. 01, 2022 | |
ST Coaches, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.58% | |
Maturity Date | [1] | Jan. 25, 2025 | |
ST Coaches, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Par Amount | [1] | $ 1,521 | |
Cost | [1] | 1,521 | |
Fair Value | [1] | $ 1,459 | |
ST Coaches, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.47% | |
Maturity Date | [1] | Jul. 01, 2023 | |
ST Coaches, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.58% | |
Maturity Date | [1] | Jan. 25, 2025 | |
Stafford Logistics, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[6] | 12.62% | |
Acquisition Date | [1] | Sep. 11, 2019 | |
Maturity Date | [1] | Feb. 15, 2026 | |
Par Amount | [1] | $ 7,094 | |
Cost | [1] | 7,094 | |
Fair Value | [1] | 7,094 | |
Star Coaches Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 8.42% | |
Acquisition Date | [1] | Mar. 09, 2018 | |
Maturity Date | [1] | Apr. 01, 2025 | |
Par Amount | [1] | 3,401 | |
Cost | [1] | 3,401 | |
Fair Value | [1] | $ 2,916 | |
Star Coaches Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[4] | 8.42% | |
Acquisition Date | [1] | Mar. 09, 2018 | |
Maturity Date | [1] | Apr. 01, 2025 | |
Par Amount | [1] | $ 2,887 | |
Cost | [1] | 2,887 | |
Fair Value | [1] | 2,591 | |
Sturgeon Services International Inc.[Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Energy Equipment & Services | |
Interest Rate | [1],[6] | 18.38% | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Feb. 28, 2022 | |
Par Amount | [1] | 132 | |
Cost | [1] | 132 | |
Fair Value | [1] | 125 | |
Superior Transportation, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Jan. 01, 2026 | |
Par Amount | [1] | 4,578 | |
Cost | [1] | 4,578 | |
Fair Value | [1] | $ 4,578 | |
Superior Transportation, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 10.22% | |
Superior Transportation, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 10.62% | |
Superior Transportation, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Jan. 01, 2026 | |
Par Amount | [1] | $ 3,369 | |
Cost | [1] | 3,369 | |
Fair Value | [1] | $ 3,369 | |
Superior Transportation, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 10.22% | |
Superior Transportation, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 10.63% | |
Tailwinds, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Air Freight & Logistics | |
Acquisition Date | [1] | Jul. 26, 2019 | |
Par Amount | [1] | $ 2,267 | |
Cost | [1] | 2,267 | |
Fair Value | [1] | 2,267 | |
Tailwinds, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.50% | |
Maturity Date | [1] | Aug. 01, 2024 | |
Tailwinds, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 9% | |
Maturity Date | [1] | Oct. 16, 2025 | |
The Smedley Company & Smedley Services, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Par Amount | [1] | 3,798 | |
Cost | [1] | 3,800 | |
Fair Value | [1] | $ 3,536 | |
The Smedley Company & Smedley Services, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 10.21% | |
Maturity Date | [1] | Oct. 29, 2023 | |
The Smedley Company & Smedley Services, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 15.36% | |
Maturity Date | [1] | Feb. 10, 2024 | |
The Smedley Company & Smedley Services, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 4.07% | |
Acquisition Date | [1] | Jul. 31, 2017 | |
Maturity Date | [1] | Jan. 15, 2028 | |
Par Amount | [1] | $ 1,706 | |
Cost | [1] | 1,706 | |
Fair Value | [1] | 1,706 | |
Trinity Equipment Rentals, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Oct. 08, 2021 | |
Par Amount | [1] | 777 | |
Cost | [1] | 777 | |
Fair Value | [1] | $ 777 | |
Trinity Equipment Rentals, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 7.94% | |
Maturity Date | [1] | Nov. 01, 2024 | |
Trinity Equipment Rentals, Inc. [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.75% | |
Maturity Date | [1] | Dec. 01, 2026 | |
Trinity Equipment Rentals, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Oct. 08, 2021 | |
Par Amount | [1] | $ 577 | |
Cost | [1] | 577 | |
Fair Value | [1] | $ 577 | |
Trinity Equipment Rentals, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 7.94% | |
Maturity Date | [1] | Nov. 01, 2024 | |
Trinity Equipment Rentals, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.75% | |
Maturity Date | [1] | Dec. 01, 2026 | |
Trolleys, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 9.99% | |
Acquisition Date | [1] | Jul. 18, 2018 | |
Maturity Date | [1] | Aug. 01, 2022 | |
Par Amount | [1] | $ 1,573 | |
Cost | [1] | 1,573 | |
Fair Value | [1] | 1,540 | |
Up Trucking Services, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[6] | 11.21% | |
Acquisition Date | [1] | Mar. 23, 2018 | |
Maturity Date | [1] | Aug. 01, 2024 | |
Par Amount | [1] | 696 | |
Cost | [1] | 705 | |
Fair Value | [1] | $ 696 | |
Up Trucking Services, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Interest Rate | [1],[4] | 11.21% | |
Acquisition Date | [1] | Mar. 23, 2018 | |
Maturity Date | [1] | Aug. 01, 2024 | |
Par Amount | [1] | $ 469 | |
Cost | [1] | 473 | |
Fair Value | [1] | 469 | |
Warrior Crane Services, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[6] | 8.95% | |
Acquisition Date | [1] | Jul. 11, 2019 | |
Par Amount | [1] | 2,567 | |
Cost | [1] | 2,567 | |
Fair Value | [1] | 2,518 | |
Warrior Crane Services, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Aug. 01, 2024 | |
Warrior Crane Services, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Aug. 01, 2026 | |
Wind River Environmental, LLC [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Acquisition Date | [1] | Jul. 31, 2019 | |
Par Amount | [1] | 870 | |
Cost | [1] | 873 | |
Fair Value | [1] | $ 870 | |
Wind River Environmental, LLC [Member] | Equipment Financing 0 32.5% [Member] | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 8.43% | |
Maturity Date | [1] | Aug. 01, 2024 | |
Wind River Environmental, LLC [Member] | Equipment Financing 0 32.5% [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[6] | 10% | |
Maturity Date | [1] | Oct. 05, 2025 | |
Wind River Environmental, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Acquisition Date | [1] | Jul. 31, 2019 | |
Par Amount | [1] | $ 604 | |
Cost | [1] | 605 | |
Fair Value | [1] | $ 604 | |
Wind River Environmental, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.43% | |
Maturity Date | [1] | Aug. 01, 2024 | |
Wind River Environmental, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 10% | |
Maturity Date | [1] | Oct. 05, 2025 | |
Womble Company, Inc. [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Energy Equipment & Services | |
Interest Rate | [1],[6] | 9.11% | |
Acquisition Date | [1] | Dec. 27, 2019 | |
Maturity Date | [1] | Jan. 01, 2025 | |
Par Amount | [1] | $ 547 | |
Cost | [1] | 547 | |
Fair Value | [1] | $ 537 | |
Womble Company, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Energy Equipment & Services | |
Interest Rate | [1],[4] | 9.11% | |
Acquisition Date | [1] | Dec. 27, 2019 | |
Maturity Date | [1] | Jan. 01, 2025 | |
Par Amount | [1] | $ 386 | |
Cost | [1] | 386 | |
Fair Value | [1] | $ 371 | |
SLR Equipment Finance Equity Interests [Member] | Equipment Financing 0 32.5% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[24],[25] | Multi-Sector Holdings | |
Acquisition Date | [13],[24],[25] | Jul. 31, 2017 | |
Shares/Units | [13],[24],[25] | 200 | |
Cost | [13],[24],[25] | $ 145,000 | |
Fair Value | [13],[24],[25] | $ 129,102 | |
SLR Equipment Finance Equity Interests [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[26] | Multi-Sector Holdings | |
Acquisition Date | [12],[26] | Jul. 31, 2017 | |
Shares/Units | [12],[26] | 200 | |
Cost | [12],[26] | $ 145,000 | |
Fair Value | [12],[26] | $ 120,820 | |
SOINT, LLC [Member] | Preferred Equity 2 0.4% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [11],[12],[27] | Aerospace & Defense | |
Interest Rate | [4],[11],[12],[18],[27] | 5% | |
Acquisition Date | [11],[12],[27] | Jun. 08, 2012 | |
Maturity Date | [11],[12],[27] | Jun. 30, 2023 | |
Shares/Units | [11],[12],[27] | 49,273 | |
Cost | [11],[12],[27] | $ 4,927 | |
Fair Value | [11],[12],[27] | $ 3,801 | |
SOINT, LLC [Member] | Preferred Equity 2 0.7% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10],[13],[28] | Aerospace & Defense | |
Interest Rate | [11],[12],[27] | 8% | |
Acquisition Date | [10],[13],[28] | Jun. 08, 2012 | |
Maturity Date | [10],[13],[28] | Jun. 30, 2023 | |
Shares/Units | [10],[13],[28] | 56,030 | |
Cost | [10],[13],[28] | $ 5,603 | |
Fair Value | [10],[13],[28] | $ 4,509 | |
SOAGG LLC [Member] | Preferred Equity 2 0.7% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10],[13],[28] | Aerospace & Defense | |
Interest Rate | [11],[12],[27] | 5% | |
Acquisition Date | [10],[13],[28] | Dec. 14, 2010 | |
Maturity Date | [10],[13],[28] | Jun. 30, 2023 | |
Shares/Units | [10],[13],[28] | 446 | |
Cost | [10],[13],[28] | $ 446 | |
Fair Value | [10],[13],[28] | $ 1,121 | |
aTyr Pharma, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Pharmaceuticals | |
Acquisition Date | [24] | Nov. 18, 2016 | |
Shares/Units | [24] | 6,347 | |
Cost | [24] | $ 106 | |
Fair Value | [24] | $ 0 | |
aTyr Pharma, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Pharmaceuticals | |
Acquisition Date | [24] | Nov. 18, 2016 | |
Shares/Units | [24] | 6,347 | |
Cost | [24] | $ 106 | |
Fair Value | [24] | $ 0 | |
CardioFocus, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Mar. 31, 2017 | |
Shares/Units | [24] | 90 | |
Cost | [24] | $ 51 | |
Fair Value | [24] | $ 0 | |
CardioFocus, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Mar. 31, 2017 | |
Shares/Units | [24] | 90 | |
Cost | [24] | $ 51 | |
Fair Value | [24] | $ 0 | |
Centrexion Therapeutics, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Pharmaceuticals | |
Acquisition Date | [24] | Jun. 28, 2019 | |
Shares/Units | [24] | 289,102 | |
Cost | [24] | $ 136 | |
Fair Value | [24] | $ 65 | |
Centrexion Therapeutics, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Pharmaceuticals | |
Acquisition Date | [24] | Jun. 28, 2019 | |
Shares/Units | [24] | 289,102 | |
Cost | [24] | $ 136 | |
Fair Value | [24] | $ 82 | |
Conventus Orthopaedics, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Jun. 15, 2016 | |
Shares/Units | [24] | 157,500 | |
Cost | [24] | $ 65 | |
Fair Value | [24] | $ 0 | |
Conventus Orthopaedics, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Jun. 15, 2016 | |
Shares/Units | [24] | 157,500 | |
Cost | [24] | $ 65 | |
Fair Value | [24] | $ 0 | |
Delphinus Medical Technologies, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Aug. 18, 2017 | |
Shares/Units | [24] | 444,388 | |
Cost | [24] | $ 74 | |
Fair Value | [24] | $ 80 | |
Delphinus Medical Technologies, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Aug. 18, 2017 | |
Shares/Units | [24] | 444,388 | |
Cost | [24] | $ 74 | |
Fair Value | [24] | $ 103 | |
Essence Group Holdings Corporation (Lumeris) Warrants [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Technology | |
Acquisition Date | [24] | Mar. 22, 2017 | |
Shares/Units | [24] | 208,000 | |
Cost | [24] | $ 63 | |
Fair Value | [24] | $ 258 | |
Essence Group Holdings Corporation (Lumeris) Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Technology | |
Acquisition Date | [24] | Mar. 22, 2017 | |
Shares/Units | [24] | 260,000 | |
Cost | [24] | $ 129 | |
Fair Value | [24] | $ 366 | |
KBH Topco LLC (Kingsbridge) [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[29] | Multi-Sector Holdings | |
Acquisition Date | [13],[29] | Nov. 03, 2020 | |
Shares/Units | [13],[29] | 73,500,000 | |
Cost | [13],[29] | $ 136,596 | |
Fair Value | [13],[29] | $ 145,996 | |
KBH Topco LLC (Kingsbridge) [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[29],[30] | Multi-Sector Holdings | |
Acquisition Date | [12],[29],[30] | Nov. 03, 2020 | |
Shares/Units | [12],[29],[30] | 73,500,000 | |
Cost | [12],[29],[30] | $ 136,596 | |
Fair Value | [12],[29],[30] | $ 148,444 | |
RD Holdco Inc. (Rug Doctor) [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[24] | Diversified Consumer Services | |
Acquisition Date | [13],[24] | Dec. 23, 2013 | |
Shares/Units | [13],[24] | 231,177 | |
Cost | [13],[24] | $ 15,683 | |
Fair Value | [13],[24] | $ 0 | |
RD Holdco Inc. (Rug Doctor) [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[24] | Diversified Consumer Services | |
Acquisition Date | [12],[24] | Dec. 23, 2013 | |
Shares/Units | [12],[24] | 231,177 | |
Cost | [12],[24] | $ 15,683 | |
Fair Value | [12],[24] | $ 0 | |
RD Holdco Inc. (Rug Doctor, class B) [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[24] | Diversified Consumer Services | |
Acquisition Date | [13],[24] | Dec. 23, 2013 | |
Shares/Units | [13],[24] | 522 | |
Cost | [13],[24] | $ 5,216 | |
Fair Value | [13],[24] | $ 5,216 | |
RD Holdco Inc. (Rug Doctor, class B) [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[24] | Diversified Consumer Services | |
Acquisition Date | [12],[24] | Dec. 23, 2013 | |
Shares/Units | [12],[24] | 522 | |
Cost | [12],[24] | $ 5,216 | |
Fair Value | [12],[24] | $ 0 | |
RD Holdco Inc. (Rug Doctor, Warrants) [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [13],[24] | Diversified Consumer Services | |
Acquisition Date | [13],[24] | Dec. 23, 2013 | |
Shares/Units | [13],[24] | 30,370 | |
Cost | [13],[24] | $ 381 | |
Fair Value | [13],[24] | $ 0 | |
RD Holdco Inc. (Rug Doctor, Warrants) [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [12],[24] | Diversified Consumer Services | |
Acquisition Date | [12],[24] | Dec. 23, 2013 | |
Shares/Units | [12],[24] | 30,370 | |
Cost | [12],[24] | $ 381 | |
Fair Value | [12],[24] | $ 0 | |
Senseonics Holdings, Inc. [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10],[24],[31] | Health Care Equipment & Supplies | |
Acquisition Date | [10],[24],[31] | Jul. 25, 2019 | |
Shares/Units | [10],[24],[31] | 406,923 | |
Cost | [10],[24],[31] | $ 117 | |
Fair Value | [10],[24],[31] | $ 1,086 | |
Senseonics Holdings, Inc. [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [11],[24],[31] | Health Care Equipment & Supplies | |
Acquisition Date | [11],[24],[31] | Jul. 25, 2019 | |
Shares/Units | [11],[24],[31] | 469,353 | |
Cost | [11],[24],[31] | $ 235 | |
Fair Value | [11],[24],[31] | $ 483 | |
SLR Business Credit [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [11],[12],[32] | Diversified Financial Services | |
Acquisition Date | [11],[12],[32] | Apr. 01, 2022 | |
Shares/Units | [11],[12],[32] | 100 | |
Cost | [11],[12],[32] | $ 81,583 | |
Fair Value | [11],[12],[32] | $ 89,370 | |
SLR Credit Solutions [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [10],[13] | Diversified Financial Services | |
Acquisition Date | [10],[13] | Dec. 28, 2012 | |
Shares/Units | [10],[13] | 280,303 | |
Cost | [10],[13] | $ 280,737 | |
Fair Value | [10],[13] | $ 298,766 | |
SLR Credit Solutions [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [11],[12],[33] | Diversified Financial Services | |
Acquisition Date | [11],[12],[33] | Dec. 28, 2012 | |
Shares/Units | [11],[12],[33] | 280,303 | |
Cost | [11],[12],[33] | $ 280,737 | |
Fair Value | [11],[12],[33] | $ 288,760 | |
SLR Healthcare ABL [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [11],[12],[34] | Diversified Financial Services | |
Acquisition Date | [11],[12],[34] | Apr. 01, 2022 | |
Shares/Units | [11],[12],[34] | 32,839 | |
Cost | [11],[12],[34] | $ 34,335 | |
Fair Value | [11],[12],[34] | $ 34,350 | |
Spectrum Pharmaceuticals, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Biotechnology | |
Acquisition Date | [24] | Sep. 21, 2022 | |
Shares/Units | [24] | 159,470 | |
Cost | [24] | $ 51 | |
Fair Value | [24] | $ 15 | |
Vapotherm, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Feb. 18, 2022 | |
Shares/Units | [24] | 36,996 | |
Cost | [24] | $ 210 | |
Fair Value | [24] | $ 87 | |
Venus Concept Ltd. Warrants (f/k/a Restoration Robotics) [Member] | Common Equity/Equity Interests/Warrants 0 53.6% [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | May 10, 2018 | |
Shares/Units | [24] | 27,352 | |
Cost | [24] | $ 152 | |
Fair Value | [24] | $ 0 | |
Venus Concept Ltd. Warrants (f/k/a Restoration Robotics) [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | May 10, 2018 | |
Shares/Units | [24] | 33,430 | |
Cost | [24] | $ 152 | |
Fair Value | [24] | $ 0 | |
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Trading Companies & Distributors | |
Spread Above Index | [2],[3] | S+475 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.43% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Dec. 31, 2025 | |
Par Amount | [2] | $ 4,978 | |
Cost | [2] | 4,804 | |
Fair Value | [2] | $ 4,978 | |
Enverus Holdings, Inc. (fka Drilling Info Holdings) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | IT Services | |
Spread Above Index | [2],[3] | L+450 | |
Floor | [2] | 0% | |
Interest Rate | [2],[4] | 8.88% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Jul. 30, 2025 | |
Par Amount | [2] | $ 11,598 | |
Cost | [2] | 11,129 | |
Fair Value | [2] | $ 11,598 | |
Erie Construction Mid-west, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Building Products | |
Spread Above Index | [2],[3] | S+475 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.79% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Jul. 30, 2027 | |
Par Amount | [2] | $ 8,915 | |
Cost | [2] | 8,580 | |
Fair Value | [2] | $ 8,915 | |
GSM Acquisition Corp [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Leisure Equipment & Products | |
Spread Above Index | [2],[3] | S+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.03% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Nov. 16, 2026 | |
Par Amount | [2] | $ 11,022 | |
Cost | [2] | 10,562 | |
Fair Value | [2] | $ 10,912 | |
Higginbotham Insurance Agency, Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Insurance | |
Spread Above Index | [2],[3] | L+525 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 9.63% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Nov. 25, 2026 | |
Par Amount | [2] | $ 6,223 | |
Cost | [2] | 5,994 | |
Fair Value | [2] | $ 6,223 | |
High Street Buyer, Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Insurance | |
Spread Above Index | [2],[3] | L+600 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 10.73% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Apr. 16, 2028 | |
Par Amount | [2] | $ 5,188 | |
Cost | [2] | 4,900 | |
Fair Value | [2] | $ 5,188 | |
Human Interest Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Internet Software & Services | ||
Spread Above Index | [3] | S+785 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 11.97% | |
Acquisition Date | Jun. 30, 2022 | ||
Maturity Date | Jul. 01, 2027 | ||
Par Amount | $ 20,104 | ||
Cost | 19,783 | ||
Fair Value | $ 20,104 | ||
Kaseya, Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Software | |
Spread Above Index | [2],[3] | S+575 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 10.33% | |
Acquisition Date | [2] | Jun. 22, 2022 | |
Maturity Date | [2] | Jun. 23, 2029 | |
Par Amount | [2] | $ 32,426 | |
Cost | [2] | 31,966 | |
Fair Value | [2] | $ 32,426 | |
National Spine and Pain Centers, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3] | L+500 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 7.31% | |
Acquisition Date | Apr. 01, 2022 | ||
Maturity Date | Jun. 02, 2024 | ||
Par Amount | $ 2,681 | ||
Cost | 2,564 | ||
Fair Value | $ 2,547 | ||
Peter C. Foy & Associates Insurance Services, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Insurance | ||
Spread Above Index | [3] | S+600 | |
Floor | [2] | 0.75% | |
Interest Rate | [4] | 10.44% | |
Acquisition Date | Apr. 01, 2022 | ||
Maturity Date | Nov. 01, 2028 | ||
Par Amount | $ 10,854 | ||
Cost | 10,699 | ||
Fair Value | $ 10,854 | ||
Plastics Management, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | S+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.89% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Aug. 18, 2027 | |
Par Amount | [2] | $ 9,491 | |
Cost | [2] | 9,161 | |
Fair Value | [2] | $ 9,491 | |
RSC Acquisition, Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Insurance | |
Spread Above Index | [2],[3] | S+550 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 9.26% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Nov. 01, 2026 | |
Par Amount | [2] | $ 6,985 | |
Cost | [2] | 6,813 | |
Fair Value | [2] | $ 6,985 | |
RxSense Holdings LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Diversified Consumer Services | |
Spread Above Index | [2],[3] | L+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.41% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Mar. 13, 2026 | |
Par Amount | [2] | $ 11,775 | |
Cost | [2] | 11,357 | |
Fair Value | [2] | $ 11,775 | |
SHO Holding I Corporation (Shoes for Crews) [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Footwear | |
Spread Above Index | [2],[3] | L+523 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.66% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Apr. 27, 2024 | |
Par Amount | [2] | $ 5,704 | |
Cost | [2] | 5,361 | |
Fair Value | [2] | $ 5,419 | |
Southern Orthodontic Partners Management, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | S+600 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.77% | |
Acquisition Date | [2] | Jun. 03, 2022 | |
Maturity Date | [2] | Jan. 27, 2026 | |
Par Amount | [2] | $ 1,399 | |
Cost | [2] | 1,387 | |
Fair Value | [2] | $ 1,399 | |
TAUC Management, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Health Care Providers & Services | |
Spread Above Index | [2],[3] | L+525 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.98% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Feb. 12, 2027 | |
Par Amount | [2] | $ 6,899 | |
Cost | [2] | 6,585 | |
Fair Value | [2] | $ 6,864 | |
Tilley Distribution, Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Trading Companies & Distributors | |
Spread Above Index | [2],[3] | S+550 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.14% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Dec. 31, 2026 | |
Par Amount | [2] | $ 9,996 | |
Cost | [2] | 9,527 | |
Fair Value | [2] | $ 9,996 | |
Vessco Midco Holdings, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Water Utilities | |
Spread Above Index | [2],[3] | L+450 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 7.87% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Nov. 02, 2026 | |
Par Amount | [2] | $ 1,728 | |
Cost | [2] | 1,668 | |
Fair Value | [2] | $ 1,728 | |
World Insurance Associates, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Insurance | |
Spread Above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.31% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Apr. 01, 2026 | |
Par Amount | [2] | $ 31,624 | |
Cost | [2] | 30,785 | |
Fair Value | [2] | $ 30,359 | |
Apeel Technology, Inc [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Biotechnology | ||
Spread Above Index | [3] | S+625 | |
Floor | 1% | ||
Interest Rate | [4] | 8.75% | |
Acquisition Date | Jun. 29, 2022 | ||
Maturity Date | Jun. 01, 2027 | ||
Par Amount | $ 3,643 | ||
Cost | 3,620 | ||
Fair Value | $ 3,643 | ||
Smiley Lifting Solutions, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Acquisition Date | [1] | Jun. 30, 2022 | |
Par Amount | [1] | $ 4,139 | |
Cost | [1] | 4,139 | |
Fair Value | [1] | $ 4,139 | |
Smiley Lifting Solutions, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 7.82% | |
Maturity Date | [1] | Sep. 15, 2026 | |
Smiley Lifting Solutions, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.28% | |
Maturity Date | [1] | Dec. 29, 2029 | |
Apex Services Partners, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Diversified Consumer Services | |
Spread Above Index | [2],[3] | S+525 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.80% | |
Acquisition Date | [2] | Aug. 31, 2022 | |
Maturity Date | [2] | Jul. 31, 2025 | |
Par Amount | [2] | $ 14,021 | |
Cost | [2] | 13,644 | |
Fair Value | [2] | $ 14,021 | |
Composite Technology Acquisition Corp. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Building Products | |
Spread Above Index | [2],[3] | L+475 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.73% | |
Acquisition Date | [2] | Apr. 01, 2022 | |
Maturity Date | [2] | Feb. 01, 2025 | |
Par Amount | [2] | $ 10,386 | |
Cost | [2] | 9,983 | |
Fair Value | [2] | $ 10,386 | |
Copper River Seafoods, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Food Products | ||
Spread Above Index | [3] | P+275 | |
Floor | [2] | 0% | |
Interest Rate | [4] | 10.25% | |
Acquisition Date | Aug. 31, 2022 | ||
Maturity Date | Apr. 23, 2025 | ||
Par Amount | $ 8,405 | ||
Cost | 8,405 | ||
Fair Value | $ 8,405 | ||
Luxury Asset Capital, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Thrifts & Mortgage Finance | |
Spread Above Index | [2],[3] | S+675 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.99% | |
Acquisition Date | [2] | Jul. 15, 2022 | |
Maturity Date | [2] | Jul. 15, 2027 | |
Par Amount | [2] | $ 27,500 | |
Cost | [2] | 26,991 | |
Fair Value | [2] | $ 27,500 | |
Montefiore Nyack Hospital [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3] | L+495 | |
Floor | [2] | 0% | |
Interest Rate | [4] | 9.72% | |
Acquisition Date | Aug. 09, 2022 | ||
Maturity Date | Nov. 15, 2024 | ||
Par Amount | $ 3,966 | ||
Cost | 3,966 | ||
Fair Value | $ 3,966 | ||
Orthopedic Care Partners Management, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3] | S+650 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 10.91% | |
Acquisition Date | Aug. 17, 2022 | ||
Maturity Date | May 16, 2024 | ||
Par Amount | $ 3,111 | ||
Cost | 3,092 | ||
Fair Value | $ 3,111 | ||
Pediatric Home Respiratory Services, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 10.67% | |
Acquisition Date | Aug. 19, 2022 | ||
Maturity Date | Dec. 04, 2024 | ||
Par Amount | $ 1,327 | ||
Cost | 1,309 | ||
Fair Value | $ 1,313 | ||
SPAR Marketing Force, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Media | ||
Spread Above Index | [3] | P+95 | |
Floor | 0% | ||
Interest Rate | [4] | 8.45% | |
Acquisition Date | Jul. 18, 2022 | ||
Maturity Date | Oct. 10, 2024 | ||
Par Amount | $ 9,162 | ||
Cost | 9,162 | ||
Fair Value | $ 9,162 | ||
Stryten Resources LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Auto Parts & Equipment | ||
Spread Above Index | [3] | S+800 | |
Floor | 1% | ||
Interest Rate | [4] | 12.44% | |
Acquisition Date | Aug. 11, 2021 | ||
Maturity Date | Oct. 12, 2026 | ||
Par Amount | $ 25,922 | ||
Cost | 25,506 | ||
Fair Value | $ 25,922 | ||
BDG Media, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Media | ||
Spread Above Index | [3] | L+900 | |
Floor | [2] | 0.25% | |
Interest Rate | [4] | 13.17% | |
Acquisition Date | Jul. 18, 2022 | ||
Maturity Date | Apr. 27, 2023 | ||
Par Amount | $ 14,454 | ||
Cost | 14,454 | ||
Fair Value | $ 14,454 | ||
RD Holdco, Inc. [Member] | Senior Secured Loans 0 124.6% | Second Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [7],[13] | Diversified Consumer Services | |
Spread Above Index | [3],[7],[13],[18] | S+975 | |
Floor | [7],[13] | 1% | |
Interest Rate | [4],[7],[13] | 0% | |
Acquisition Date | [7],[13] | Dec. 23, 2013 | |
Maturity Date | [7],[13] | Oct. 12, 2026 | |
Par Amount | [7],[13] | $ 13,043 | |
Cost | [7],[13] | 11,791 | |
Fair Value | [7],[13] | $ 6,521 | |
Spectrum Pharmaceuticals, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [2] | Biotechnology | |
Spread Above Index | [2],[3] | S+570 | |
Floor | [2] | 2.30% | |
Interest Rate | [2],[4] | 9.88% | |
Acquisition Date | [2] | Sep. 21, 2022 | |
Maturity Date | [2] | Sep. 01, 2027 | |
Par Amount | [2] | $ 10,525 | |
Cost | [2] | 10,406 | |
Fair Value | [2] | $ 10,420 | |
AFG Dallas III, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Interest Rate | [1],[4] | 10% | |
Acquisition Date | [1] | Aug. 11, 2022 | |
Par Amount | [1] | $ 1,036 | |
Cost | [1] | 1,036 | |
Fair Value | [1] | $ 1,036 | |
AFG Dallas III, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Aug. 11, 2026 | |
AFG Dallas III, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity Date | [1] | Aug. 29, 2026 | |
Bowman Energy Solutions, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 7.42% | |
Acquisition Date | [1] | Jul. 01, 2022 | |
Maturity Date | [1] | Aug. 01, 2026 | |
Par Amount | [1] | $ 153 | |
Cost | [1] | 153 | |
Fair Value | [1] | $ 153 | |
Energy Drilling Services, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Acquisition Date | [1] | Aug. 26, 2022 | |
Par Amount | [1] | $ 1,321 | |
Cost | [1] | 1,321 | |
Fair Value | [1] | $ 1,295 | |
Energy Drilling Services, LLC [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 6.58% | |
Maturity Date | [1] | Dec. 09, 2025 | |
Energy Drilling Services, LLC [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.16% | |
Maturity Date | [1] | Sep. 01, 2027 | |
CKD Holdings, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Road & Rail | |
Acquisition Date | [1] | Sep. 22, 2022 | |
Par Amount | [1] | $ 3,690 | |
Cost | [1] | 3,690 | |
Fair Value | [1] | $ 3,690 | |
CKD Holdings, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.10% | |
Maturity Date | [1] | Mar. 22, 2026 | |
CKD Holdings, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.60% | |
Maturity Date | [1] | Sep. 22, 2027 | |
Worldwide Flight Services, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Transportation Infrastructure | |
Acquisition Date | [1] | Sep. 23, 2022 | |
Par Amount | [1] | $ 304 | |
Cost | [1] | 308 | |
Fair Value | [1] | $ 304 | |
Worldwide Flight Services, Inc. [Member] | Equipment Financing 0 26.6% | Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 8.32% | |
Maturity Date | [1] | Sep. 23, 2027 | |
Worldwide Flight Services, Inc. [Member] | Equipment Financing 0 26.6% | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Interest Rate | [1],[4] | 9.36% | |
Maturity Date | [1] | Oct. 28, 2027 | |
DeepIntent, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Media | ||
Spread Above Index | [3] | P+175 | |
Floor | [2] | 0% | |
Interest Rate | [4] | 9.25% | |
Acquisition Date | Oct. 12, 2022 | ||
Maturity Date | Mar. 25, 2025 | ||
Par Amount | $ 16,951 | ||
Cost | 16,951 | ||
Fair Value | $ 16,951 | ||
SCP Eye Care, LLC [Member] | Senior Secured Loans 0 124.6% | First Lien Bank Debt/Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Providers & Services | ||
Spread Above Index | [3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [4] | 9.46% | |
Acquisition Date | Oct. 06, 2022 | ||
Maturity Date | Oct. 05, 2029 | ||
Par Amount | $ 8,314 | ||
Cost | 8,050 | ||
Fair Value | $ 8,044 | ||
Meditrina, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | Health Care Equipment & Supplies | ||
Spread Above Index | [3] | S+550 | |
Floor | 3.45% | ||
Interest Rate | [4] | 9.82% | |
Acquisition Date | Dec. 20, 2022 | ||
Maturity Date | Dec. 01, 2027 | ||
Par Amount | $ 3,367 | ||
Cost | 3,338 | ||
Fair Value | $ 3,359 | ||
Outset Medical, Inc. [Member] | Senior Secured Loans 0 124.6% | First Lien Life Science Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Industry | [11] | Health Care Equipment & Supplies | |
Spread Above Index | [3],[11] | S+515 | |
Floor | [11] | 2.75% | |
Interest Rate | [4],[11] | 9.33% | |
Acquisition Date | [11] | Nov. 03, 2022 | |
Maturity Date | [11] | Nov. 01, 2027 | |
Par Amount | [11] | $ 35,084 | |
Cost | [11] | 34,880 | |
Fair Value | [11] | $ 34,820 | |
Bazzini, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Food & Staples Retailing | |
Interest Rate | [1],[4] | 10.46% | |
Acquisition Date | [1] | Dec. 23, 2022 | |
Maturity Date | [1] | Jan. 01, 2028 | |
Par Amount | [1] | $ 2,365 | |
Cost | [1] | 2,440 | |
Fair Value | [1] | $ 2,365 | |
C-Port/Stone LLC | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Oil, Gas & Consumable Fuels | |
Interest Rate | [1],[4] | 8.54% | |
Acquisition Date | [1] | Oct. 07, 2022 | |
Maturity Date | [1] | Nov. 01, 2027 | |
Par Amount | [1] | $ 6,708 | |
Cost | [1] | 6,514 | |
Fair Value | [1] | $ 6,507 | |
Drillers Choice, Inc [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 8% | |
Acquisition Date | [1] | Oct. 31, 2022 | |
Maturity Date | [1] | Nov. 01, 2027 | |
Par Amount | [1] | $ 1,589 | |
Cost | [1] | 1,589 | |
Fair Value | [1] | $ 1,589 | |
Loc Performance Products, LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Machinery | |
Interest Rate | [1],[4] | 10.50% | |
Acquisition Date | [1] | Dec. 29, 2022 | |
Maturity Date | [1] | Jun. 01, 2027 | |
Par Amount | [1] | $ 767 | |
Cost | [1] | 767 | |
Fair Value | [1] | $ 767 | |
Ozzies, Inc. [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 10.72% | |
Acquisition Date | [1] | Dec. 23, 2022 | |
Maturity Date | [1] | Jan. 01, 2027 | |
Par Amount | [1] | $ 2,005 | |
Cost | [1] | 2,072 | |
Fair Value | [1] | $ 2,005 | |
PCX Aerostructures LLC [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Aerospace & Defense | |
Interest Rate | [1],[4] | 9.32% | |
Acquisition Date | [1] | Nov. 23, 2022 | |
Maturity Date | [1] | Dec. 01, 2028 | |
Par Amount | [1] | $ 2,658 | |
Cost | [1] | 2,658 | |
Fair Value | [1] | $ 2,658 | |
Rotten Rock Hardscaping & Tree Service | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Interest Rate | [1],[4] | 8.21% | |
Acquisition Date | [1] | Dec. 06, 2022 | |
Maturity Date | [1] | Dec. 06, 2027 | |
Par Amount | [1] | $ 245 | |
Cost | [1] | 245 | |
Fair Value | [1] | $ 245 | |
Signet Marine Corporation [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Transportation Infrastructure | |
Interest Rate | [1],[4] | 8.50% | |
Acquisition Date | [1] | Oct. 31, 2022 | |
Maturity Date | [1] | Jul. 01, 2029 | |
Par Amount | [1] | $ 14,102 | |
Cost | [1] | 14,152 | |
Fair Value | [1] | $ 14,102 | |
U.S. Crane & Rigging, LLC | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Commercial Services & Supplies | |
Interest Rate | [1],[4] | 10.92% | |
Acquisition Date | [1] | Dec. 23, 2022 | |
Maturity Date | [1] | Mar. 01, 2027 | |
Par Amount | [1] | $ 2,005 | |
Cost | [1] | 2,005 | |
Fair Value | [1] | $ 2,005 | |
Zamborelli Enterprises Pacific Souther Foundation [Member] | Equipment Financing 0 26.6% | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Diversified Consumer Services | |
Interest Rate | [1],[4] | 8.91% | |
Acquisition Date | [1] | Dec. 07, 2022 | |
Maturity Date | [1] | Jan. 01, 2027 | |
Par Amount | [1] | $ 707 | |
Cost | [1] | 714 | |
Fair Value | [1] | 707 | |
SLR Senior Lending Program LLC [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 18,032 | ||
Fair Value | 18,062 | ||
Total Investments & Cash Equivalents | $ 1,043 | ||
SLR Senior Lending Program LLC [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [11],[12],[35] | Asset Management | |
Acquisition Date | [11],[12],[35] | Dec. 01, 2022 | |
Shares/Units | [11],[12],[35] | 0 | |
Cost | [11],[12],[35] | $ 9,500 | |
Fair Value | [11],[12],[35] | $ 9,426 | |
Meditrina, Inc. Warrants [Member] | Common Equity/Equity Interests/Warrants 057.1% | |||
Schedule of Investments [Line Items] | |||
Industry | [24] | Health Care Equipment & Supplies | |
Acquisition Date | [24] | Dec. 20, 2022 | |
Shares/Units | [24] | 29,366 | |
Cost | [24] | $ 23 | |
Fair Value | [24] | $ 23 | |
[1]Indicates an investment that is wholly held by the Company through NEFPASS LLC.[2]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.[3]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.[4]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.[5]Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or PRIME rate. These instruments are often subject to a LIBOR or PRIME rate floor.[6]Floating rate debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR”), 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, 2021.[7]Investment is on non-accrual status.[8]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 8.00% of the coupon as PIK.[9]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.[10]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, 2021, on a fair value basis, non-qualifying assets in the portfolio represented 23.1% of the total assets of the Company.[11]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 24.2% of the total assets of the Company.[12]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 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2022 in these controlled investments are as follows:[13]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 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2021 in these controlled investments are as follows:[14]Spread is 5.75% Cash / 0.50% PIK.[15]Spread is 5.50% Cash / 0.50% PIK.[16]Spread is 6.00% Cash / 2.00% PIK.[17]Spread is 2.50% Cash / 12.50% PIK.[18]Interest is paid in kind (“PIK”).[19]BridgeBio Pharma, Inc. may elect to defer up to 3.00% of the coupon as PIK.[20]OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are co-borrowers.[21]OmniGuide Holdings, Inc. may elect to defer up to 10.00% of the coupon as PIK.[22]Vapotherm, Inc. may elect to defer up to 8.00% of the coupon as PIK.[23]Denotes a subsidiary of SLR Equipment Finance.[24]Non-income producing security.[25]SLR Equipment Finance is held through NEFCORP LLC, a wholly-owned consolidated taxable subsidiary and NEFPASS LLC, a wholly-owned consolidated subsidiary.[26]See note 12 to the consolidated financial statements.[27]The Company’s investment in SOINT, LLC includes a one dollar investment in common shares.[28]The Company’s investments in SOAGG, LLC and SOINT, LLC include a two and one dollar investment in common shares, respectively.[29]Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation.[30]See note 14 to the consolidated financial statements.[31]Denotes a Level 1 investment.[32]See note 16 to the consolidated financial statements.[33]See note 10 to the consolidated financial statements.[34]See note 15 to the consolidated financial statements.[35]See note 19 to the consolidated financial statements. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Percentage representing senior secured loans in investments owned | 124.60% | 111.50% |
Percentage representing equipment financing in investments owned | 26.60% | 32.50% |
Percentage representing preferred equity in investments owned | 0.40% | 0.70% |
Percentage representing common equity or equity interests or warrants owned | 53.60% | |
Percentage representing total investments in investments owned | 208.70% | 198.30% |
Percentage representing cash equivalents in investments owned | 41.80% | 38% |
Percentage representing total investments and cash equivalents in investments owned | 250.50% | 236.30% |
Percentage representing liabilities in excess of other assets in investments owned | (150.50%) | (136.30%) |
Percentage representing net assets in investments owned | 100% | 100% |
Percentage of outstanding voting securities of the investment | 25% | 25% |
Percentage of non-qualifying assets in the portfolio of total assets | 24.20% | 23.10% |
Tax Basis of Investments, Unrealized Appreciation (Depreciation), Net | $ 17,187 | $ 19,495 |
Tax Basis of Investments, Gross, Unrealized Appreciation | 161,053 | 82,598 |
Tax Basis of Investments, Gross, Unrealized Depreciation | 143,866 | 63,103 |
Investment Owned tax costs | $ 2,069,489 | $ 1,651,087 |
Spread One [Member] | ||
Percentage spread as cash | 5.75% | 6% |
Percentage spread as paid in kind | 0.50% | 2% |
Spread Two [Member] | ||
Percentage spread as cash | 2.50% | |
Percentage spread as paid in kind | 12.50% | |
Spread Three [Member] | ||
Percentage spread as cash | 5.50% | |
Percentage spread as paid in kind | 0.50% | |
Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | $ 706,203 | $ 709,653 |
Gross Additions | 131,369 | 1,541 |
Gross Reductions | 20,722 | 14,189 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (18,630) | 9,113 |
Interest/Dividend Income | 53,898 | 48,942 |
Ending balance | 797,594 | 706,203 |
AviatorCap SII LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | 2,941 |
Gross Additions | 0 | |
Gross Reductions | 2,941 | |
Net realized gain (loss) | 0 | |
Net change in unrealized gain (loss) | 0 | |
Interest/Dividend Income | 92 | |
Ending balance | 0 | |
Equipment Operating Leases LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 18,939 | 25,540 |
Gross Additions | 0 | 0 |
Gross Reductions | 15,833 | 6,667 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | 635 | 66 |
Interest/Dividend Income | 749 | 1,950 |
Ending balance | 3,741 | 18,939 |
Kingsbridge Holdings, LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 80,000 | 80,000 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (87) | (79) |
Interest/Dividend Income | 7,402 | 6,568 |
Ending balance | 80,000 | 80,000 |
KBH Topco LLC (Kingsbridge) [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 145,996 | 136,596 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | 2,448 | 9,400 |
Interest/Dividend Income | 15,225 | 13,250 |
Ending balance | 148,444 | 145,996 |
Loyer Capital LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 10,725 | 14,456 |
Gross Additions | 0 | 0 |
Gross Reductions | 3,500 | 3,731 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | 136 | 0 |
Interest/Dividend Income | 1,003 | 1,426 |
Ending balance | 7,361 | 10,725 |
RD Holdco Inc Common Equity [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | 1,226 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | 0 | (1,226) |
Interest/Dividend Income | 0 | 0 |
Ending balance | 0 | 0 |
RD Holdco Inc Class B [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 5,216 | 5,216 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (5,216) | 0 |
Interest/Dividend Income | 0 | 0 |
Ending balance | 0 | 5,216 |
RD Holdco Inc Warrants [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | 0 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | 0 | 0 |
Interest/Dividend Income | 0 | 0 |
Ending balance | 0 | 0 |
RD Holdco Inc Debt [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 11,829 | |
Gross Additions | 685 | |
Gross Reductions | 0 | |
Net realized gain (loss) | 0 | |
Net change in unrealized gain (loss) | (5,280) | |
Interest/Dividend Income | (18) | |
Ending balance | 6,521 | 11,829 |
Rug Doctor LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 11,829 | 10,559 |
Gross Additions | 1,270 | |
Gross Reductions | 0 | |
Net realized gain (loss) | 0 | |
Net change in unrealized gain (loss) | (6) | |
Interest/Dividend Income | 1,300 | |
Ending balance | 11,829 | |
SLR Business Credit [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | |
Gross Additions | 81,583 | |
Gross Reductions | 0 | |
Net realized gain (loss) | 0 | |
Net change in unrealized gain (loss) | 7,787 | |
Interest/Dividend Income | 5,150 | |
Ending balance | 89,370 | 0 |
SLR Credit Solutions [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 298,766 | 296,766 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (10,006) | 2,000 |
Interest/Dividend Income | 20,500 | 22,500 |
Ending balance | 288,760 | 298,766 |
SLR Equipment Finance Equity [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 129,102 | 129,102 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (8,282) | 0 |
Interest/Dividend Income | 0 | 0 |
Ending balance | 120,820 | 129,102 |
SLR Equipment Finance Debt [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | 850 |
Gross Additions | 5,000 | 0 |
Gross Reductions | 0 | 850 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | 0 | 0 |
Interest/Dividend Income | 379 | 42 |
Ending balance | 5,000 | 0 |
SLR Healthcare ABL [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | |
Gross Additions | 34,335 | |
Gross Reductions | 0 | |
Net realized gain (loss) | 0 | |
Net change in unrealized gain (loss) | 15 | |
Interest/Dividend Income | 2,595 | |
Ending balance | 34,350 | 0 |
SLR Senior Lending Program LLC [Member] | ||
Investment Company Change in Net Assets | ||
Ending balance | 18,062 | |
SLR Senior Lending Program LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 0 | |
Gross Additions | 9,500 | |
Gross Reductions | 0 | |
Net realized gain (loss) | 0 | |
Net change in unrealized gain (loss) | (74) | |
Interest/Dividend Income | 0 | |
Ending balance | 9,426 | 0 |
SOAGG LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 1,121 | 2,300 |
Gross Additions | 0 | 0 |
Gross Reductions | 447 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (674) | (1,179) |
Interest/Dividend Income | 647 | 1,543 |
Ending balance | 0 | 1,121 |
SOINT LLC [Member] | Companies more than 25% owned [Member] | ||
Investment Company Change in Net Assets | ||
Beginning balance | 4,509 | 4,101 |
Gross Additions | 266 | 271 |
Gross Reductions | 942 | 0 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (32) | 137 |
Interest/Dividend Income | 266 | 271 |
Ending balance | $ 3,801 | $ 4,509 |
Amerimark [Member] | ||
Investment interest rate, Paid in kind | 8% | |
Bridge Bio Pharma, Inc [Member] | ||
Investment interest rate, Paid in kind | 3% | |
Omni Guide Holdings, Inc [Member] | ||
Investment interest rate, Paid in kind | 10% | |
Vapotherm, Inc. [Member] | ||
Investment interest rate, Paid in kind | 8% | |
iCIMS, Inc. [Member] | ||
Investment interest rate, Paid in kind | 3.875% |
N-2
N-2 - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cover [Abstract] | |||||||||||||||||||
Entity Central Index Key | 0001418076 | ||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||
Securities Act File Number | 814-00754 | ||||||||||||||||||
Document Type | 10-K | ||||||||||||||||||
Entity Registrant Name | SLR INVESTMENT CORP. | ||||||||||||||||||
Entity Address, Address Line One | 500 Park Avenue | ||||||||||||||||||
Entity Address, City or Town | New York | ||||||||||||||||||
Entity Address, State or Province | NY | ||||||||||||||||||
Entity Address, Postal Zip Code | 10022 | ||||||||||||||||||
City Area Code | 212 | ||||||||||||||||||
Local Phone Number | 993-1670 | ||||||||||||||||||
Entity Well-known Seasoned Issuer | Yes | ||||||||||||||||||
Entity Emerging Growth Company | false | ||||||||||||||||||
Fee Table [Abstract] | |||||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder transaction expenses: Sales load (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses — % (3) Total stockholder transaction expenses (as a percentage of offering price) — % (2) Annual expenses (as a percentage of net assets attributable to common stock) (4) Base management fee 3.00 % (5) Incentive fees payable under our Investment Advisory and Management Agreement (up to 20%) 1.51 % (6) Interest payments on borrowed funds 4.61 % (7) Acquired fund fees and expenses 0.02 % (8) Other expenses (estimated) 1.15 % (9) Total annual expenses 10.29 % (1) In the event that the shares of common stock are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load and the “Example” will be updated accordingly. (2) The prospectus supplement corresponding to each offering will disclose the applicable offering expenses and total stockholder transaction expenses. (3) The expenses of the dividend reinvestment plan are included in “other expenses.” (4) Annual Expenses are presented in this manner because common shareholders will bear all costs of running the Company. (5) Our 1.50% base management fee under the Investment Advisory and Management Agreement (giving effect to the Letter Agreement) is based on our gross assets, which is defined as all the assets of SLRC, excluding temporary assets, including those acquired using borrowings for investment purposes, and assumes our gross assets remain consistent with gross assets for the fiscal year ended December 31, 2022. The base management fee is reduced to 1.00% on gross assets that exceed 200% of total net assets as of the immediately preceding quarter. (6) Assumes that annual incentive fees earned by our investment adviser, SLR Capital Partners, remain consistent with the incentive fees earned by SLR Capital Partners for the fiscal year ended December 31, 2022. The incentive fee consists of two parts: The first part, which is payable quarterly in arrears, equals 20% of the excess, if any, of our “Pre-Incentive “catch-up” • no incentive fee is payable to our investment adviser in any calendar quarter in which our Pre-Incentive • 100% of our Pre-Incentive Pre-Incentive Pre-Incentive “catch-up.” “catch-up” Pre-Incentive Pre-Incentive • 20% of the amount of our Pre-Incentive catch-up Pre-Incentive The second part of the incentive fee equals 20% of our “Incentive Fee Capital Gains,” if any, which equals our realized capital gains on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. The second part of the incentive fee is payable, in arrears, at the end of each calendar year (or upon termination of the Investment Advisory and Management Agreement, as of the termination date). (7) We have historically and will in the future borrow funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. The costs associated with our outstanding borrowings are indirectly borne by our investors. For purposes of this section, we have computed interest expense using the average consolidated balance outstanding for borrowings during the fiscal year ended December 31, 2022. We used the Secured Overnight Financing Rate (“SOFR”) or similar base rate on December 31, 2022 and the interest rate on the Credit Facility, the SPV Credit Facility, the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes and the 2023 Unsecured Notes on December 31, 2022. We have also included, as applicable, the estimated market discount or amortization of fees incurred in establishing the Credit Facility, the SPV Credit Facility, the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes and the 2023 Unsecured Notes as of December 31, 2022. Additionally, we included the estimated cost of commitment fees for unused balances on the Credit Facility and the SPV Credit Facility. As of December 31, 2022, we had $393.0 million outstanding under the Credit Facility, $155.2 million outstanding under the SPV Credit Facility and $135 million, $50 million, $75 million, $125 million, $85 million, and $75 million outstanding under the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes and the 2023 Unsecured Notes, respectively. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act, although we have no immediate intention to do so. (8) The holders of shares of our common stock indirectly bear the expenses of our investment in SLR Senior Lending Program LLC (“SSLP”). No management fee is charged on our investments in SSLP in connection with the administrative services provided to SSLP. Future expenses for SSLP may be substantially higher or lower because certain expenses may fluctuate over time. (9) “Other expenses” are based on estimated amounts for the current fiscal year, which considers the amounts incurred for the fiscal year ended December 31, 2022 and include our overhead expenses, including payments under our Administration Agreement based on our allocable portion of overhead and other expenses incurred by SLR Capital Management in performing its obligations under the Administration Agreement. | ||||||||||||||||||
Sales Load [Percent] | [1] | 0% | |||||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | $ 0 | |||||||||||||||||
Other Transaction Expenses [Abstract] | |||||||||||||||||||
Other Transaction Expense 1 [Percent] | [3] | 0% | |||||||||||||||||
Other Transaction Expenses [Percent] | [3] | 0% | |||||||||||||||||
Management Fees [Percent] | [4] | 3% | |||||||||||||||||
Interest Expenses on Borrowings [Percent] | [5] | 4.61% | |||||||||||||||||
Incentive Fees [Percent] | [6] | 1.51% | |||||||||||||||||
Acquired Fund Fees and Expenses [Percent] | [7] | 0.02% | |||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||
Other Annual Expenses [Percent] | [8] | 1.15% | |||||||||||||||||
Total Annual Expenses [Percent] | 10.29% | ||||||||||||||||||
Expense Example [Table Text Block] | The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above and have excluded performance-based incentive fees. As such, the below example is based on an annual expense ratio of 8.78%. See Note 7 above for additional information regarding certain assumptions regarding our level of leverage. In the event that shares are sold to or through underwriters, a corresponding prospectus supplement will restate this example to reflect the applicable sales load. 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return $ 88 $ 253 $ 407 $ 743 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return $ 98 $ 279 $ 444 $ 792 | ||||||||||||||||||
Expense Example, Year 01 | $ 88 | ||||||||||||||||||
Expense Example, Years 1 to 3 | 253 | ||||||||||||||||||
Expense Example, Years 1 to 5 | 407 | ||||||||||||||||||
Expense Example, Years 1 to 10 | $ 743 | ||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities [Table Text Block] | Information about our senior securities is shown in the following table (in thousands) as of each year ended December 31 for the past ten years, unless otherwise noted. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total Amount Asset Involuntary Average Credit Facility Fiscal 2022 $ 293,000 $ 513 — N/A Fiscal 2021 222,500 552 — N/A Fiscal 2020 126,000 421 — N/A Fiscal 2019 42,900 182 — N/A Fiscal 2018 96,400 593 — N/A Fiscal 2017 245,600 1,225 — N/A Fiscal 2016 115,200 990 — N/A Fiscal 2015 207,900 1,459 — N/A Fiscal 2014 — — — N/A Fiscal 2013 — — — N/A SPV Credit Facility Fiscal 2022 155,200 272 — N/A 2022 Unsecured Notes Fiscal 2022 — — — N/A Fiscal 2021 150,000 372 — N/A Fiscal 2020 150,000 501 — N/A Fiscal 2019 150,000 638 — N/A Fiscal 2018 150,000 923 — N/A Fiscal 2017 150,000 748 — N/A Fiscal 2016 50,000 430 — N/A 2022 Tranche C Notes Class and Year Total Amount Asset Involuntary Average Fiscal 2022 — — — N/A Fiscal 2021 21,000 52 — N/A Fiscal 2020 21,000 70 — N/A Fiscal 2019 21,000 89 — N/A Fiscal 2018 21,000 129 — N/A Fiscal 2017 21,000 105 — N/A 2023 Unsecured Notes Fiscal 2022 75,000 131 — N/A Fiscal 2021 75,000 186 — N/A Fiscal 2020 75,000 250 — N/A Fiscal 2019 75,000 319 — N/A Fiscal 2018 75,000 461 — N/A Fiscal 2017 75,000 374 — N/A 2024 Unsecured Notes Fiscal 2022 125,000 219 — N/A Fiscal 2021 125,000 309 — N/A Fiscal 2020 125,000 417 — N/A Fiscal 2019 125,000 531 — N/A 2025 Unsecured Notes Fiscal 2022 85,000 149 — N/A 2026 Unsecured Notes Fiscal 2022 75,000 131 — N/A Fiscal 2021 75,000 186 — N/A Fiscal 2020 75,000 250 — N/A Fiscal 2019 75,000 319 — N/A 2027 Unsecured Notes Fiscal 2022 50,000 88 — N/A Fiscal 2021 50,000 124 — N/A 2027 Series F Unsecured Notes Fiscal 2022 135,000 237 — N/A 2042 Unsecured Notes Fiscal 2017 — — — N/A Fiscal 2016 100,000 859 — $ 1,002 Fiscal 2015 100,000 702 — 982 Fiscal 2014 100,000 2,294 — 943 Fiscal 2013 100,000 2,411 — 934 Senior Secured Notes Fiscal 2017 — — — N/A Fiscal 2016 75,000 645 — N/A Fiscal 2015 75,000 527 — N/A Fiscal 2014 75,000 1,721 — N/A Fiscal 2013 75,000 1,808 — N/A Term Loans Fiscal 2022 100,000 175 — N/A Fiscal 2021 100,000 248 — N/A Fiscal 2020 75,000 250 — N/A Fiscal 2019 75,000 319 — N/A Fiscal 2018 50,000 308 — N/A Fiscal 2017 50,000 250 — N/A Fiscal 2016 50,000 430 — N/A Fiscal 2015 50,000 351 — N/A Fiscal 2014 50,000 1,147 — N/A Fiscal 2013 50,000 1,206 — N/A NEFPASS Facility Fiscal 2021 — — — N/A Fiscal 2020 30,000 100 — N/A Fiscal 2019 30,000 128 — N/A Fiscal 2018 30,000 185 — N/A SSLP Facility Fiscal 2019 — — — N/A Fiscal 2018 53,785 331 — N/A Total Senior Securities Fiscal 2022 $ 1,093,200 $ 1,915 — N/A Fiscal 2021 818,500 2,029 — N/A Fiscal 2020 677,000 2,259 — N/A Fiscal 2019 593,900 2,525 — N/A Fiscal 2018 476,185 2,930 — N/A Fiscal 2017 541,600 2,702 — N/A Fiscal 2016 390,200 3,354 — N/A Fiscal 2015 432,900 3,039 — N/A Fiscal 2014 225,000 5,162 — N/A Fiscal 2013 225,000 5,425 — 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 December 31, 2022, asset coverage was 1 91 5 (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. | ||||||||||||||||||
Senior Securities Amount | [9] | $ 1,093,200 | $ 818,500 | $ 677,000 | $ 593,900 | $ 476,185 | $ 541,600 | $ 390,200 | $ 432,900 | $ 225,000 | $ 225,000 | ||||||||
Senior Securities Coverage per Unit | [10] | $ 1,915 | $ 2,029 | $ 2,259 | $ 2,525 | $ 2,930 | $ 2,702 | $ 3,354 | $ 3,039 | $ 5,162 | $ 5,425 | ||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Senior Securities, Note [Text Block] | Senior Securities Information about our senior securities is shown in the following table (in thousands) as of each year ended December 31 for the past ten years, unless otherwise noted. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total Amount Asset Involuntary Average Credit Facility Fiscal 2022 $ 293,000 $ 513 — N/A Fiscal 2021 222,500 552 — N/A Fiscal 2020 126,000 421 — N/A Fiscal 2019 42,900 182 — N/A Fiscal 2018 96,400 593 — N/A Fiscal 2017 245,600 1,225 — N/A Fiscal 2016 115,200 990 — N/A Fiscal 2015 207,900 1,459 — N/A Fiscal 2014 — — — N/A Fiscal 2013 — — — N/A SPV Credit Facility Fiscal 2022 155,200 272 — N/A 2022 Unsecured Notes Fiscal 2022 — — — N/A Fiscal 2021 150,000 372 — N/A Fiscal 2020 150,000 501 — N/A Fiscal 2019 150,000 638 — N/A Fiscal 2018 150,000 923 — N/A Fiscal 2017 150,000 748 — N/A Fiscal 2016 50,000 430 — N/A 2022 Tranche C Notes Class and Year Total Amount Asset Involuntary Average Fiscal 2022 — — — N/A Fiscal 2021 21,000 52 — N/A Fiscal 2020 21,000 70 — N/A Fiscal 2019 21,000 89 — N/A Fiscal 2018 21,000 129 — N/A Fiscal 2017 21,000 105 — N/A 2023 Unsecured Notes Fiscal 2022 75,000 131 — N/A Fiscal 2021 75,000 186 — N/A Fiscal 2020 75,000 250 — N/A Fiscal 2019 75,000 319 — N/A Fiscal 2018 75,000 461 — N/A Fiscal 2017 75,000 374 — N/A 2024 Unsecured Notes Fiscal 2022 125,000 219 — N/A Fiscal 2021 125,000 309 — N/A Fiscal 2020 125,000 417 — N/A Fiscal 2019 125,000 531 — N/A 2025 Unsecured Notes Fiscal 2022 85,000 149 — N/A 2026 Unsecured Notes Fiscal 2022 75,000 131 — N/A Fiscal 2021 75,000 186 — N/A Fiscal 2020 75,000 250 — N/A Fiscal 2019 75,000 319 — N/A 2027 Unsecured Notes Fiscal 2022 50,000 88 — N/A Fiscal 2021 50,000 124 — N/A 2027 Series F Unsecured Notes Fiscal 2022 135,000 237 — N/A 2042 Unsecured Notes Fiscal 2017 — — — N/A Fiscal 2016 100,000 859 — $ 1,002 Fiscal 2015 100,000 702 — 982 Fiscal 2014 100,000 2,294 — 943 Fiscal 2013 100,000 2,411 — 934 Senior Secured Notes Fiscal 2017 — — — N/A Fiscal 2016 75,000 645 — N/A Fiscal 2015 75,000 527 — N/A Fiscal 2014 75,000 1,721 — N/A Fiscal 2013 75,000 1,808 — N/A Term Loans Fiscal 2022 100,000 175 — N/A Fiscal 2021 100,000 248 — N/A Fiscal 2020 75,000 250 — N/A Fiscal 2019 75,000 319 — N/A Fiscal 2018 50,000 308 — N/A Fiscal 2017 50,000 250 — N/A Fiscal 2016 50,000 430 — N/A Fiscal 2015 50,000 351 — N/A Fiscal 2014 50,000 1,147 — N/A Fiscal 2013 50,000 1,206 — N/A NEFPASS Facility Fiscal 2021 — — — N/A Fiscal 2020 30,000 100 — N/A Fiscal 2019 30,000 128 — N/A Fiscal 2018 30,000 185 — N/A SSLP Facility Fiscal 2019 — — — N/A Fiscal 2018 53,785 331 — N/A Total Senior Securities Fiscal 2022 $ 1,093,200 $ 1,915 — N/A Fiscal 2021 818,500 2,029 — N/A Fiscal 2020 677,000 2,259 — N/A Fiscal 2019 593,900 2,525 — N/A Fiscal 2018 476,185 2,930 — N/A Fiscal 2017 541,600 2,702 — N/A Fiscal 2016 390,200 3,354 — N/A Fiscal 2015 432,900 3,039 — N/A Fiscal 2014 225,000 5,162 — N/A Fiscal 2013 225,000 5,425 — 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 December 31, 2022, asset coverage was 1 91 5 (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. | ||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||
Investment Objectives and Practices [Text Block] | Portfolio and Investment Activity During the year ended December 31, 2022, exclusive of the assets acquired through the Mergers, we invested approximately $610 million across 77 portfolio companies. This compares to investing approximately $596 million across 52 portfolio companies for the year ended December 31, 2021. Investments sold, prepaid or repaid during the year ended December 31, 2022 totaled approximately $532 million versus approximately $468 million for the year ended December 31, 2021. At December 31, 2022, our portfolio consisted of 139 portfolio companies and was invested 30.8% in cash flow senior secured loans, 30.0% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 23.7% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 15.5% in life science senior secured loans, in each case, measured at fair value, versus 106 portfolio companies invested 26.7% in cash flow senior secured loans, 27.0% in asset-based senior secured loans / SLR Credit, 29.9% in equipment senior secured financings / SLR Equipment / KBH, and 16.4% in life science senior secured loans, in each case, measured at fair value, at December 31, 2021. At December 31, 2022, 77.7% or $1.61 billion of our income producing investment portfolio * * non-accrual * | ||||||||||||||||||
Risk Factors [Table Text Block] | RISK FACTORS Risks Relating to Our Investments We operate in a highly competitive market for investment opportunities. A number of entities compete with us to make the types of investments that we target in leveraged companies. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have, which could allow them to consider a wider variety of investments and establish more relationships and offer better pricing and a more flexible structure than we are able to do. Furthermore, many of our potential competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. If we are unable to source attractive investments, we may hold a greater percentage of our assets in cash and cash equivalents than anticipated, which could impact potential returns on our portfolio. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective. Participants in our industry compete on several factors, including price, flexibility in transaction structure, customer service, reputation, market knowledge and speed in decision-making. We do not seek to compete primarily based on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. Our investments are very risky and highly speculative. We invest primarily in leveraged middle-market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. Senior Secured Loans. Unsecured Loans and Preferred Securities. Equity Investments. Finance, SLR Business Credit and SLR Healthcare ABL. In addition, we may invest directly in the equity securities of portfolio companies without limitation as to market capitalization. For instance, we may invest in thinly traded companies, the prices of which may be subject to erratic market movement. Our goal is ultimately to exit such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. In addition, investing in middle-market companies involves a number of significant risks, including: • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment; • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us; • they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, directors and our Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and • they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. The lack of liquidity in our investments may make it difficult for us to dispose of our investments at a favorable price, which may adversely affect our ability to meet our investment objectives. We generally make investments in private companies. We invest and expect to continue investing in companies whose securities have no established trading market and whose securities are and will be subject to legal and other restrictions on resale or whose securities are and will be less liquid than are publicly-traded securities. Investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the investments, market events, economic conditions or investor perceptions. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. However, to maintain our qualification as a BDC and as a RIC, we may have to dispose of investments if we do not satisfy one or more of the applicable criteria under the respective regulatory frameworks. Domestic and foreign markets are complex and interrelated, so that events in one sector of the world markets or economy, or in one geographical region, can reverberate and have materially negative consequences for other markets, economic or regional sectors in a manner that may not be foreseen and which may negatively impact the liquidity of our investments and materially harm our business. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies performs poorly or defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. Our portfolio may be concentrated in a limited number of portfolio companies and industries. For example, as of December 31, 2022, our investments in SLR Credit Solutions, Kingsbridge Holdings, LLC and SLR Equipment Finance comprised 11.4%, 9.0% and 5.0%, respectively, of our total assets and our investments in diversified financial services and multi-sector holdings industries comprised 18.2% and 14.4%, respectively, of our total assets. Beyond the asset diversification requirements associated with our qualification as a RIC under Subchapter M of the Code, we do not have fixed guidelines for diversification, and while we are not targeting any specific industries, our investments may be concentrated in relatively few industries or portfolio companies. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could also significantly impact the aggregate returns we realize. Our investments in securities rated below investment grade are speculative in nature and are subject to additional risk factors such as the increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. The securities that we invest in are typically rated below investment grade. Securities rated below investment grade are speculative and are often referred to as “leveraged loans,” “high yield” or “junk” securities, and may be considered “high risk” compared to debt instruments that are rated investment grade. High yield securities are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. In addition, high yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, such as the current economic period, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default. The secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. In addition, many of our debt investments will not fully amortize during their lifetime, which means that a borrower may be unable to payoff its debt due to bankruptcy or other reasons and therefore we may write-off such debt Price declines and illiquidity in the corporate debt markets have adversely affected, and may continue to adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Any unrealized depreciation that we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could adversely affect our ability to service our outstanding borrowings. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by or under the direction of our board of directors. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Any unrealized depreciation in our loan portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods and could materially adversely affect our ability to service our outstanding borrowings. Depending on market conditions, we could incur substantial losses in future periods, which could further reduce our net asset value and have a material adverse impact on our business, financial condition and results of operations. Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies. Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations. If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely. Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all. If we are unable to obtain debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies. We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient. In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. If the underlying collateral value is less than the loan amount, we will suffer a loss. In addition, we sometimes make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets. In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to equitable subordination. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of inter-creditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through “standstill” periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer further losses. If the value of the collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value and/or periods of increasing interest rates, such as the current economic period, may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance. The business, financial condition and results of operations of our portfolio companies could be adversely affected by worldwide economic conditions, as well as political and economic conditions in the countries in which they conduct business. The business and operating results of our portfolio companies may be impacted by worldwide economic conditions, such as the economic impact that the COVID-19 pandemic have non-performing assets in non-performing assets, Some of the products of our portfolio companies are developed, manufactured, assembled, tested or marketed outside the United States. Any conflict or uncertainty in these countries, including due to natural disasters, public health concerns (including the global COVID-19 pandemic), political Our failure to make follow-on investments in Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in to make follow-on investments or make any follow-on investments, subject to make follow-on investments may, a desired follow-on investment, we make a follow-on investment because prevent such follow-on investments or Where we do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. Although we hold controlling equity positions in some of our portfolio companies, we do not currently hold controlling equity positions in the majority of our portfolio companies. As a result, we are subject to the risk that a portfolio company in which we do not have a controlling interest may make business decisions with which we disagree, and that the management and/or stockholders of such portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments. Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. We are subject to the risk that the investments we make in our portfolio companies may be prepaid prior to maturity. When this occurs, we may reduce our borrowings outstanding or reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments, if any, will typically have substantially lower yields than the debt investment being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt investment that was prepaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our common stock. We may choose to waive or defer enforcement of covenants in the debt securities held in our portfolio, which may cause us to lose all or part of our investment in these companies. We structure the debt investments in our portfolio companies to include business and financial covenants placing affirmative and negative obligations on the operation of the company’s business and its financial condition. However, from time to time we may elect to waive breaches of these covenants, including our right to payment, or waive or defer enforcement of remedies, such as acceleration of obligations or foreclosure on collateral, depending upon the financial condition and prospects of the particular portfolio company. These actions may reduce the likelihood of our receiving the full amount of future payments of interest or principal and be accompanied by a deterioration in the value of the underlying collateral as many of these companies may have limited financial resources, may be unable to meet future obligations and may go bankrupt. This could negatively impact our ability to pay distributions, could adversely affect our results of operation and financial condition and cause the loss of all or part of your investment. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Our loans could be subject to equitable subordination by a court which would increase our risk of loss with respect to such loans. Courts may apply the doctrine of equitable subordination to subordinate the claim or lien of a lender against a borrower to claims or liens of other creditors of the borrower, when the lender or its affiliates is found to have engaged in unfair, inequitable or fraudulent conduct. The courts have also applied the doctrine of equitable subordination when a lender or its affiliates is found to have exerted inappropriate control over a client, including control resulting from the ownership of equity interests in a client. We have made direct equity investments or received warrants in connection with loans. Payments on one or more of our loans, particularly a loan to a client in which we may also hold an equity interest, may be subject to claims of equitable subordination. If we were deemed to have the ability to control or otherwise exercise influence over the business and affairs of one or more of our portfolio companies resulting in economic hardship to other creditors of that company, this control or influence may constitute grounds for equitable subordination and a court may treat one or more of our loans as if it were unsecured or common equity in the portfolio company. In that case, if the portfolio company were to liquidate, we would be entitled to repayment of our loan on a pro-rata basis with An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns. We invest primarily in privately held companies. Generally, little public information exists about these companies, and we are required to rely on the ability of SLR Capital Partners’ investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, smaller privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These factors could adversely affect our investment returns as compared to companies investing primarily in the securities of public companies. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. We invest primarily in leveraged middle-market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. Our portfolio companies typically have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Any such limitations on the ability of our portfolio companies to make principal or interest payments to us, if at all, may reduce our net asset value and have a negative material adverse impact to our business, financial condition and results of operation. Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy contemplates potential investments in debt securities of foreign companies, including emerging market companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks may be more pronounced for portfolio companies located or operating primarily in emerging markets, whose economies, markets and legal systems may be less developed. Although most of our investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk, or that if we do, such strategies will be effective. We may expose ourselves to risks if we engage in hedging transactions. If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because Our Investment Adviser may not be able to achieve the same or similar returns as those achieved for other funds it currently manages or by our senior investment professionals while they were employed at prior positions. Our Investment Adviser manages other funds, including other BDCs, and may manage other entities in the future. The track record and achievements of these other entities are not necessarily indicative of future results that will be achieved by our Investment Adviser because these other entities may have investment objectives and strategies that differ from ours. Additionally, although in the past our senior investment professionals held senior positions at a number of investment firms, their track record and achievements are not necessarily indicative of future results that will be achieved by our Investment Adviser. In their roles at such other firms, our senior investment professionals were part of investment teams, and they were not solely responsible for generating investment ideas. In addition, such investment teams arrived at investment decisions by consensus. We may be exposed to higher risks with respect to our investments that include original issue discount or PIK interest. Zero-coupon bonds pay interest only at maturity rather than at intervals during the life of the security. Deferred interest rate bonds generally provide for a period of delay before the regular payment of interest begins. PIK securities are debt obligations that pay “interest” in the form of other debt obligations, instead of in cash. Each of these instruments To the extent we invest in original issue discount instruments, including PIK, zero coupon bonds, and debt securities with attached | ||||||||||||||||||
Risk [Text Block] | General Risk Factors Volatility or a prolonged disruption in the credit markets could materially damage our business. We are required to record our assets at fair value, as determined in good faith by our board of directors, in accordance with our valuation policy. As a result, volatility in the capital markets may have a material adverse effect on our valuations and our net asset value, even if we hold investments to maturity. Volatility or dislocation in the capital markets may depress our stock price below our net asset value per share and create a challenging environment in which to raise equity and debt capital. These conditions could continue for a prolonged period of time or worsen in the future. While these conditions persist, we and other companies in the financial services sector may have to access, if available, alternative markets for debt and equity capital. Equity capital may be difficult to raise because, subject to some limited exceptions which apply to us, as a BDC we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. Any offering of our common stock that requires stockholder approval must occur, if at all, within one year after receiving such stockholder approval. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available, if at all, may be at a higher cost and on less favorable terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. Additionally, our ability to incur indebtedness is limited by the asset coverage ratio for a BDC, as defined under the 1940 Act. Declining portfolio values negatively impact our ability to borrow additional funds because our net asset value is reduced for purposes of the asset coverage ratio. If the fair value of our assets declines substantially, we may fail to maintain the asset coverage ratio stipulated by the 1940 Act, which could, in turn, cause us to lose our status as a BDC and materially impair our business operations. A lengthy disruption in the credit markets could also materially decrease demand for our investments. The significant disruption in the capital markets experienced in the past, including the disruption caused by the COVID-19 pandemic Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term. The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation, could negatively impact the operations, cash flows or financial condition of us and our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of business and could be subject to civil fines and criminal penalties. Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector regulation of non-bank credit extension Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact business and the business of our competitors over the long term, we will not know if, overall, it will benefit from them or be negatively affected by them. Deterioration in the economic conditions in the Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business. Financial markets have been affected at times by a number of global macroeconomic events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing COVID-19 Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Such events, including rising trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, the large-scale invasion of Ukraine by Russia that began in February 2022 and resulting sanctions or other restrictive actions that the United States and other countries have imposed against Russia, and the COVID-19 pandemic, In addition, Russia’s invasion of Ukraine and corresponding events have had, and could continue to have, severe adverse effects on regional and global economic markets. Following Russia’s actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia, including, among other actions, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The duration of hostilities and the vast array of sanctions and related events (including cyberattacks and espionage) cannot be predicted. Furthermore, the conflict between the two nations and the varying involvement of the United States and other NATO countries could preclude prediction as to their ultimate adverse impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to markets globally, which pose potential adverse risks to us and the performance of our investments and operations, and our ability to achieve our investment objectives. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in Russia or Ukraine, they may have adverse consequences related to the ongoing conflict. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. Additionally, the Federal Reserve raised the Federal Funds Rate in 2022 and in 2023, and may raise or announce its intention to raise the Federal Funds Rate further. These developments, along with the United States government’s credit and deficit concerns, global economic uncertainties and market volatility and the impacts of COVID-19, could Events outside of our control, including the COVID-19 public Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. For example, the COVID-19 COVID-19 re-introduction COVID-19 COVID-19 COVID-19 re-introduction COVID-19 Despite actions of the U.S. federal government and foreign governments, the uncertainty surrounding the COVID-19 The continued uncertainty related to the sustainability and pace of economic recovery in the U.S. and globally could have a negative impact on our business. Our business is directly influenced by the economic cycle, and could be negatively impacted by a downturn in economic activity in the U.S. as well as globally. Fiscal and monetary actions taken by U.S. and non-U.S. government and the global COVID-19 pandemic, negatively There is uncertainty surrounding potential legal, regulatory and policy changes by new presidential administrations in the United States that may directly affect financial institutions and the global economy. The current administration has called for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify far-reaching We are exposed to risks associated with changes in interest rates, including the transition away from LIBOR and the adoption of alternative reference rates. Although we no longer intend to lend at rates based on the London Interbank Offered Rate (“LIBOR”), we may acquire loans that continue to use LIBOR. While many LIBOR rates were phased out at the end of 2021, a selection of widely used U.S.-dollar LIBOR rates will continue to be published until June 2023. On July 29, 2021, the U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities. Further, on March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the U.S. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023 which do not contain clearly defined or practicable fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for LIBOR-based instruments in the U.S.), the transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments that we may acquire. Further, disruptions related to loans in the marketplace could have a material adverse effect on the ability of the Investment Adviser or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on us. Inflation and a rising interest rate environment may adversely affect the business, results of operations and financial condition of us and our portfolio companies. The current macroeconomic environment is characterized by record-high inflation, supply chain challenges, labor shortages, high interest rates, foreign currency exchange volatility, volatility in global capital markets and growing recession risk. The risks associated with the Company’s and our portfolio companies’ businesses are more severe during periods of economic slowdown or recession. Any disruptions in the capital markets, as a result of inflation and a rising interest environment or otherwise, may increase the spread between the yields realized on risk-free and higher risk securities and can result in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing In addition, market conditions (including inflation, supply chain issues and decreased consumer demand) have adversely impacted, and could in the future further impact, the operations of certain of our portfolio companies. If the financial results of middle-market companies, like those in which we invest, experience deterioration, it could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults, and further deterioration in market conditions will further depress the outlook for those companies. Further, adverse economic conditions decreased and may in the future decrease the value of collateral securing some of our loans and the value of our equity investments. Such conditions have required and may in the future require us to modify the payment terms of our investments, including changes in PIK interest provisions and/or cash interest rates. The performance of certain of our portfolio companies has been, and in the future may be, negatively impacted by these economic or other conditions, which can result in our receipt of reduced interest income from our portfolio companies and/or realized and unrealized losses related to our investments, and, in turn, may adversely affect distributable income and have a material adverse effect on our results of operations. Inflation may cause the real value of our investments to decline. Inflation risk results from the variation in the value of cash flows from a security due to inflation, as measured in terms of purchasing power. We are exposed to inflation risk with respect to any fixed rate investments that we make, if any, because the interest rate the issuer has to pay us is fixed for the life of the security. To the extent that interest rates reflect the expected inflation rate, floating rate loans have a lower level of inflation risk. Technological innovations and industry disruptions may negatively impact us. Technological innovations have disrupted traditional approaches in multiple industries and can permit younger companies to achieve success and in the process disrupt markets and market practices. We can provide no assurance that new businesses and approaches will not be created that would compete with us and/or our portfolio companies or alter the market practices in which SLR Capital Partners and its affiliates and us have been designed to function within and on which we depend on for our investment return. New approaches could damage our investments, disrupt the market in which we operate and subject us to increased competition, which could materially and adversely affect our business, financial condition and results of investments. We are subject to risks related to corporate social responsibility. Our business (including that of our portfolio companies) faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities, which are increasingly considered to contribute to reducing a company’s operational risk, market risk and reputational risk, which may in turn impact the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, including, but not limited to, diversity, equity and inclusion, human rights, climate change, environmental stewardship, corporate governance and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with existing and future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. However, regional and investor specific sentiment may differ in what constitutes a material positive or negative ESG corporate practice. There is no guarantee that the Company’s corporate social responsibility practices will uniformly fit every investor’s definition of best practices for all environmental, social and governance considerations across geographies and investor types. There is also a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors in order to allow investors to validate and better understand sustainability claims. For example, the SEC has proposed, or has announced that it is working on proposals for, rules that, among other matters, would establish a framework for reporting of climate-related risks, corporate and fund carbon emissions, broad diversity and capital management. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective (if at all). In addition, in 2021 the SEC established an enforcement task force to look into ESG practices and disclosures by public companies and investment managers and has started to bring enforcement actions based on ESG disclosures not matching actual investment processes. We and our portfolio companies are subject to the risk that similar measures might be introduced in other jurisdictions in the future. Additionally, compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability. The effect of global climate change may impact the operations of our portfolio companies. There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Energy companies could also be affected by the potential for lawsuits against or taxes or other regulatory costs imposed on greenhouse gas emitters, based on links drawn between greenhouse gas emissions and climate change. In December 2015, the United Nations, of which the U.S. is a member, adopted a climate accord with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues. We cannot predict how changes in tax law will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. New legislation and any other tax law developments, including new or revised U.S. Treasury regulations, administrative interpretations or court decisions, could negatively and perhaps retroactively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our shareholders, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock. Uncertainty about U.S. government initiatives could negatively impact our business, financial condition and results of operations. The U.S. government has recently called for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and with potentially far-reaching implications. There A particular area identified as subject to potential change, amendment or repeal includes the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the “Dodd-Frank Act,” including the Volcker Rule and various swaps and derivatives regulations, credit risk retention requirements and the authorities of the Federal Reserve, the Financial Stability Oversight Council and the SEC. Given the uncertainty associated with the manner in which and whether the provisions of the Dodd-Frank Act will be implemented, repealed, amended, or replaced, the full impact such requirements will have on our business, results of operations or financial condition is unclear. The changes resulting from the Dodd-Frank Act or any changes to the regulations already implemented thereunder may require us to invest significant management attention and resources to evaluate and make necessary changes in order to comply with new statutory and regulatory requirements. Failure to comply with any such laws, regulations or principles, or changes thereto, may negatively impact our business, results of operations or financial condition. While we cannot predict what effect any changes in the laws or regulations or their interpretations would have on us as a result of recent financial reform legislation, these changes could be materially adverse to us and our stockholders. | ||||||||||||||||||
Effects of Leverage [Table Text Block] | The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed total return (10)% (5)% 0% 5% 10% Corresponding return to stockholder(1) (29.9 )% (17.2 )% (4.5 )% 8.2 % 20.9 % (1) Assumes $2.5 billion in total assets and $1.1 billion in total debt outstanding, which reflects our total assets and total debt outstanding as of December 31, 2022, and a cost of funds of 4.09%. Excludes non-leverage related expenses. In order for us to cover our annual interest payments on our outstanding indebtedness at December 31, 2022, we must achieve annual returns on our December 31, 2022 total assets of at least 1.8%. | ||||||||||||||||||
Return at Minus Ten [Percent] | (29.90%) | ||||||||||||||||||
Return at Minus Five [Percent] | (17.20%) | ||||||||||||||||||
Return at Zero [Percent] | (4.50%) | ||||||||||||||||||
Return at Plus Five [Percent] | 8.20% | ||||||||||||||||||
Return at Plus Ten [Percent] | 20.90% | ||||||||||||||||||
Share Price [Table Text Block] | The following table sets forth, for each fiscal quarter during the last two fiscal years, the net asset value (“NAV”) per share of our common stock, the high and low closing sales prices for our common stock, such sales prices as a percentage of NAV per share and distributions per share. NAV (1) Price Range Premium or (Discount) of High Closing Price to NAV (2) Premium or (Discount) of Low Closing Price to NAV (2) Declared Distributions (3) High Low Fiscal 2022 Fourth Quarter $ 18.33 $ 15.03 $ 12.50 (18.0 )% (31.8 )% $ 0.41 Third Quarter 18.37 15.76 12.32 (14.2 ) (32.9 ) 0.41 Second Quarter 18.53 18.19 14.17 (1.8 ) (23.5 ) 0.41 First Quarter 19.56 19.26 17.68 (1.5 ) (9.6 ) 0.41 Fiscal 2021 Fourth Quarter $ 19.93 $ 19.90 $ 17.55 (0.2 )% (11.9 )% $ 0.41 Third Quarter 20.20 19.75 18.42 (2.2 ) (8.8 ) 0.41 Second Quarter 20.29 19.58 17.88 (3.5 ) (11.9 ) 0.41 First Quarter 20.26 19.35 17.35 (4.5 ) (14.4 ) 0.41 (1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period. (2) Calculated as of the respective high or low closing price divided by NAV and subtracting 1. (3) Represents the cash distribution for the specified quarter. | ||||||||||||||||||
Lowest Price or Bid | $ 12.5 | $ 12.32 | $ 14.17 | $ 17.68 | $ 17.55 | $ 18.42 | $ 17.88 | $ 17.35 | |||||||||||
Highest Price or Bid | $ 15.03 | $ 15.76 | $ 18.19 | $ 19.26 | $ 19.9 | $ 19.75 | $ 19.58 | $ 19.35 | |||||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | [12] | (18.00%) | (14.20%) | (1.80%) | (1.50%) | (0.20%) | (2.20%) | (3.50%) | (4.50%) | ||||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | [12] | (31.80%) | (32.90%) | (23.50%) | (9.60%) | (11.90%) | (8.80%) | (11.90%) | (14.40%) | ||||||||||
Latest NAV | [13] | $ 18.33 | $ 18.37 | $ 18.53 | $ 19.56 | $ 19.93 | $ 20.2 | $ 20.29 | $ 20.26 | ||||||||||
Risks Relating to Our Investments [Member] | |||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||
Risk [Text Block] | Risks Relating to Our Investments We operate in a highly competitive market for investment opportunities. A number of entities compete with us to make the types of investments that we target in leveraged companies. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have, which could allow them to consider a wider variety of investments and establish more relationships and offer better pricing and a more flexible structure than we are able to do. Furthermore, many of our potential competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. If we are unable to source attractive investments, we may hold a greater percentage of our assets in cash and cash equivalents than anticipated, which could impact potential returns on our portfolio. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective. Participants in our industry compete on several factors, including price, flexibility in transaction structure, customer service, reputation, market knowledge and speed in decision-making. We do not seek to compete primarily based on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. Our investments are very risky and highly speculative. We invest primarily in leveraged middle-market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. Senior Secured Loans. Unsecured Loans and Preferred Securities. Equity Investments. Finance, SLR Business Credit and SLR Healthcare ABL. In addition, we may invest directly in the equity securities of portfolio companies without limitation as to market capitalization. For instance, we may invest in thinly traded companies, the prices of which may be subject to erratic market movement. Our goal is ultimately to exit such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. In addition, investing in middle-market companies involves a number of significant risks, including: • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment; • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us; • they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, directors and our Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and • they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. The lack of liquidity in our investments may make it difficult for us to dispose of our investments at a favorable price, which may adversely affect our ability to meet our investment objectives. We generally make investments in private companies. We invest and expect to continue investing in companies whose securities have no established trading market and whose securities are and will be subject to legal and other restrictions on resale or whose securities are and will be less liquid than are publicly-traded securities. Investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the investments, market events, economic conditions or investor perceptions. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. However, to maintain our qualification as a BDC and as a RIC, we may have to dispose of investments if we do not satisfy one or more of the applicable criteria under the respective regulatory frameworks. Domestic and foreign markets are complex and interrelated, so that events in one sector of the world markets or economy, or in one geographical region, can reverberate and have materially negative consequences for other markets, economic or regional sectors in a manner that may not be foreseen and which may negatively impact the liquidity of our investments and materially harm our business. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies performs poorly or defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. Our portfolio may be concentrated in a limited number of portfolio companies and industries. For example, as of December 31, 2022, our investments in SLR Credit Solutions, Kingsbridge Holdings, LLC and SLR Equipment Finance comprised 11.4%, 9.0% and 5.0%, respectively, of our total assets and our investments in diversified financial services and multi-sector holdings industries comprised 18.2% and 14.4%, respectively, of our total assets. Beyond the asset diversification requirements associated with our qualification as a RIC under Subchapter M of the Code, we do not have fixed guidelines for diversification, and while we are not targeting any specific industries, our investments may be concentrated in relatively few industries or portfolio companies. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could also significantly impact the aggregate returns we realize. Our investments in securities rated below investment grade are speculative in nature and are subject to additional risk factors such as the increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. The securities that we invest in are typically rated below investment grade. Securities rated below investment grade are speculative and are often referred to as “leveraged loans,” “high yield” or “junk” securities, and may be considered “high risk” compared to debt instruments that are rated investment grade. High yield securities are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. In addition, high yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, such as the current economic period, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default. The secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. In addition, many of our debt investments will not fully amortize during their lifetime, which means that a borrower may be unable to payoff its debt due to bankruptcy or other reasons and therefore we may write-off such debt Price declines and illiquidity in the corporate debt markets have adversely affected, and may continue to adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Any unrealized depreciation that we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could adversely affect our ability to service our outstanding borrowings. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by or under the direction of our board of directors. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Any unrealized depreciation in our loan portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods and could materially adversely affect our ability to service our outstanding borrowings. Depending on market conditions, we could incur substantial losses in future periods, which could further reduce our net asset value and have a material adverse impact on our business, financial condition and results of operations. Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies. Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations. If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely. Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all. If we are unable to obtain debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies. We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient. In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. If the underlying collateral value is less than the loan amount, we will suffer a loss. In addition, we sometimes make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets. In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to equitable subordination. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of inter-creditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through “standstill” periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer further losses. If the value of the collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value and/or periods of increasing interest rates, such as the current economic period, may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance. The business, financial condition and results of operations of our portfolio companies could be adversely affected by worldwide economic conditions, as well as political and economic conditions in the countries in which they conduct business. The business and operating results of our portfolio companies may be impacted by worldwide economic conditions, such as the economic impact that the COVID-19 pandemic have non-performing assets in non-performing assets, Some of the products of our portfolio companies are developed, manufactured, assembled, tested or marketed outside the United States. Any conflict or uncertainty in these countries, including due to natural disasters, public health concerns (including the global COVID-19 pandemic), political Our failure to make follow-on investments in Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in to make follow-on investments or make any follow-on investments, subject to make follow-on investments may, a desired follow-on investment, we make a follow-on investment because prevent such follow-on investments or Where we do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. Although we hold controlling equity positions in some of our portfolio companies, we do not currently hold controlling equity positions in the majority of our portfolio companies. As a result, we are subject to the risk that a portfolio company in which we do not have a controlling interest may make business decisions with which we disagree, and that the management and/or stockholders of such portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments. Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. We are subject to the risk that the investments we make in our portfolio companies may be prepaid prior to maturity. When this occurs, we may reduce our borrowings outstanding or reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments, if any, will typically have substantially lower yields than the debt investment being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt investment that was prepaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our common stock. We may choose to waive or defer enforcement of covenants in the debt securities held in our portfolio, which may cause us to lose all or part of our investment in these companies. We structure the debt investments in our portfolio companies to include business and financial covenants placing affirmative and negative obligations on the operation of the company’s business and its financial condition. However, from time to time we may elect to waive breaches of these covenants, including our right to payment, or waive or defer enforcement of remedies, such as acceleration of obligations or foreclosure on collateral, depending upon the financial condition and prospects of the particular portfolio company. These actions may reduce the likelihood of our receiving the full amount of future payments of interest or principal and be accompanied by a deterioration in the value of the underlying collateral as many of these companies may have limited financial resources, may be unable to meet future obligations and may go bankrupt. This could negatively impact our ability to pay distributions, could adversely affect our results of operation and financial condition and cause the loss of all or part of your investment. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Our loans could be subject to equitable subordination by a court which would increase our risk of loss with respect to such loans. Courts may apply the doctrine of equitable subordination to subordinate the claim or lien of a lender against a borrower to claims or liens of other creditors of the borrower, when the lender or its affiliates is found to have engaged in unfair, inequitable or fraudulent conduct. The courts have also applied the doctrine of equitable subordination when a lender or its affiliates is found to have exerted inappropriate control over a client, including control resulting from the ownership of equity interests in a client. We have made direct equity investments or received warrants in connection with loans. Payments on one or more of our loans, particularly a loan to a client in which we may also hold an equity interest, may be subject to claims of equitable subordination. If we were deemed to have the ability to control or otherwise exercise influence over the business and affairs of one or more of our portfolio companies resulting in economic hardship to other creditors of that company, this control or influence may constitute grounds for equitable subordination and a court may treat one or more of our loans as if it were unsecured or common equity in the portfolio company. In that case, if the portfolio company were to liquidate, we would be entitled to repayment of our loan on a pro-rata basis with An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns. We invest primarily in privately held companies. Generally, little public information exists about these companies, and we are required to rely on the ability of SLR Capital Partners’ investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, smaller privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These factors could adversely affect our investment returns as compared to companies investing primarily in the securities of public companies. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. We invest primarily in leveraged middle-market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. Our portfolio companies typically have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Any such limitations on the ability of our portfolio companies to make principal or interest payments to us, if at all, may reduce our net asset value and have a negative material adverse impact to our business, financial condition and results of operation. Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy contemplates potential investments in debt securities of foreign companies, including emerging market companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks may be more pronounced for portfolio companies located or operating primarily in emerging markets, whose economies, markets and legal systems may be less developed. Although most of our investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk, or that if we do, such strategies will be effective. We may expose ourselves to risks if we engage in hedging transactions. If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because Our Investment Adviser may not be able to achieve the same or similar returns as those achieved for other funds it currently manages or by our senior investment professionals while they were employed at prior positions. Our Investment Adviser manages other funds, including other BDCs, and may manage other entities in the future. The track record and achievements of these other entities are not necessarily indicative of future results that will be achieved by our Investment Adviser because these other entities may have investment objectives and strategies that differ from ours. Additionally, although in the past our senior investment professionals held senior positions at a number of investment firms, their track record and achievements are not necessarily indicative of future results that will be achieved by our Investment Adviser. In their roles at such other firms, our senior investment professionals were part of investment teams, and they were not solely responsible for generating investment ideas. In addition, such investment teams arrived at investment decisions by consensus. We may be exposed to higher risks with respect to our investments that include original issue discount or PIK interest. Zero-coupon bonds pay interest only at maturity rather than at intervals during the life of the security. Deferred interest rate bonds generally provide for a period of delay before the regular payment of interest begins. PIK securities are debt obligations that pay “interest” in the form of other debt obligations, instead of in cash. Each of these instruments To the extent we invest in original issue discount instruments, including PIK, zero coupon bonds, and debt securities with attached warrants, inv | ||||||||||||||||||
Risks Relating to an Investment in Our Securities [Member] | |||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||
Risk [Text Block] | Risks Relating to an Investment in Our Securities Our shares may trade at a substantial discount from net asset value and may continue to do so over the long term. Shares of BDCs may trade at a market price that is less than the net asset value that is attributable to those shares. The possibility that our shares of common stock will trade at a substantial discount from net asset value over the long term is separate and distinct from the risk that our net asset value will decrease. We cannot predict whether shares of our common stock will trade above, at or below our net asset value in the future. If our common stock trades below its net asset value, we will generally not be able to issue additional shares or sell our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors. If additional funds are not available to us, we could be forced to curtail or cease our new lending and investment activities, and our net asset value could decrease and our level of distributions could be impacted. Our common stock price may be volatile and may decrease substantially. The trading price of our common stock may fluctuate substantially. The price of our common stock that will prevail in the market may be higher or lower than the price you pay, depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following: • price and volume fluctuations in the overall stock market from time to time; • investor demand for our shares; • significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; • exclusion of our common stock from certain market indices, such as the Russell 2000 Financial Services Index, which could reduce the ability of certain investment funds to own our common stock and put short-term selling pressure on our common stock; • changes in regulatory policies or tax guidelines with respect to RICs or BDCs; • failure to qualify as a RIC, or the loss of RIC tax treatment; • any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; • changes, or perceived changes, in the value of our portfolio investments; • departures of SLR Capital Partners’ key personnel; • operating performance of companies comparable to us; • changes in the prevailing interest rates; • loss of a major funding source; or • general economic conditions and trends and other external factors. Our businesses may be adversely affected by litigation and regulatory proceedings. From time to time, we may be subject to legal actions as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas. In any such claims or actions, demands for substantial monetary damages may be asserted against us and may result in financial liability or an adverse effect on our reputation among investors. In connection with acquisitions of, and investments in, businesses complementary to our business, we have been and may be in the future subject to securities litigation or shareholder activism in connection with such acquisitions or investments. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. We may be unable to accurately estimate our exposure to litigation risk when we record balance sheet reserves for probable loss contingencies. As a result, any reserves we establish to cover any settlements or judgments may not be sufficient to cover our actual financial exposure, which may have a material impact on our results of operations or financial condition. In regulatory enforcement matters, claims for disgorgement, the imposition of penalties and the imposition of other remedial sanctions are possible. If the current period of capital market disruption and instability continues for an extended period of time, there is a risk that investors in our equity securities may not receive distributions consistent with historical levels or at all or that our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to make distributions on a monthly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this annual report. If we violate certain covenants under our existing or future credit facilities or other leverage, we may be limited in our ability to make distributions. If we declare a distribution and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital may not be taxable, such distributions would generally decrease a stockholder’s basis in our common stock and may therefore increase such stockholder’s tax liability for capital gains upon the future sale of such stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price. As a RIC, if we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including In certain cases, we may recognize income before or without receiving the accompanying cash. Depending on the amount of noncash income, this could result in difficulty satisfying the annual distribution requirement applicable to RICs. Accordingly, we may have to sell some portfolio investments at times it would not consider advantageous, raise additional debt or equity capital or reduce new investments to meet these distribution requirements. Due to disruptions in the economy, we may reduce or defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility. In order to maintain our tax treatment as a RIC, we must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses). If we qualify for taxation as a RIC, we generally will not be subject to corporate-level US federal income tax on our investment company taxable income and net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to a 4% U.S. federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year at least the sum of (i) 98.0% of our ordinary income for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all US federal income tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as “spillover dividends,” that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for corporate-level U.S. federal income tax. Under these spillover dividend procedures, we may defer distribution of income earned during the current year until December of the following year. For example, we may defer distributions of income earned during 2023 until as late as December 31, 2024. If we choose to pay a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution. Due to events such as the COVID-19 pandemic, We may choose to pay distributions in our own stock, in which case our stockholders may be required to pay U.S. federal income taxes in excess of the cash distributions they receive.” We may choose to pay distributions in our own common stock, in which case our stockholders may be required to pay U.S. federal income taxes in excess of the cash distributions they receive. We may distribute taxable distributions that are payable in part in shares of our common stock. Under certain applicable provisions of the Code and the published guidance, distributions of a publicly offered RIC that are in cash or in shares of stock at the election of stockholders may be treated as taxable distributions. The Internal Revenue Service has issued a revenue procedure indicating that this rule will apply if the total amount of cash to be distributed is not less than 20% of the total distribution. Under this revenue procedure, if too many stockholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of distributions paid in stock). In no event will any stockholder electing to receive cash, receive less than the lesser of (a) the portion of the distribution such stockholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such distributions will be required to include the full amount of the distribution (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock it receives as a distribution in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock. The shares of our common stock beneficially owned by each of Messrs. Gross and Spohler immediately prior to completion of our initial public offering, including any shares that are attributable to such shares issued pursuant to our dividend reinvestment plan, are no longer subject to lock-up restrictions that We may be unable to invest the net proceeds raised from any offerings on acceptable terms or allocate net proceeds from any offering of our securities in ways with which you may not agree. We cannot assure you that we will be able to find enough appropriate investments that meet our investment criteria or that any investment we complete using the proceeds from any securities offering will produce a sufficient return. Until we identify new investment opportunities, we intend to either invest the net proceeds of future offerings in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less or use the net proceeds from such offerings to reduce then-outstanding obligations. We have significant flexibility in investing the net proceeds of any offering of our securities and may use the net proceeds from an offering in ways with which you may not agree or for purposes other than those contemplated at the time of the offering. The net asset value per share of our common stock may be diluted if we issue or sell shares of our common stock at prices below the then current net asset value per share of our common stock or securities to subscribe for or convertible into shares of our common stock. We will generally not be able to issue additional shares or sell our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors. Any offering of our common stock that requires stockholder approval must occur, if at all, within one year after receiving such stockholder approval. At our 2011 Annual Stockholders Meeting, our stockholders authorized us to sell or otherwise issue warrants or securities to subscribe for or convertible into shares of our common stock subject to certain limitations (including, without limitation, that the number of shares issuable does not exceed 25% of our then outstanding common stock and that the exercise or conversion price thereof is not, at the date of issuance, less than the market value per share of our common stock). Such authorization has no expiration. We may also use newly issued shares to implement our dividend reinvestment plan, whether our shares are trading at a premium or at a discount to our then current net asset value per share. Any decision to issue or sell shares of our common stock below our then current net asset value per share or securities to subscribe for or convertible into shares of our common stock would be subject to the determination by our board of directors that such issuance or sale is in our and our stockholders’ best interests. If we were to issue or sell shares of our common stock below our then current net asset value per share, such issuances or sales would result in an immediate dilution to the net asset value per share of our common stock. This dilution would occur as a result of the issuance or sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance or sale. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. In addition, if we issue warrants or securities to subscribe for or convertible into shares of our common stock, subject to certain limitations, the exercise or conversion price per share could be less than net asset value per share at the time of exercise or conversion (including through the operation of anti-dilution protections). Because we would incur expenses in connection with any issuance of such securities, such issuance could result in a dilution of the net asset value per share at the time of exercise or conversion. This dilution would include reduction in net asset value per share as a result of the proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest than the increase in our assets resulting from such issuance. Further, if our current stockholders do not purchase any shares to maintain their percentage interest, regardless of whether such offering is above or below the then current net asset value per share, their voting power will be diluted. For example, if we sell an additional 10% of our common stock at a 5% discount from net asset value, a stockholder who does not participate in that offering for its proportionate interest will suffer net asset value dilution of up to 0.5% or $5 per $1,000 of net asset value. Similarly, all distributions declared in cash payable to stockholders that are participants in our dividend reinvestment plan are automatically reinvested in shares of our common stock. As a result, stockholders that opt out of the dividend reinvestment plan may experience dilution over time. Stockholders who do not elect to receive distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to a stockholder. If we issue preferred stock, the net asset value and market value of our common stock may become more volatile. We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of the common stock. The issuance of preferred stock would likely cause the net asset value and market value of the common stock to become more volatile. If the distribution rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the common stock would be reduced. If the distribution rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common stock than if we had not issued preferred stock. Any decline in the net asset value of our investments would be borne entirely by the holders of common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of common stock than if we were not leveraged through the issuance of preferred stock. This greater net asset value decrease would also tend to cause a greater decline in the market price for the common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the distribution requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the distribution rate on the preferred stock. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs. Our board of directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners. Under Maryland General Corporation Law and our charter, our board of directors is authorized to classify and reclassify any authorized but unissued shares of stock into one or more classes of stock, including preferred stock. Prior to issuance of shares of each class or series, the board of directors is required by Maryland law and our charter to set the preferences, conversion or other rights, voting powers, restrictions, limitations as to other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. The cost of any such reclassification would be borne by our existing common stockholders. The issuance of shares of preferred stock convertible into shares of common stock might also reduce the net income and net asset value per share of our common stock upon conversion, provided, that we will only be permitted to issue such convertible preferred stock to the extent we comply with the requirements of Section 61 of the 1940 Act, including obtaining common stockholder approval. These effects, among others, could have an adverse effect on your investment in our common stock. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would vote separately from the holders of common stock on a proposal to cease operations as a BDC. In addition, the 1940 Act provides that holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred stock directors. In the event distributions become two full years in arrears, holders of any preferred stock would have the right to elect a majority of the directors until such arrearage is completely eliminated. Preferred stockholders also have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and To the extent we use debt or preferred stock to finance our investments, changes in interest rates will affect our cost of capital and net investment income. To the extent we borrow money, or issue preferred stock, to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay distributions on preferred stock and the rate at which we invest those funds. In addition, many of our debt investments and borrowings have floating interest rates that reset on a periodic basis, and many of our investments are subject to interest rate floors. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, such as the current economic period, our cost of funds have increased, and could continue to increase, because the interest rates on the amounts borrowed under our credit facilities or certain other financing arrangements are typically floating, except to the extent we issue fixed rate debt or preferred stock, which could reduce our net investment income, and the interest rate on investments with an interest rate floor (such as a SOFR floor) above current levels will not increase until interest rates exceed the applicable floor. We expect that our long-term fixed-rate investments will generally be financed with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. These activities could limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. You should also be aware that the rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, such increase in interest rates makes it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to our Investment Adviser with respect to our pre-incentive We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for loss and the risks of investing in us in a similar way as our borrowings. Preferred stock, which is another form of leverage, has the same risks to our common stockholders as borrowings because the distributions on any preferred stock we issue must be cumulative. Payment of such distributions and repayment of the liquidation preference of such preferred stock must take preference over any distributions or other payments to our common stockholders, and preferred stockholders are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference. | ||||||||||||||||||
Risks Relating to Our Business and Structure [Member] | |||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||
Risk [Text Block] | Risks Relating to Our Business and Structure We are dependent upon SLR Capital Partners’ key personnel for our future success. We depend on the diligence, skill and network of business contacts of Messrs. Gross and Spohler, who serve as the managing partners of SLR Capital Partners and who lead SLR Capital Partners’ investment team. Messrs. Gross and Spohler, together with the other dedicated investment professionals available to SLR Capital Partners, evaluate, negotiate, structure, close and monitor our investments. Our future success will depend on the diligence, skill, network of business contacts and continued service of Messrs. Gross and Spohler and the other investment professionals available to SLR Capital Partners. We cannot assure you that unforeseen business, medical, personal or other circumstances would not lead any such individual to terminate his relationship with us. The loss of Mr. Gross or Mr. Spohler, or any of the other senior investment professionals who serve on SLR Capital Partners’ investment team, could have a material adverse effect on our ability to achieve our investment objective as well as on our financial condition and results of operations. In addition, we can offer no assurance that SLR Capital Partners will remain our Investment Adviser. The senior investment professionals of SLR Capital Partners are and may in the future become affiliated with entities engaged in business activities similar to those intended to be conducted by us, and may have conflicts of interest in allocating their time. We expect that Messrs. Gross and Spohler will dedicate a significant portion of their time to the activities of SLR Investment Corp.; however, they may be engaged in other business activities which could divert their time and attention in the future. Specifically, Mr. Gross serves as Co-Chief Executive Officer serves as Co-Chief Executive Officer Our business model depends to a significant extent upon strong referral relationships with financial sponsors, and the inability of the senior investment professionals of our Investment Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that the principals of our Investment Adviser will maintain and develop their relationships with financial sponsors, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the senior investment professionals of our Investment Adviser fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the senior investment professionals of our Investment Adviser have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. If our Investment Adviser is unable to source investment opportunities, we may hold a greater percentage of our assets in cash and cash equivalents than anticipated, which could impact potential returns on our portfolio. A disruption in the capital markets and the credit markets could negatively affect our business. As a BDC, we must maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may be forced to curtail our business operations or we may not be able to pursue new business opportunities. Disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition. If the fair value of our assets declines substantially, we may fail to maintain the asset coverage ratios imposed upon us by the 1940 Act and our existing credit facilities. Any such failure could result in an event of default and all of our debt being declared immediately due and payable and would affect our ability to issue senior securities, including borrowings, and pay distributions, which could materially impair our business operations. Our liquidity could be impaired further by an inability to access the capital markets or to draw on our credit facilities. For example, we cannot be certain that we will be able to renew our existing credit facilities as they mature or to consummate new borrowing facilities to provide capital for normal operations, including new originations. Reflecting concern about the stability of the financial markets, many lenders and institutional investors have reduced or ceased providing funding to borrowers. This market turmoil and tightening of credit have led to increased market volatility and widespread reduction of business activity generally. If we are unable to renew or replace our existing credit facilities and consummate new facilities on commercially reasonable terms, our liquidity will be reduced significantly. If we consummate new facilities but are then unable to repay amounts outstanding under such facilities and are declared in default or are unable to renew or refinance these facilities, we would not be able to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility to the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us, and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business. Our financial condition and results of operations will depend on SLR Capital Partners’ ability to manage our future growth effectively by identifying, investing in and monitoring companies that meet our investment criteria. Our ability to achieve our investment objective and to grow depends on SLR Capital Partners’ ability to identify, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of SLR Capital Partners’ structuring of the investment process, its ability to provide competent, attentive and efficient services to us and its ability to access financing for us on acceptable terms. The investment team of SLR Capital Partners has substantial responsibilities under the Advisory Agreement, and they may also be called upon to provide managerial assistance to our portfolio companies as the principals of our administrator. In addition, the members of SLR Capital Partners’ investment team have similar responsibilities with respect to the management of other investment portfolios, including the investment portfolios of SCP Private Credit Income BDC LLC, SLR HC BDC LLC, and SLR Private Credit BDC II LLC. Such demands on their time may distract them or slow our rate of investment. In order to grow, we and SLR Capital Partners will need to retain, train, supervise and manage new investment professionals. However, we can offer no assurance that any such investment professionals will contribute effectively to the work of the Investment Adviser. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. We may need to raise additional capital to grow because we must distribute most of our income. We may need additional capital to fund growth in our investments. We expect to issue equity securities and expect to borrow from financial institutions in the future. A reduction in the availability of new capital could limit our ability to grow. We must distribute at least 90% of our investment company taxable income to our stockholders to maintain our tax treatment as a RIC. As a result, any such cash earnings may not be available to fund investment originations. We expect to borrow from financial institutions and issue additional debt and equity securities. If we fail to obtain funds from such sources or from other sources to fund our investments, it could limit our ability to grow, which may have an adverse effect on the value of our securities. In addition, as a BDC, our ability to borrow or issue additional preferred stock may be restricted if our total assets are less than 150% of our total borrowings and preferred stock. Any failure on our part to maintain our status as a BDC would reduce our operating flexibility and we may be limited in our investment choices as a BDC. The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets in specified types of securities, primarily in private companies or thinly-traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, upon approval of a majority of our stockholders, we may elect to withdraw our status as a BDC. If we decide to withdraw our election, or if we otherwise fail to qualify, or maintain our qualification, as a BDC, we may be subject to the substantially greater regulation under the 1940 Act as a closed-end investment company. Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. In order to satisfy the tax requirements applicable to a RIC, to avoid payment of excise taxes and to minimize or avoid payment of income taxes, we intend to distribute to our stockholders substantially all of our ordinary income and realized net capital gains except for certain realized net long-term capital gains, which we may retain, pay applicable income taxes with respect thereto and elect to treat as deemed distributions to our stockholders. We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we had been permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 200% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. However, our stockholders have approved a resolution permitting us to be subject to a 150% asset coverage ratio effective as of October 12, 2018. If the value of our assets declines, we may be unable to satisfy the asset coverage test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. Furthermore, as a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss. In addition, because our management fee is calculated as a percentage of our gross assets, which includes any borrowings for investment purposes, the management fee expenses will increase if we incur additional indebtedness. As of December 31, 2022, we had $393.0 million outstanding under the Credit Facility, composed of $293.0 million of revolving credit and $100.0 million outstanding of term loans, and $155.2 million outstanding under our SPV Credit Facility. We also had $135.0 million outstanding of the Series F 2027 Unsecured Notes, $50.0 million outstanding of the 2027 Unsecured Notes, $75.0 million outstanding of the 2026 Unsecured Notes, $85.0 million outstanding of the 2025 Unsecured Notes, $125.0 million outstanding of the 2024 Unsecured Notes, and $75.0 million outstanding of the 2023 Unsecured Notes. If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred stockholders would generally vote together with common stockholders but would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our common stockholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest. We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if our board of directors determines that such sale is in the best interests of SLR Investment Corp. and its stockholders, and our stockholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities (less any distributing commission or discount). If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our stockholders at that time will decrease, and you might experience dilution. This dilution would occur as a result of a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of future shares of common stock that may be issued below our net asset value per share and the price and timing of such issuances are not currently known, we cannot predict the actual dilutive effect of any such issuance. We cannot determine the resulting reduction in our net asset value per share of any such issuance. We also cannot predict whether shares of our common stock will trade above, at or below our net asset value. Our credit ratings may not reflect all risks of an investment in our debt securities. Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our publicly issued debt securities. Our credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of, or trading market for, any publicly issued debt securities. Our stockholders may experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan. All distributions declared in cash payable to stockholders that are participants in our dividend reinvestment plan are automatically reinvested in shares of our common stock. In the event we issue new shares in connection with our dividend reinvestment plan, our stockholders that do not elect to receive distributions in shares of common stock may experience dilution in their ownership percentage over time as a result of such issuance. We have and will continue to borrow money, which would magnify the potential for loss on amounts invested and may increase the risk of investing in us. We borrow money as part of our business plan. Borrowings, also known as leverage, magnify the potential for loss on amounts invested and, therefore, increase the risks associated with investing in our securities. As of December 31, 2022, we had $393.0 million outstanding under the Credit Facility, composed of $293.0 million of revolving credit and $100.0 million outstanding of term loans, and $155.2 million outstanding under our SPV Credit Facility. We also had $135.0 million outstanding of the Series F 2027 Unsecured Notes, $50.0 million outstanding of the 2027 Unsecured Notes, $75.0 million outstanding of the 2026 Unsecured Notes, $85.0 million outstanding of the 2025 Unsecured Notes, $125.0 million outstanding of the 2024 Unsecured Notes, and $75.0 million outstanding of the 2023 Unsecured Notes. We may borrow from and issue senior debt securities to banks, insurance companies and other lenders in the future. Lenders of these senior securities, including the Credit Facility, the SPV Credit Facility, the Series F 2027 Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes, and the 2023 Unsecured Notes, will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Also, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could also negatively affect our ability to make distribution payments on our common stock, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the management fee payable to our Investment Adviser, SLR Capital Partners, will be payable based on our gross assets, including those assets acquired through the use of leverage, SLR Capital Partners will have a financial incentive to incur leverage which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of leverage, including any increase in the management fee payable to SLR Capital Partners. As a BDC, we had generally been required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 200%. However, our stockholders have approved a resolution permitting us to be subject to a 150% asset coverage ratio effective as of October 12, 2018. Even though we are subject to a 150% asset coverage ratio effective as of October 12, 2018, contractual leverage limitations under our existing credit facilities or future borrowings may limit our ability to incur additional indebtedness. On August 28, 2019, we entered into the Credit Agreement, which was amended on December 28, 2021, which permits 150% asset coverage. Some of our wholly and/or substantially owned portfolio companies, including Kingsbridge Holdings, LLC, SLR Credit Solutions, SLR Equipment Finance, SLR Business Credit and SLR Healthcare ABL, may incur significantly more leverage than we can but we do not consolidate Kingsbridge Holdings, LLC, SLR Credit Solutions, SLR Equipment Finance, SLR Business Credit and SLR Healthcare ABL and their leverage is non-recourse to us. In addition, our credit facilities impose, and any other debt facility into which we may enter would likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain RIC tax treatment under Subchapter M of the Code. The debt securities that we may issue will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. We, and indirectly our stockholders, bear the cost of issuing and servicing such debt securities. Any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock. Illustration. Assumed total return (10)% (5)% 0% 5% 10% Corresponding return to stockholder(1) (29.9 )% (17.2 )% (4.5 )% 8.2 % 20.9 % (1) Assumes $2.5 billion in total assets and $1.1 billion in total debt outstanding, which reflects our total assets and total debt outstanding as of December 31, 2022, and a cost of funds of 4.09%. Excludes non-leverage related expenses. In order for us to cover our annual interest payments on our outstanding indebtedness at December 31, 2022, we must achieve annual returns on our December 31, 2022 total assets of at least 1.8%. It is likely that the terms of any current or future long-term or revolving credit or warehouse facility we may enter into in the future could constrain our ability to grow our business. Our current lenders have, and any future lender or lenders may have, fixed dollar claims on our assets that are senior to the claims of our stockholders and, thus, will have a preference over our stockholders with respect to our assets in the collateral pool. Our current credit facilities and borrowings also subject us to various financial and operating covenants, including, but not limited to, maintaining certain financial ratios and minimum tangible net worth amounts. Future credit facilities and borrowings will likely subject us to similar or additional covenants. In addition, we may grant a security interest in our assets in connection with any such credit facilities and borrowings. Our credit facilities generally contain customary default provisions such as a minimum net worth amount, a profitability test, and a restriction on changing our business and loan quality standards. In addition, our credit facilities require or are expected to require the repayment of all outstanding debt on the maturity, which may disrupt our business and potentially the business of our portfolio companies that are financed through our credit facilities. An event of default under our credit facilities would likely result, among other things, in termination of the availability of further funds under our credit facilities and accelerated maturity dates for all amounts outstanding under our credit facilities, which would likely disrupt our business and, potentially, the business of the portfolio companies whose loans we finance through our credit facilities. This could reduce our revenues and, by delaying any cash payment allowed to us under our credit facilities until the lender has been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain RIC tax treatment. The terms of future available financing may place limits on our financial and operational flexibility. If we are unable to obtain sufficient capital in the future, we may be forced to reduce or discontinue our operations, not be able to make new investments, or otherwise respond to changing business conditions or competitive pressures. Our quarterly and annual operating results are subject to fluctuation as a result of the nature of our business, and if we fail to achieve our investment objective, the net asset value of our common stock may decline. We could experience fluctuations in our quarterly and annual operating results due to a number of factors, some of which are beyond our control, including, but not limited to, the interest rate payable on the debt securities that we acquire, the default rate on such securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, changes in our portfolio composition, the degree to which we encounter competition in our markets, market volatility in our publicly traded securities and the securities of our portfolio companies, and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. In addition, any of these factors could negatively impact our ability to achieve our investment objectives, which may cause our net asset value of our common stock to decline. Our investments may be in portfolio companies that may have limited operating histories and financial resources. We expect that our portfolio will continue to consist of investments that may have relatively limited operating histories. These companies may be particularly vulnerable to U.S. and foreign economic downturns such as the U.S. recession that began in mid-2007, the European and the COVID-19 related economic There will be uncertainty as to the value of our portfolio investments, which may impact our net asset value. A large percentage of our portfolio investments are in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these securities on a quarterly basis in accordance with our valuation policy, which is at all times consistent with GAAP. Our board of directors will (1) periodically assess and manage valuation risks; (2) establish and apply fair value methodologies; (3) test fair value methodologies; (4) oversee and evaluate third-party pricing services; (5) oversee the reporting required by Rule 2a-5 2a-5. Our equity ownership in a portfolio company may represent a control investment. Our ability to exit an investment in a timely manner because we are in a control position or have access to inside information in the portfolio company could result in a realized loss on the investment. If we obtain a control investment in a portfolio company our ability to divest ourselves from a debt or equity investment could be restricted due to illiquidity in a private stock, limited trading volume on a public company’s stock, inside information on a company’s performance, insider blackout periods, or other factors that could prohibit us from disposing of the investment as we would if it were not a control investment. Additionally, we may choose not to take certain actions to protect a debt investment in a control investment portfolio company. As a result, we could experience a decrease in the value of our portfolio company holdings and potentially incur a realized loss on the investment. There are significant potential conflicts of interest, including SLR Capital Partners’ management of other investment funds such as SCP Private Credit Income BDC LLC, SLR HC BDC LLC, and SLR Private Credit BDC II LLC, which could impact our investment returns, and an investment in SLR Investment Corp. is not an investment in SCP Private Credit Income BDC LLC, SLR HC BDC LLC, or SLR Private Credit BDC II LLC. Our executive officers and directors, as well as the current and future partners of our Investment Adviser, SLR Capital Partners, may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do. For example, SLR Capital Partners presently serves as the Investment Adviser to (i) SCP Private Credit Income BDC LLC, an unlisted BDC that focuses on investing primarily in senior secured loans, including non-traditional asset-based loans non-cyclical our Chairman, Co-Chief Executive Officer Spohler, our Co-Chief Executive Officer As a BDC, we were substantially limited in our ability to co-invest in privately in negotiated co-investment transactions with SLR Capital Partners and certain investment advisory affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, SLR Capital Partners or its affiliates may determine that we should invest side-by-side with one In the ordinary course of our investing activities, we pay management and incentive fees to SLR Capital Partners and reimburse SLR Capital Partners for certain expenses it incurs. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than an investor might achieve through direct investments. Accordingly, there may be times when the management team of SLR Capital Partners has interests that differ from those of our stockholders, giving rise to a conflict. We entered into an amended and restated royalty-free license agreement on February 25, 2021 with our Investment Adviser, pursuant to which our Investment Adviser has granted us a non-exclusive license to Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Through comprehensive new global regulatory regimes impacting derivatives ( e.g. over-the-counter pre-and bi-lateral non-cleared Based on information available as of the date of this annual report on Form 10-K, the effect In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value-at-risk leverage limit, We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss. Our Investment Adviser will be entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net threshold. Our pre-incentive fee net Thus, we may be required to pay SLR Capital Partners incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. Our incentive fee may induce SLR Capital Partners to pursue speculative investments. The incentive fee payable by us to SLR Capital Partners may create an incentive for SLR Capital Partners to pursue investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The incentive fee payable to our Investment Adviser is calculated based on a percentage of our return on invested capital. This may encourage our Investment Adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of our common stock. In addition, our Investment Adviser receives the incentive fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fee based on income, there is no hurdle rate applicable to the portion of the incentive fee based on net capital gains. As a result, our Investment Adviser may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. The incentive fee payable by us to our Investment Adviser also may induce SLR Capital Partners to invest on our behalf in instruments that have a deferred interest feature, even if such deferred payments would not provide the cash necessary to enable us to pay current distributions to our stockholders. Under these investments, we would accrue interest over the life of the investment but would not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our investment fee, however, includes accrued interest. Thus, a port | ||||||||||||||||||
Credit Facility | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 293,000 | $ 222,500 | $ 126,000 | $ 42,900 | $ 96,400 | $ 245,600 | $ 115,200 | $ 207,900 | $ 0 | $ 0 | ||||||||
Senior Securities Coverage per Unit | [10] | $ 513 | $ 552 | $ 421 | $ 182 | $ 593 | $ 1,225 | $ 990 | $ 1,459 | $ 0 | $ 0 | ||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
SPV Credit Facility | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 155,200 | |||||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 272 | |||||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | |||||||||||||||||
2022 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 0 | $ 150,000 | $ 150,000 | $ 150,000 | $ 150,000 | $ 150,000 | $ 50,000 | |||||||||||
Senior Securities Coverage per Unit | [10] | $ 0 | $ 372 | $ 501 | $ 638 | $ 923 | $ 748 | $ 430 | |||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
2022 Tranche C Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 0 | $ 21,000 | $ 21,000 | $ 21,000 | $ 21,000 | $ 21,000 | ||||||||||||
Senior Securities Coverage per Unit | [10] | $ 0 | $ 52 | $ 70 | $ 89 | $ 129 | $ 105 | ||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
2023 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | ||||||||||||
Senior Securities Coverage per Unit | [10] | $ 131 | $ 186 | $ 250 | $ 319 | $ 461 | $ 374 | ||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
2024 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 125,000 | $ 125,000 | $ 125,000 | $ 125,000 | ||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 219 | $ 309 | $ 417 | $ 531 | ||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
2025 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 85,000 | |||||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 149 | |||||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | |||||||||||||||||
2026 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | ||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 131 | $ 186 | $ 250 | $ 319 | ||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
2027 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 50,000 | $ 50,000 | ||||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 88 | $ 124 | ||||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | ||||||||||||||||
2027 Series F Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 135,000 | |||||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 237 | |||||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | |||||||||||||||||
2042 Unsecured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 0 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||
Senior Securities Coverage per Unit | [10] | $ 0 | $ 859 | $ 702 | $ 2,294 | $ 2,411 | |||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||
Senior Securities Average Market Value per Unit | [14] | $ 1,002 | $ 982 | $ 943 | $ 934 | ||||||||||||||
Senior Secured Notes | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 0 | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 | |||||||||||||
Senior Securities Coverage per Unit | [10] | $ 0 | $ 645 | $ 527 | $ 1,721 | $ 1,808 | |||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||
Term Loans | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 100,000 | $ 100,000 | $ 75,000 | $ 75,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | ||||||||
Senior Securities Coverage per Unit | [10] | $ 175 | $ 248 | $ 250 | $ 319 | $ 308 | $ 250 | $ 430 | $ 351 | $ 1,147 | $ 1,206 | ||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
NEFPASS Facility | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 0 | $ 30,000 | $ 30,000 | $ 30,000 | ||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 0 | $ 100 | $ 128 | $ 185 | ||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
SSLP Facility | |||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||
Senior Securities Amount | [9] | $ 0 | $ 53,785 | ||||||||||||||||
Senior Securities Coverage per Unit | [10] | $ 0 | $ 331 | ||||||||||||||||
Senior Securities Involuntary Liquidating Preference per Unit | [11] | $ 0 | $ 0 | ||||||||||||||||
On a $1,000 investment | |||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||
Expense Example, Year 01 | $ 98 | ||||||||||||||||||
Expense Example, Years 1 to 3 | 279 | ||||||||||||||||||
Expense Example, Years 1 to 5 | 444 | ||||||||||||||||||
Expense Example, Years 1 to 10 | $ 792 | ||||||||||||||||||
[1]In the event that the shares of common stock are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load and the “Example” will be updated accordingly.[2]The expenses of the dividend reinvestment plan are included in “other expenses.”[3]The prospectus supplement corresponding to each offering will disclose the applicable offering expenses and total stockholder transaction expenses.[4]Our 1.50% base management fee under the Investment Advisory and Management Agreement (giving effect to the Letter Agreement) is based on our gross assets, which is defined as all the assets of SLRC, excluding temporary assets, including those acquired using borrowings for investment purposes, and assumes our gross assets remain consistent with gross assets for the fiscal year ended December 31, 2022. The base management fee is reduced to 1.00% on gross assets that exceed 200% of total net assets as of the immediately preceding quarter.[5]We have historically and will in the future borrow funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. The costs associated with our outstanding borrowings are indirectly borne by our investors. For purposes of this section, we have computed interest expense using the average consolidated balance outstanding for borrowings during the fiscal year ended December 31, 2022. We used the Secured Overnight Financing Rate (“SOFR”) or similar base rate on December 31, 2022 and the interest rate on the Credit Facility, the SPV Credit Facility, the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes and the 2023 Unsecured Notes on December 31, 2022. We have also included, as applicable, the estimated market discount or amortization of fees incurred in establishing the Credit Facility, the SPV Credit Facility, the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes and the 2023 Unsecured Notes as of December 31, 2022. Additionally, we included the estimated cost of commitment fees for unused balances on the Credit Facility and the SPV Credit Facility. As of December 31, 2022, we had $393.0 million outstanding under the Credit Facility, $155.2 million outstanding under the SPV Credit Facility and $135 million, $50 million, $75 million, $125 million, $85 million, and $75 million outstanding under the 2027 Series F Unsecured Notes, the 2027 Unsecured Notes, the 2026 Unsecured Notes, the 2025 Unsecured Notes, the 2024 Unsecured Notes and the 2023 Unsecured Notes, respectively. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act, although we have no immediate intention to do so.[6]Assumes that annual incentive fees earned by our investment adviser, SLR Capital Partners, remain consistent with the incentive fees earned by SLR Capital Partners for the fiscal year ended December 31, 2022.[7]The holders of shares of our common stock indirectly bear the expenses of our investment in SLR Senior Lending Program LLC (“SSLP”). No management fee is charged on our investments in SSLP in connection with the administrative services provided to SSLP. Future expenses for SSLP may be substantially higher or lower because certain expenses may fluctuate over time.[8]“Other expenses” are based on estimated amounts for the current fiscal year, which considers the amounts incurred for the fiscal year ended December 31, 2022 and include our overhead expenses, including payments under our Administration Agreement based on our allocable portion of overhead and other expenses incurred by SLR Capital Management in performing its obligations under the Administration Agreement.[9]Total amount of each class of senior securities outstanding (in thousands) at the end of the period presented.[10]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 December 31, 2022, asset coverage was 191.5%.[11]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.[12]Calculated as of the respective high or low closing price divided by NAV and subtracting 1.[13]NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period.[14]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. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization Solar Capital LLC, a Maryland limited liability company, was formed in February 2007 and commenced operations on March 13, 2007 with initial capital of $1,200,000 of which 47.04% was funded by affiliated parties. Immediately prior to our initial public offering, through a series of transactions, SLR Investment Corp. (the “Company”, “we”, “us” or “our”), merged with Solar Capital LLC, leaving SLR Investment Corp. as the surviving entity (the “Pre-IPO Pre-IPO Pre-IPO Pre-IPO SLR Investment Corp., a Maryland corporation formed in November 2007, is a closed-end, non-diversified On February 9, 2010, the Company priced its initial public offering, selling 5.68 million shares of common stock, including the underwriters’ over-allotment, at a price of $18.50 per share. Concurrent with this offering, the Company’s senior management purchased an additional 600,000 shares through a private placement, also at $18.50 per share. The Company’s investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. From time to time, we may also invest in public companies that are thinly traded. On April 1, 2022, we acquired SLR Senior Investment Corp., a Maryland corporation (“SUNS”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 1, 2021, by and among us, SUNS, Solstice Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, SLR Capital Partners, LLC (the “Investment Adviser”). Pursuant to the Merger Agreement, Merger Sub merged with and into SUNS, with SUNS continuing as the surviving company and as SUNS’s wholly-owned subsidiary (the “Merger,”) and, immediately thereafter, SUNS merged with and into us, with us continuing as the surviving company (together with the Merger, the “Mergers”). . In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of SUNS’s common stock was converted into the right to receive 0.7796 shares of our common stock (with SUNS’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Mergers, we issued an aggregate of 12,511,825 shares of our common stock to former SUNS stockholders. See Note 17 for additional information. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and certain wholly-owned subsidiaries. The consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition for the periods presented. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts may have been reclassified to conform to the current period presentation. The preparation of consolidated financial statements in conformity with GAAP and pursuant to the requirements for reporting on Form 10-K S-X, In the opinion of management, all adjustments, which are of a normal recurring nature and considered necessary for the fair presentation of financial statements, have been included. The significant accounting policies consistently followed by the Company are: (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 60 days, for which market quotations are readily available and deemed to represent fair value under U.S. 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 With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value under U.S. GAAP, the Board has approved a multi-step valuation process each quarter, as described below: (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. 103 The valuation principles set forth above may be modified from time to time, in whole or in part, as determined by the Board in its sole discretion. The Board will also (1) periodically assess and manage valuation risks; (2) establish and apply fair value methodologies; (3) test fair value methodologies; (4) oversee and evaluate third-party pricing services, as applicable; (5) oversee the reporting required by Rule 2a-5 2a-5. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. However, in accordance with ASC 820-10, ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy: Level 1 Level 2 Level 3 In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The exercise of judgment is based in part on our knowledge of the asset class and our prior experience. (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 (e) The Company intends to comply with the applicable provisions of the Code pertaining to regulated investment companies to make distributions of taxable income sufficient to relieve it of substantially all U.S. federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. The Company will accrue excise tax on such estimated excess taxable income as appropriate. 104 Table of Content s SLR INVESTMENT CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2022 (in thousands, except share amounts) (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. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from GAAP; accordingly at December 31, 2022, $28,991 was reclassified on our balance sheet between accumulated distributable net loss and paid-in (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 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, (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 non-accrual (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. Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, 2020-04 |
Agreements
Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Agreements [Abstract] | |
Agreements | Note 3. Agreements The Company has an investment advisory and management agreement (the “Advisory Agreement”) with the Investment Adviser, under which the Investment Adviser manages the day-to-day The performance-based incentive fee has two parts, as follows: one part is calculated and payable quarterly in arrears based on the Company’s pre-incentive pre-incentive Pre-incentive Pre-incentive pre-incentive pre-incentive pre-incentive pre-incentive pre-incentive pro-rated The second part of the performance-based incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement, as of the termination date), and will equal 20% of the Company’s cumulative realized capital gains less cumulative realized capital losses, unrealized capital depreciation (unrealized depreciation on a gross investment-by-investment For the fiscal years ended December 31, 2022, 2021 and 2020, the Company recognized $29,982, $28,277 and $24,951, respectively, in base management fees and $15,097, $10,309 and $2,272, respectively, in performance-based incentive fees. For the fiscal years ended December 31, 2022, 2021 and 2020, $1,527, $0 and $0, respectively, of such performance-based incentive fees were waived. The Investment Adviser has agreed to waive incentive fees resulting from income earned due to the accretion of purchase discount allocated to investments acquired as a result of the Mergers. Fees waived pursuant to the above are not subject to recoupment by the Investment Adviser. The For the fiscal years ended December 31, 2022, 2021 and 2020, the Company recognized expenses under the Administration Agreement of $5,401, $5,575 and $5,215, respectively. No managerial assistance fees were accrued or collected for the fiscal years ended December 31, 2022, 2021 and 2020. |
Net Asset Value Per Share
Net Asset Value Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Net Asset Value Per Share [Abstract] | |
Net Asset Value Per Share | Note 4. Net Asset Value Per Share At December 31, 2022, the Company’s total net assets and net asset value per share were $999,731 and $18.33, respectively. This compares to total net assets and net asset value per share at December 31, 2021 of $842,281 and $19.93, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5. Earnings Per Share The following table sets forth the computation of basic and diluted net increase in net assets per share resulting from operations, pursuant to ASC 260-10, Year ended Year ended Year ended Earnings per share (basic & diluted) Numerator - net increase in net assets resulting from operations: $ 18,342 $ 59,566 $ 15,451 Denominator - weighted average shares: 51,680,522 42,260,826 42,260,826 Earnings per share: $ 0.35 $ 1.41 $ 0.37 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 6. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuations used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1. Level 2. a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active 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 3. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Gains and losses for assets and liabilities categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Such reclassifications involving Level 3 assets and liabilities are reported as transfers in/out of Level 3 as of the end of the quarter in which the reclassifications occur. Within the fair value hierarchy tables below, cash and cash equivalents are excluded but could be classified as Level 1. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, as of December 31, 2022 and December 31, 2021: Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Measured at Total Assets: Senior Secured Loans $ — $ — $ 1,245,414 $ — $ 1,245,414 Equipment Financing — — 265,952 — 265,952 Preferred Equity — — 3,801 — 3,801 Common Equity/Equity Interests/Warrants 483 — 561,600 9,426 571,509 Total Investments $ 483 $ — $ 2,076,767 $ 9,426 $ 2,086,676 * In accordance with ASC 820-10, Fair Value Measurements As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Senior Secured Loans $ — $ — $ 939,690 $ 939,690 Equipment Financing — — 273,795 273,795 Preferred Equity — — 5,630 5,630 Common Equity/Equity Interests/Warrants 1,086 — 450,381 451,467 Total Investments $ 1,086 $ — $ 1,669,496 $ 1,670,582 Liabilities: 2022 Unsecured Notes $ — $ — $ 150,000 $ 150,000 The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2022, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2022: Fair Value Measurements Using Level 3 Inputs Senior Secured Equipment Financing Preferred Equity Common Equity/ Total Fair value, December 31, 2021 $ 939,690 $ 273,795 $ 5,630 $ 450,381 $ 1,669,496 Total gains or losses included in earnings: Net realized gain (loss) (36,244 ) — — 6 (36,238 ) Net (8,065 ) (6,924 ) (706 ) (5,048 ) (20,743 ) Purchase of investment securities(1) 796,389 84,168 266 116,272 997,095 Proceeds from dispositions of investment securities (446,356 ) (85,087 ) (1,389 ) (11 ) (532,843 ) Transfers in/out of Level 3 — — — — — Fair value, December 31, 2022 $ 1,245,414 $ 265,952 $ 3,801 $ 561,600 $ 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 $ (8,920 ) $ (6,924 ) $ (706 ) $ (5,048 ) $ (21,598 ) (1) Includes positions acquired from SUNS as a result of the Mergers. The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant unobservable inputs (Level 3) for the year ended December 31, 2022: 2022 Unsecured Notes For the year ended Beginning fair value $ 150,000 Net realized (gain) loss — Net change in unrealized (gain) loss — Borrowings — Repayments (150,000 ) Transfers in/out of Level 3 — Ending fair value $ — The Company made an election to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC 825-10. The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2021, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2021: Fair Value Measurements Using Level 3 Inputs Senior Secured Equipment Financing Preferred Equity Common Equity/ Total Fair value, December 31, 2020 $ 798,052 $ 284,846 $ 6,401 $ 440,971 $ 1,530,270 Total gains or losses included in earnings: Net realized gain (loss) — (8 ) — 345 337 Net change in unrealized gain (loss) (13,567 ) 1,394 (1,042 ) 9,857 (3,358 ) Purchase of investment securities 533,614 76,700 271 — 610,585 Proceeds from dispositions of investment securities (378,409 ) (89,137 ) — (675 ) (468,221 ) Transfers in/out of Level 3 (1) — — — (117 ) (117 ) Fair value, December 31, 2021 $ 939,690 $ 273,795 $ 5,630 $ 450,381 $ 1,669,496 Unrealized gains (losses) for the period relating to those Level 3 Net change in unrealized gain (loss) $ (12,837 ) $ 1,394 $ (1,042 ) $ 9,597 $ (2,888 ) (1) On February 17, 2021, the Company exercised its warrants in Senseonics Holdings, Inc., receiving shares in the common stock of Senseonics Holdings, Inc. The common stock of Senseonics Holdings, Inc. is publicly traded, so this position is considered to be a Level 1 asset. The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant unobservable inputs (Level 3) for the year ended December 31, 2021: 2022 Unsecured Notes For the year ended Beginning fair value $ 150,000 Net realized (gain) loss — Net change in unrealized (gain) loss — Borrowings — Repayments — Transfers in/out of Level 3 — Ending fair value $ 150,000 The Company made elections to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC 825-10. Quantitative Information about Level 3 Fair Value Measurements The Company typically determines the fair value of its performing debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to current contractual interest rates, relative maturities and other key terms and risks associated with an investment. Among other factors, a significant determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 assets and liabilities primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as enterprise values, returns on equity and earnings before income taxes, depreciation and amortization (“EBITDA”) multiples of similar companies, and comparable market transactions for equity securities. Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2022 is summarized in the table below: Asset or Fair Value at December 31, 2022 Principal Valuation Technique/Methodology Unobservable Input Range (Weighted Average) Senior Secured Loans Asset $ $ 1,212,842 32,572 Income Approach (1) Market Yield Comparable Multiple 9.4% – 18.2% (12.0%) 0.1x-21.4x Equipment Financing Asset $ $ 145,132 120,820 Income Approach (2) Market Yield Comparable Multiple 8.5% –9.7% (9.7%) 1.1x-1.4x Preferred Equity Asset $ 3,801 Income Approach Market Yield 5.0% – Common Equity/Equity Interests/Warrants Asset $ $ 149,120 412,480 Market Multiple (3) Market Approach Comparable Multiple Return on Equity 7.8x – 6.6% – (1) Investments are valued using a sum-of-the (2) Includes $120,820 of investments valued using an implied (3) Includes $676 of investments valued using a Black-Scholes model and $148,444 of investments valued using an EBITDA multiple. Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2021 is summarized in the table below : Asset or Fair Value at Principal Valuation Unobservable Input Range (Weighted Senior Secured Loans Asset $ $ 931,769 7,921 Income Approach Market Multiple (1) Market Yield Comparable Multiple 4.0% – 2.0x-3.0x(2.5x)/2.0x- Equipment Financing Asset $ $ 144,693 129,102 Income Approach Market Approach Market Yield Return on Equity 7.1% – 4.6%-4.6% Preferred Equity Asset $ 5,630 Income Approach Market Yield 3.5% – Common Equity/Equity Interests/Warrants Asset $ $ 151,615 298,766 Market Multiple (2) Market Approach Comparable Multiple Return on Equity 5.8x – 6.1% – 2022 Unsecured Notes Liability $ 150,000 Income Approach Market Yield 2.2% – (1) Investments are valued using a sum-of-the (2x-3x) (2x-3x) (2) Includes $403 of investments valued using a Black-Scholes model and $151,212 of investments valued using an EBITDA multiple. Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instruments [Abstract] | |
Debt | Note 7. Debt Our debt obligations consisted of the following as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 Facility Face Amount Carrying Value Face Amount Carrying Value Credit Facility $ 393,000 $ 388,254 (1) $ 322,500 $ 318,015 (1) SPV Credit Facility 155,200 154,302 (2) — — 2022 Unsecured Notes — — 150,000 150,000 2022 Tranche C Notes — — 21,000 20,964 (3) 2023 Unsecured Notes 75,000 74,979 (4) 75,000 74,592 (4) 2024 Unsecured Notes 125,000 124,421 (5) 125,000 124,143 (5) 2025 Unsecured Notes 85,000 84,613 (6) — — 2026 Unsecured Notes 75,000 74,498 (7) 75,000 74,384 (7) 2027 Unsecured Notes 50,000 49,953 (8) 50,000 49,940 (8) 2027 Series F Unsecured Notes 135,000 134,978 (9) — — $ 1,093,200 $ 1,085,998 $ 818,500 $ 812,038 (1) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 4,746 4,485 (2) Carrying Value equals the Face Amount net of unamortized market discount of $898 as of December 31, 2022. (3) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $36 as of December 31, 2021. (4) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $21 and $408 as of December 31, 2022 and December 31, 2021, respectively. (5) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $579 and $857 as of December 31, 2022 and December 31, 2021, respectively. (6) Carrying Value equals the Face Amount net of unamortized market discount of $387 as of December 31, 2022. (7) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $502 and $616 as of December 31, 2022 and December 31, 2021, respectively. (8) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $47 and $60 as of December 31, 2022 and December 31, 2021, respectively. (9) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $22 as of December 31, 2022. Unsecured Notes On April 1, 2022, the Company entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to the Company’s assumption of $85,000 in aggregate principal amount of five-year, 3.90% senior unsecured notes, due March 31, 2025 (the “2025 Unsecured Notes”) and other obligations of SUNS under the Note Purchase Agreement, dated as of March 31, 2020 (the “Note Purchase Agreement”), among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes is due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, the Company expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement, to be performed or observed by SUNS. On January 6, 2022, the Company closed a private offering of $135,000 of the 2027 Series F Unsecured Notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027. Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers. On September 14, 2021, the Company closed a private offering of $50,000 of the 2027 Unsecured Notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027. Interest on the 2027 Unsecured Notes is due semi-annually on March 14 and September 14. The 2027 Unsecured Notes were issued in a private placement only to qualified institutional buyers. On December 18, 2019, the Company closed a private offering of $125,000 of the 2024 Unsecured Notes with a fixed interest rate of 4.20% and a maturity date of December 15, 2024. Interest on the 2024 Unsecured Notes is due semi-annually on June 15 and December 15. The 2024 Unsecured Notes were issued in a private placement only to qualified institutional buyers. On December 18, 2019, the Company closed a private offering of $75,000 of the 2026 Unsecured Notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026. Interest on the 2026 Unsecured Notes is due semi-annually on June 15 and December 15. The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers. On December 28, 2017, the Company closed a private offering of $21,000 of the 2022 Tranche C Notes with a fixed interest rate of 4.50% and a maturity date of December 28, 2022. Interest on the 2022 Tranche C Notes is due semi-annually on June 28 and December 28. The 2022 Tranche C Notes were issued in a private placement only to qualified institutional buyers. The 2022 Tranche C Notes were repaid in full at maturity. On November 22, 2017, we issued $75,000 in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $73,846. Interest on the 2023 Unsecured Notes is paid semi-annually on January 20 and July 20, at a fixed rate of 4.50% per year, commencing on January 20, 2018. The 2023 Unsecured Notes mature on January 20, 2023. On February 15, 2017, the Company closed a private offering of $100,000 of the 2022 Unsecured Notes with a fixed interest rate of 4.60% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2022 Unsecured Notes were repaid in full at maturity. On November 8, 2016, the Company closed a private offering of $50,000 of the 2022 Unsecured Notes with a fixed interest rate of 4.40% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2022 Unsecured Notes were repaid in full at maturity. Revolving and Term Loan Facilities On April 1, 2022, the Company entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the Mergers. The CF Assumption Agreement relates to the Company’s assumption of the Revolving Credit Facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, the commitment under the SPV Credit Facility is $225,000; however, the commitment can also be expanded up to $600,000. The stated interest rate on the SPV Credit Facility is LIBOR plus 2.00%-2.50% On December 28, 2021, the Company closed on Amendment No. 1 to its August 28, 2019 senior secured credit agreement (the “Credit Facility”). Following the amendment and a November 2022 upsizing, the Credit Facility is composed of $625,000 of revolving credit and $100,000 of term loans. Borrowings generally bear interest at a rate per annum equal to the base rate plus a range of 1.75%-2.00% 0.75%-1.00%. Certain covenants on our issued debt may restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code. The average annualized interest cost for all borrowings for the year ended December 31, 2022 and the year ended December 31, 2021 was 4.09% and 3.64%, respectively. These costs are exclusive of other credit facility expenses such as unused fees, agency fees and other prepaid expenses related to establishing and/or amending the Credit Facility, the SPV Credit Facility, the 2022 Unsecured Notes, the 2022 Tranche C Notes, the 2023 Unsecured Notes, the 2024 Unsecured Notes, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes and the 2027 Series F Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the year ended December 31, 2022 and the year ended December 31, 2021 were $1,164,200 and $902,550, respectively. |
Income Tax Information and Dist
Income Tax Information and Distributions to Stockholders and Other Tax Information | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Information and Distributions to Stockholders and Other Tax Information | Note 8(a). Income Tax Information and Distributions to Stockholders The tax character of distributions for the fiscal years ended December 31, 2022, 2021 and 2020 were as follows (1): 2022 2021 2020 Ordinary income $ 50,113 59.2 % $ 41,221 59.5 % $ 48,795 70.4 % Capital gains — 0.0 % — 0.0 % — 0.0 % Return of capital 27,099 32.0 % 28,087 40.5 % 20,513 29.6 % Distribution recognized in subsequent year 7,481 8.8 % — 0.0 % — 0.0 % Total distributions $ 84,693 100.0 % $ 69,308 100.0 % $ 69,308 100.0 % As of December 31, 2022, 2021 and 2020 the total accumulated earnings (loss) on a tax basis were as follows (1): 2022 2021 2020 Undistributed ordinary income $ — $ — $ — Undistributed long-term net capital gains — — — Total undistributed net earnings — — — Post-October capital losses — — — Capital loss carryforward (127,348 ) (2) (68,857 ) (69,384 ) Other book/tax temporary differences (53,223 ) 2,332 2,168 Net unrealized appreciation 17,187 19,495 4,446 Total tax accumulated loss $ (163,384 ) $ (47,030 ) $ (62,770 ) (1) Tax information for the fiscal years ended December 31, 2022, 2021 and 2020 are/were estimates and are not final until the Company files its tax returns, typically in September or October each year. (2) Includes capital loss carryforward acquired from the Mergers which is subject to limitations under IRC Sections 381-384. The Company recognizes in its consolidated financial statements the tax effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. To the best of our knowledge, we did not 740-10-25 nor Note 8(b). Other Tax Information (unaudited) For the fiscal years ended December 31, 2022, 2021 and 2020, 0.00%, 0.32% and 0.10%, respectively, of the dividends paid during the year were eligible for qualified dividend income treatment and the dividends received deduction for corporate stockholders. For the fiscal years ended December 31, 2022, 2021, and 2020, 88.05%, 93.05% and 92.05%, respectively, of each of the distributions paid during the year represent interest-related dividends. For the fiscal years ended December 31, 2022, 2021 and 2020, none of the distributions represent short-term capital gains dividends. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 9. Financial Highlights The following is a schedule of financial highlights for the respective years: Year ended Year ended Year ended Year ended Year ended Per Share Data: (a) Net asset value, beginning of year $ 19.93 $ 20.16 $ 21.44 $ 21.75 $ 21.81 Net investment income 1.48 1.44 1.40 1.71 1.77 Net realized and unrealized loss (1.13 )* (0.03 ) (1.04 ) (0.38 ) (0.19 ) Net increase in net assets resulting from operations 0.35 1.41 0.36 1.33 1.58 Issuance of common stock in connection with the Mergers (0.33 ) — — — — Anti-dilution 0.02 — — — — Distributions to stockholders (see note 8a): From distributable earnings (1.12 ) (0.98 ) (1.15 ) (1.55 ) (1.64 ) From return of capital (0.52 ) (0.66 ) (0.49 ) (0.09 ) — Net asset value, end of year $ 18.33 $ 19.93 $ 20.16 $ 21.44 $ 21.75 Per share market value, end of year $ 13.91 $ 18.43 $ 17.51 $ 20.62 $ 19.19 Total Return(b) (16.09 %) 14.66 % (5.72 %) 16.22 % 2.77 % Net assets, end of year $ 999,731 $ 842,281 $ 852,023 $ 905,880 $ 919,171 Shares outstanding, end of year 54,555,380 42,260,826 42,260,826 42,260,826 42,260,826 Ratios to average net assets: Net investment income 7.76 % 7.13 % 6.93 % 7.83 % 8.10 % Operating expenses 5.60 %** 5.68 % 4.14 % 5.76 % 5.83 % Interest and other credit facility expenses 4.68 % 3.50 % 3.18 % 3.13 % 2.67 % Total expenses 10.28 %** 9.18 % 7.32 % 8.89 % 8.50 % Average debt outstanding $ 994,578 $ 703,670 $ 556,104 $ 561,249 $ 508,445 Portfolio turnover ratio 27.4 % 29.9 % 26.0 % 24.1 % 39.3 % (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 year and takes into account distributions, if any, reinvested in accordance with the dividend reinvestment plan. Total return does not include a sales load. * 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 year ended December 31, 2022, the ratios of operating expenses to average net assets and total expenses to average net assets would be 5.75% and 10.43%, respectively, without the performance-based incentive fee waiver. |
SLR Credit Solutions
SLR Credit Solutions | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility [Abstract] | |
SLR Credit Solution | Note 10. SLR Credit Solutions On December 28, 2012, we acquired an equity interest in Crystal Capital Financial Holdings LLC (“Crystal Financial”) for $275,000 in cash. Crystal Financial owned approximately 98% of the outstanding ownership interest in SLR Credit Solutions (“SLR Credit”), f/k/a Crystal Financial LLC. The remaining financial interest was held by various employees of SLR Credit, through their investment in Crystal Management LP. SLR Credit had a diversified portfolio of 23 loans having a total par value of approximately $400,000 at November 30, 2012 and a $275,000 committed revolving credit facility. On July 28, 2016, the Company purchased Crystal Management LP’s approximately 2% equity interest in SLR Credit for approximately $5,737. Upon the closing of this transaction, the Company holds 100% of the equity interest in SLR Credit. On September 30, 2016, Crystal Capital Financial Holdings LLC was dissolved. As of December 31, 2022, total commitments to the revolving credit facility are $285,000. As of December 31, 2022 SLR Credit had 29 funded commitments to 25 different issuers with total funded loans of approximately $439,484 on total assets of $460,683. As of December 31, 2021 SLR Credit had 22 funded commitments to 19 different issuers with total funded loans of approximately $287,375 on total assets of $347,821. As of December 31, 2022 and December 31, 2021, the largest loan outstanding totaled $33,420 and $35,000, respectively. For the same periods, the average exposure per issuer was $17,579 and $15,125, respectively. SLR Credit’s credit facility, which is non-recourse non-cash 10 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies Off-Balance The Company had unfunded debt and equity commitments to various revolving and delayed-draw term loans as well as to SLR Credit and SLR Healthcare. The total amount of these unfunded commitments as of December 31, 2022 and December 31, 2021 is $323,663 and $226,733, respectively, comprised of the following: December 31, December 31, SLR Credit Solutions* $ 44,263 $ 44,263 Outset Medical, Inc 35,084 — Apeel Technology, Inc 32,786 — CC SAG Holdings Corp. (Spectrum Automotive) 20,670 18,827 Human Interest, Inc 20,104 — Glooko, Inc 17,868 25,091 World Insurance Associates, LLC 17,117 — iCIMS, Inc 11,435 — Spectrum Pharmaceuticals, Inc 8,771 — Arcutis Biotherapeutics, Inc 8,356 43,470 Atria Wealth Solutions, Inc 8,215 3,746 Ardelyx, Inc 7,752 — Luxury Asset Capital, LLC 7,500 — RSC Acquisition, Inc 7,498 — Cerapedics, Inc 6,735 — Maurices, Incorporated 4,314 5,649 Kaseya, Inc 3,936 — Vessco Midco Holdings, LLC 3,892 — Copper River Seafoods, Inc 3,595 — BDG Media, Inc 3,546 — Meditrina, Inc 3,367 — One Touch Direct, LLC 3,069 7,226 DeepIntent, Inc 3,049 — Foundation Consumer Brands, LLC 3,009 2,269 SCP Eye Care, LLC 2,771 — Basic Fun, Inc 2,675 1,935 Kid Distro Holdings, LLC 2,650 2,650 Plastics Management, LLC 2,424 — Southern Orthodontic Partners Management, LLC 1,918 — Pediatric Home Respiratory Services, LLC 1,805 — Pinnacle Treatment Centers, Inc 1,745 1,414 Ultimate Baked Goods Midco LLC 1,636 801 Orthopedic Care Partners Management, LLC 1,620 — Ivy Fertility Services, LLC 1,571 4,532 Composite Technology Acquisition Corp 1,537 — NAC Holdings Corporation 1,479 4,765 SLR Healthcare ABL* 1,400 — SPAR Marketing Force, Inc 1,338 — RxSense Holdings LLC 1,250 — Erie Construction Mid-west, 1,248 — Peter C. Foy & Associates Insurance Services, LLC 1,094 — American Teleconferencing Services, Ltd 1,090 573 Montefiore Nyack Hospital 1,034 — Enverus Holdings, Inc 1,004 — SLR Equipment Finance 1,000 5,000 SunMed Group Holdings, LLC 843 828 GSM Acquisition Corp 784 — Tilley Distribution, Inc 525 — BayMark Health Services, Inc 391 — High Street Buyer, Inc 327 — TAUC Management, LLC 294 — ENS Holdings III Corp, LLC 144 — All State Ag Parts, LLC 135 — BridgeBio Pharma, Inc — 23,049 Inszone Mid, LLC — 12,465 Rezolute, Inc — 5,675 SOC Telemed, Inc — 4,448 RQM+ Corp — 3,818 MMIT Holdings, LLC — 2,009 Neuronetics, Inc — 2,230 Total Commitments $ 323,663 $ 226,733 * The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion. In addition to the above, please see SLR Senior Lending Program LLC herein where the Company has a remaining equity commitment of $40,500 in which the Company also controls such funding. The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of December 31, 2022 and December 31, 2021, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate |
SLR Equipment Finance
SLR Equipment Finance | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |
SLR Equipment Finance | Note 14. Kingsbridge Holdings, LLC On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual focused independent mid-ticket As of December 31, 2022 and December 31, 2021, KBHT had total assets of $777,151 and $738,425, respectively. For the same periods, debt recourse to KBHT totaled $222,094 and $216,881, respectively, and non-recourse non-cash report 10 - |
SLR Equipment Finance [Member] | |
Schedule of Equity Method Investments [Line Items] | |
SLR Equipment Finance | Note 12. SLR Equipment Finance On July 31, 2017, we acquired a 100% equity interest in NEF Holdings, LLC, which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. Effective February 25, 2021, Nations Equipment Finance, LLC and its related companies are doing business as SLR Equipment Finance (“SLR Equipment”). SLR Equipment is an independent equipment finance company that provides senior secured loans and leases primarily to U.S. based companies. We invested $209,866 in cash to effect the transaction, of which $145,000 was invested in the equity of SLR Equipment through our wholly-owned consolidated taxable subsidiary NEFCORP LLC and our wholly-owned consolidated subsidiary NEFPASS LLC and $64,866 was used to purchase certain leases and loans held by SLR Equipment through NEFPASS LLC. Concurrent with the transaction, SLR Equipment refinanced its existing senior secured credit facility into a $150,000 non-recourse As of December 31, 2022, SLR Equipment had 131 funded equipment-backed leases and loans to 59 different customers with a total net investment in leases and loans of approximately $190,830 on total assets of $241,813. As of December 31, 2021, SLR Equipment had 135 funded equipment-backed leases and loans to 61 different customers with a total net investment in leases and loans of approximately $210,986 on total assets of $264,007. As of December 31, 2022 and December 31, 2021, the largest position outstanding totaled $19,259 and $19,207, respectively. For the same periods, the average exposure per customer was $3,234 and $3,459, respectively. SLR Equipment’s credit facility, which is non-recourse non-cash December are 10-K. |
Capital Share Transactions
Capital Share Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Capital Share Transactions | Note 13. Capital Share Transactions As of December 31, 2022 and December 31, 2021, 200,000,000 shares of $0.01 par value capital stock were authorized Transactions in capital stock were as follows: Shares Amount For the year ended For the year ended For the year ended For the year ended Shares issued in connection with the Mergers 12,511,825 — $ 226,839 $ — Shares repurchased (217,271 ) — (3,038 ) — Net increase 12,294,554 — $ 223,801 $ — |
Kingsbridge Holdings, LLC
Kingsbridge Holdings, LLC | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Kingsbridge Holdings, LLC | Note 14. Kingsbridge Holdings, LLC On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual focused independent mid-ticket As of December 31, 2022 and December 31, 2021, KBHT had total assets of $777,151 and $738,425, respectively. For the same periods, debt recourse to KBHT totaled $222,094 and $216,881, respectively, and non-recourse non-cash report 10 - |
SLR Healthcare ABL
SLR Healthcare ABL | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SLR Healthcare ABL | Note 15. SLR Healthcare ABL SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC (“SLR Healthcare”) on September 30, 2013. SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and mid-sized co-invested Concurrent with the closing of the transaction, SLR Healthcare entered into a new, four-year, non-recourse, non-affiliates, SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2022, the portfolio totaled approximately $242,106 of commitments with a total net investment in loans of $92,383 on total assets of $108,705. As of December 31, 2021, the portfolio totaled approximately $183,501 of commitments with a total net investment in loans of $81,604 on total assets of $91,275. At December 31, 2022, the portfolio consisted of 41 issuers with an average balance of approximately $2,253 versus 36 issuers with an average balance of approximately $2,267 at December 31, 2021. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay non-recourse non-cash 10-K. |
SLR Business Credit
SLR Business Credit | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SLR Business Credit | Note 16. SLR Business Credit SUNS acquired 100% of the equity interests of North Mill Capital LLC (“NMC”) on October 20, 2017. NMC is a leading asset-backed lending commercial finance company that provides senior secured asset-backed financings to U.S. based small-to-medium-sized medium-sized SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2022, the portfolio totaled approximately $603,432 of commitments, of which $286,006 were funded, on total assets of $332,247. As of December 31, 2021, the portfolio totaled approximately $513,869 of commitments, of which $248,652 were funded, on total assets of $290,794. At December 31, 2022, the portfolio consisted of 108 issuers with an average balance of approximately $2,648 versus 125 issuers with an average balance of approximately $1,989 at December 31, 2021. NMC has a senior credit facility with a bank lending group for $285,307 which expires on . Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $ and $ of borrowings outstanding at December 31, 2022 and December 31, 2021, respectively. For the years ended December 31, 2022, 2021 and 2020, SLR Business Credit had net income of $ , $ and $ , respectively, on gross income of $ , $ and $ , respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Business Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us. SLR Business Credit’s consolidated financial statements for the fiscal years ended December 31, 2022 and December 31, 2021 are attached as an exhibit to this annual report on Form 10-K. |
Merger with SUNS
Merger with SUNS | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Merger with SUNS | Note 17. Merger with SUNS On April 1, 2022, the Company completed its previously announced acquisition of SUNS. Pursuant to the Merger Agreement, Merger Sub was first merged with and into SUNS, with SUNS as the surviving corporation, and, immediately following the Merger, SUNS was then merged with and into the Company, with the Company as the surviving company. In accordance with the terms of the Merger Agreement, at the effective time of the Mergers, each outstanding share of SUNS’s common stock was converted into the right to receive 0.7796 shares of the Company’s common stock (with SUNS’s stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Mergers, the Company issued an aggregate of 12,511,825 shares of its common stock to former SUNS stockholders. The Mergers are accounted for as an asset acquisition of SUNS by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, “non-qualifying” tax-free The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers: Common stock issued by the Company (1) $ 227,602 Assets acquired: Investments, at fair value $ 400,105 Cash 2,313 Other assets 4,662 Total assets acquired $ 407,080 Liabilities assumed: Debt, at fair value $ 159,816 Other liabilities 2,573 Total liabilities assumed $ 162,389 Net assets acquired $ 244,691 Total purchase discount $ (17,089 ) (1) Based on the market price at closing of $18.13, adjusted for transaction costs. Letter Agreement On April 1, 2022, in connection with the consummation of the Mergers, the Company entered into a letter agreement (the “Letter Agreement”) pursuant to which the Investment Adviser voluntarily agreed to a permanent 25 basis point reduction of the annual base management fee rate payable by the Company to the Investment Adviser pursuant to the Advisory Agreement, resulting in an annual base management fee rate payable by the Company to the Investment Adviser of 1.50% on gross assets up to 200% of the Company’s total net assets. The Company retained the annual base management fee rate payable by the Company to the Investment Adviser of 1.00% on gross assets that exceed 200% of the Company’s total net assets. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Program | Note 18. Stock Repurchase Program On May 3, 2022, our Board authorized a program for the purpose of repurchasing up to $50,000 of our outstanding shares of common stock. Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market from time to time provided that we comply with our code of ethics and the guidelines specified in Rule 10b-18 |
SLR Senior Lending Program LLC
SLR Senior Lending Program LLC | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SLR Senior Lending Program LLC | Note 19. SLR Senior Lending Program LLC On October 12, 2022, the Company entered into an amended and restated limited liability company agreement with Sunstone Senior Credit L.P. (the “Investor”) to create a joint venture vehicle, SLR Senior Lending Program LLC (“SSLP”). SSLP is expected to invest primarily in senior secured cash flow loans. The Company and the Investor each have made initial equity commitments of $50,000, resulting in a total equity commitment of $100,000. Investment decisions and all material decisions in respect of SSLP must be approved by representatives of the Company and the Investor. On December 1, 2022, SSLP commenced operations. On December 12, 2022, SSLP as servicer and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower entered into a $100,000 senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent. The SSLP Facility is scheduled to mature on December 12, 2027. The SSLP Facility generally bears interest at a rate of SOFR plus 3.25%. SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties, and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SSLP Facility also includes usual and customary events of default for credit facilities of this nature. There were no borrowings during the period December 12, 2022 to December 31, 2022. As of December 31, 2022 the Company and the Investor had contributed combined equity capital in the amount of $19,000. As of December 31, 2022, the Company and the Investors’ remaining commitments to SSLP totaled $40,500 and $40,500, respectively. The Company, along with the Investor, controls the funding of SSLP and SSLP may not call the unfunded commitments of the Company or the Investor without the approval of both the Company and the Investor. As of December 31, 2022, SSLP had total assets of $19,105. SSLP’s portfolio consisted of floating rate senior secured loans to seven (7) different borrowers. For the period December 1, 2022 (commencement of operations) through December 31, 2022, SSLP invested $18,100 in seven (7) portfolio companies. Investments prepaid totaled $68 for the same period. SSLP Portfolio as of December 31, 2022 Description Industry Spread (1) Floor Interest (2) Maturity Par Cost Fair (3) Atria Wealth Solutions, Inc. (4) Diversified Financial S+600 1.00 % 10.84 % 2/29/24 $ 2,494 $ 2,494 $ 2,494 BayMark Health Services, Inc. (4) Health Care Providers & 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 & 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 & 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. Below is certain summarized financial information for SSLP as of December 31, 2022 and for the period December 1, 2022 (commencement of operations) through December 31, 2022: December 31, Selected Balance Sheet Information for SSLP: Investments at fair value (cost $18,032) $ 18,062 Cash and other assets 1,043 Total assets $ 19,105 Debt outstanding $ — Interest payable and other credit facility related expenses 165 Accrued expenses and other payables 89 Total liabilities $ 254 Members’ equity $ 18,851 Total liabilities and members’ equity $ 19,105 For the Period Selected Income Statement Information for SSLP: Interest income $ 152 Service fees* $ 4 Interest and other credit facility expenses 166 Organizational costs 73 Other general and administrative expenses 88 Total expenses 331 Net investment loss $ (179 ) Realized gain on investments — Net change in unrealized gain on investments 30 Net realized and unrealized gain on investments 30 Net loss $ (149 ) * Service fees are included within the Company’s Consolidated Statements of Operations as other income. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20. Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. On January 10, 2023, the Board declared a monthly distribution On February 2, 2023, the Board declared a monthly distribution of On February 28, 2023, the Board declared a monthly distribution |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, 2020-04 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic And Diluted Net | The following table sets forth the computation of basic and diluted net increase in net assets per share resulting from operations, pursuant to ASC 260-10, Year ended Year ended Year ended Earnings per share (basic & diluted) Numerator - net increase in net assets resulting from operations: $ 18,342 $ 59,566 $ 15,451 Denominator - weighted average shares: 51,680,522 42,260,826 42,260,826 Earnings per share: $ 0.35 $ 1.41 $ 0.37 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, as of December 31, 2022 and December 31, 2021: Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Measured at Total Assets: Senior Secured Loans $ — $ — $ 1,245,414 $ — $ 1,245,414 Equipment Financing — — 265,952 — 265,952 Preferred Equity — — 3,801 — 3,801 Common Equity/Equity Interests/Warrants 483 — 561,600 9,426 571,509 Total Investments $ 483 $ — $ 2,076,767 $ 9,426 $ 2,086,676 * In accordance with ASC 820-10, Fair Value Measurements As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Senior Secured Loans $ — $ — $ 939,690 $ 939,690 Equipment Financing — — 273,795 273,795 Preferred Equity — — 5,630 5,630 Common Equity/Equity Interests/Warrants 1,086 — 450,381 451,467 Total Investments $ 1,086 $ — $ 1,669,496 $ 1,670,582 Liabilities: 2022 Unsecured Notes $ — $ — $ 150,000 $ 150,000 |
Summary of Changes in Fair Value of Level 3 Assets and Liabilities | The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2022, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2022: Fair Value Measurements Using Level 3 Inputs Senior Secured Equipment Financing Preferred Equity Common Equity/ Total Fair value, December 31, 2021 $ 939,690 $ 273,795 $ 5,630 $ 450,381 $ 1,669,496 Total gains or losses included in earnings: Net realized gain (loss) (36,244 ) — — 6 (36,238 ) Net (8,065 ) (6,924 ) (706 ) (5,048 ) (20,743 ) Purchase of investment securities(1) 796,389 84,168 266 116,272 997,095 Proceeds from dispositions of investment securities (446,356 ) (85,087 ) (1,389 ) (11 ) (532,843 ) Transfers in/out of Level 3 — — — — — Fair value, December 31, 2022 $ 1,245,414 $ 265,952 $ 3,801 $ 561,600 $ 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 $ (8,920 ) $ (6,924 ) $ (706 ) $ (5,048 ) $ (21,598 ) (1) Includes positions acquired from SUNS as a result of the Mergers. The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant unobservable inputs (Level 3) for the year ended December 31, 2022: 2022 Unsecured Notes For the year ended Beginning fair value $ 150,000 Net realized (gain) loss — Net change in unrealized (gain) loss — Borrowings — Repayments (150,000 ) Transfers in/out of Level 3 — Ending fair value $ — The Company made an election to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC 825-10. The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2021, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2021: Fair Value Measurements Using Level 3 Inputs Senior Secured Equipment Financing Preferred Equity Common Equity/ Total Fair value, December 31, 2020 $ 798,052 $ 284,846 $ 6,401 $ 440,971 $ 1,530,270 Total gains or losses included in earnings: Net realized gain (loss) — (8 ) — 345 337 Net change in unrealized gain (loss) (13,567 ) 1,394 (1,042 ) 9,857 (3,358 ) Purchase of investment securities 533,614 76,700 271 — 610,585 Proceeds from dispositions of investment securities (378,409 ) (89,137 ) — (675 ) (468,221 ) Transfers in/out of Level 3 (1) — — — (117 ) (117 ) Fair value, December 31, 2021 $ 939,690 $ 273,795 $ 5,630 $ 450,381 $ 1,669,496 Unrealized gains (losses) for the period relating to those Level 3 Net change in unrealized gain (loss) $ (12,837 ) $ 1,394 $ (1,042 ) $ 9,597 $ (2,888 ) (1) On February 17, 2021, the Company exercised its warrants in Senseonics Holdings, Inc., receiving shares in the common stock of Senseonics Holdings, Inc. The common stock of Senseonics Holdings, Inc. is publicly traded, so this position is considered to be a Level 1 asset. |
Summary of Fair Valued Liabilities measured using Significant Unobservable Inputs (Level 3) | The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant unobservable inputs (Level 3) for the year ended December 31, 2021: 2022 Unsecured Notes For the year ended Beginning fair value $ 150,000 Net realized (gain) loss — Net change in unrealized (gain) loss — Borrowings — Repayments — Transfers in/out of Level 3 — Ending fair value $ 150,000 |
Summary of Quantitative Information about the Company's Level 3 Asset and Liability | Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2022 is summarized in the table below: Asset or Fair Value at December 31, 2022 Principal Valuation Technique/Methodology Unobservable Input Range (Weighted Average) Senior Secured Loans Asset $ $ 1,212,842 32,572 Income Approach (1) Market Yield Comparable Multiple 9.4% – 18.2% (12.0%) 0.1x-21.4x Equipment Financing Asset $ $ 145,132 120,820 Income Approach (2) Market Yield Comparable Multiple 8.5% –9.7% (9.7%) 1.1x-1.4x Preferred Equity Asset $ 3,801 Income Approach Market Yield 5.0% – Common Equity/Equity Interests/Warrants Asset $ $ 149,120 412,480 Market Multiple (3) Market Approach Comparable Multiple Return on Equity 7.8x – 6.6% – (1) Investments are valued using a sum-of-the (2) Includes $120,820 of investments valued using an implied (3) Includes $676 of investments valued using a Black-Scholes model and $148,444 of investments valued using an EBITDA multiple. Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2021 is summarized in the table below : Asset or Fair Value at Principal Valuation Unobservable Input Range (Weighted Senior Secured Loans Asset $ $ 931,769 7,921 Income Approach Market Multiple (1) Market Yield Comparable Multiple 4.0% – 2.0x-3.0x(2.5x)/2.0x- Equipment Financing Asset $ $ 144,693 129,102 Income Approach Market Approach Market Yield Return on Equity 7.1% – 4.6%-4.6% Preferred Equity Asset $ 5,630 Income Approach Market Yield 3.5% – Common Equity/Equity Interests/Warrants Asset $ $ 151,615 298,766 Market Multiple (2) Market Approach Comparable Multiple Return on Equity 5.8x – 6.1% – 2022 Unsecured Notes Liability $ 150,000 Income Approach Market Yield 2.2% – (1) Investments are valued using a sum-of-the (2x-3x) (2x-3x) (2) Includes $403 of investments valued using a Black-Scholes model and $151,212 of investments valued using an EBITDA multiple. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt obligations consisted of the following as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 Facility Face Amount Carrying Value Face Amount Carrying Value Credit Facility $ 393,000 $ 388,254 (1) $ 322,500 $ 318,015 (1) SPV Credit Facility 155,200 154,302 (2) — — 2022 Unsecured Notes — — 150,000 150,000 2022 Tranche C Notes — — 21,000 20,964 (3) 2023 Unsecured Notes 75,000 74,979 (4) 75,000 74,592 (4) 2024 Unsecured Notes 125,000 124,421 (5) 125,000 124,143 (5) 2025 Unsecured Notes 85,000 84,613 (6) — — 2026 Unsecured Notes 75,000 74,498 (7) 75,000 74,384 (7) 2027 Unsecured Notes 50,000 49,953 (8) 50,000 49,940 (8) 2027 Series F Unsecured Notes 135,000 134,978 (9) — — $ 1,093,200 $ 1,085,998 $ 818,500 $ 812,038 (1) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 4,746 4,485 (2) Carrying Value equals the Face Amount net of unamortized market discount of $898 as of December 31, 2022. (3) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $36 as of December 31, 2021. (4) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $21 and $408 as of December 31, 2022 and December 31, 2021, respectively. (5) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $579 and $857 as of December 31, 2022 and December 31, 2021, respectively. (6) Carrying Value equals the Face Amount net of unamortized market discount of $387 as of December 31, 2022. (7) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $502 and $616 as of December 31, 2022 and December 31, 2021, respectively. (8) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $47 and $60 as of December 31, 2022 and December 31, 2021, respectively. (9) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $22 as of December 31, 2022. |
Income Tax Information and Di_2
Income Tax Information and Distributions to Stockholders and Other Tax Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Investment Company, Distribution To Shareholders | The tax character of distributions for the fiscal years ended December 31, 2022, 2021 and 2020 were as follows (1): 2022 2021 2020 Ordinary income $ 50,113 59.2 % $ 41,221 59.5 % $ 48,795 70.4 % Capital gains — 0.0 % — 0.0 % — 0.0 % Return of capital 27,099 32.0 % 28,087 40.5 % 20,513 29.6 % Distribution recognized in subsequent year 7,481 8.8 % — 0.0 % — 0.0 % Total distributions $ 84,693 100.0 % $ 69,308 100.0 % $ 69,308 100.0 % |
Summary of total accumulated earnings | As of December 31, 2022, 2021 and 2020 the total accumulated earnings (loss) on a tax basis were as follows (1): 2022 2021 2020 Undistributed ordinary income $ — $ — $ — Undistributed long-term net capital gains — — — Total undistributed net earnings — — — Post-October capital losses — — — Capital loss carryforward (127,348 ) (2) (68,857 ) (69,384 ) Other book/tax temporary differences (53,223 ) 2,332 2,168 Net unrealized appreciation 17,187 19,495 4,446 Total tax accumulated loss $ (163,384 ) $ (47,030 ) $ (62,770 ) (1) Tax information for the fiscal years ended December 31, 2022, 2021 and 2020 are/were estimates and are not final until the Company files its tax returns, typically in September or October each year. (2) Includes capital loss carryforward acquired from the Mergers which is subject to limitations under IRC Sections 381-384. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of financial highlights | The following is a schedule of financial highlights for the respective years: Year ended Year ended Year ended Year ended Year ended Per Share Data: (a) Net asset value, beginning of year $ 19.93 $ 20.16 $ 21.44 $ 21.75 $ 21.81 Net investment income 1.48 1.44 1.40 1.71 1.77 Net realized and unrealized loss (1.13 )* (0.03 ) (1.04 ) (0.38 ) (0.19 ) Net increase in net assets resulting from operations 0.35 1.41 0.36 1.33 1.58 Issuance of common stock in connection with the Mergers (0.33 ) — — — — Anti-dilution 0.02 — — — — Distributions to stockholders (see note 8a): From distributable earnings (1.12 ) (0.98 ) (1.15 ) (1.55 ) (1.64 ) From return of capital (0.52 ) (0.66 ) (0.49 ) (0.09 ) — Net asset value, end of year $ 18.33 $ 19.93 $ 20.16 $ 21.44 $ 21.75 Per share market value, end of year $ 13.91 $ 18.43 $ 17.51 $ 20.62 $ 19.19 Total Return(b) (16.09 %) 14.66 % (5.72 %) 16.22 % 2.77 % Net assets, end of year $ 999,731 $ 842,281 $ 852,023 $ 905,880 $ 919,171 Shares outstanding, end of year 54,555,380 42,260,826 42,260,826 42,260,826 42,260,826 Ratios to average net assets: Net investment income 7.76 % 7.13 % 6.93 % 7.83 % 8.10 % Operating expenses 5.60 %** 5.68 % 4.14 % 5.76 % 5.83 % Interest and other credit facility expenses 4.68 % 3.50 % 3.18 % 3.13 % 2.67 % Total expenses 10.28 %** 9.18 % 7.32 % 8.89 % 8.50 % Average debt outstanding $ 994,578 $ 703,670 $ 556,104 $ 561,249 $ 508,445 Portfolio turnover ratio 27.4 % 29.9 % 26.0 % 24.1 % 39.3 % (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 year and takes into account distributions, if any, reinvested in accordance with the dividend reinvestment plan. Total return does not include a sales load. * 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 year ended December 31, 2022, the ratios of operating expenses to average net assets and total expenses to average net assets would be 5.75% and 10.43%, respectively, without the performance-based incentive fee waiver. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of unfunded debt and equity commitments | The total amount of these unfunded commitments as of December 31, 2022 and December 31, 2021 is $323,663 and $226,733, respectively, comprised of the following: December 31, December 31, SLR Credit Solutions* $ 44,263 $ 44,263 Outset Medical, Inc 35,084 — Apeel Technology, Inc 32,786 — CC SAG Holdings Corp. (Spectrum Automotive) 20,670 18,827 Human Interest, Inc 20,104 — Glooko, Inc 17,868 25,091 World Insurance Associates, LLC 17,117 — iCIMS, Inc 11,435 — Spectrum Pharmaceuticals, Inc 8,771 — Arcutis Biotherapeutics, Inc 8,356 43,470 Atria Wealth Solutions, Inc 8,215 3,746 Ardelyx, Inc 7,752 — Luxury Asset Capital, LLC 7,500 — RSC Acquisition, Inc 7,498 — Cerapedics, Inc 6,735 — Maurices, Incorporated 4,314 5,649 Kaseya, Inc 3,936 — Vessco Midco Holdings, LLC 3,892 — Copper River Seafoods, Inc 3,595 — BDG Media, Inc 3,546 — Meditrina, Inc 3,367 — One Touch Direct, LLC 3,069 7,226 DeepIntent, Inc 3,049 — Foundation Consumer Brands, LLC 3,009 2,269 SCP Eye Care, LLC 2,771 — Basic Fun, Inc 2,675 1,935 Kid Distro Holdings, LLC 2,650 2,650 Plastics Management, LLC 2,424 — Southern Orthodontic Partners Management, LLC 1,918 — Pediatric Home Respiratory Services, LLC 1,805 — Pinnacle Treatment Centers, Inc 1,745 1,414 Ultimate Baked Goods Midco LLC 1,636 801 Orthopedic Care Partners Management, LLC 1,620 — Ivy Fertility Services, LLC 1,571 4,532 Composite Technology Acquisition Corp 1,537 — NAC Holdings Corporation 1,479 4,765 SLR Healthcare ABL* 1,400 — SPAR Marketing Force, Inc 1,338 — RxSense Holdings LLC 1,250 — Erie Construction Mid-west, 1,248 — Peter C. Foy & Associates Insurance Services, LLC 1,094 — American Teleconferencing Services, Ltd 1,090 573 Montefiore Nyack Hospital 1,034 — Enverus Holdings, Inc 1,004 — SLR Equipment Finance 1,000 5,000 SunMed Group Holdings, LLC 843 828 GSM Acquisition Corp 784 — Tilley Distribution, Inc 525 — BayMark Health Services, Inc 391 — High Street Buyer, Inc 327 — TAUC Management, LLC 294 — ENS Holdings III Corp, LLC 144 — All State Ag Parts, LLC 135 — BridgeBio Pharma, Inc — 23,049 Inszone Mid, LLC — 12,465 Rezolute, Inc — 5,675 SOC Telemed, Inc — 4,448 RQM+ Corp — 3,818 MMIT Holdings, LLC — 2,009 Neuronetics, Inc — 2,230 Total Commitments $ 323,663 $ 226,733 * The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion. |
Capital Share Transactions (Tab
Capital Share Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | Transactions in capital stock were as follows: Shares Amount For the year ended For the year ended For the year ended For the year ended Shares issued in connection with the Mergers 12,511,825 — $ 226,839 $ — Shares repurchased (217,271 ) — (3,038 ) — Net increase 12,294,554 — $ 223,801 $ — |
Merger with SUNS (Tables)
Merger with SUNS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Summary the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Merger | The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers: Common stock issued by the Company (1) $ 227,602 Assets acquired: Investments, at fair value $ 400,105 Cash 2,313 Other assets 4,662 Total assets acquired $ 407,080 Liabilities assumed: Debt, at fair value $ 159,816 Other liabilities 2,573 Total liabilities assumed $ 162,389 Net assets acquired $ 244,691 Total purchase discount $ (17,089 ) (1) Based on the market price at closing of $18.13, adjusted for transaction costs. |
SLR Senior Lending Program LLC
SLR Senior Lending Program LLC (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SSLP Portfolio | As of December 31, 2022, SSLP had total assets of $19,105. SSLP’s portfolio consisted of floating rate senior secured loans to seven (7) different borrowers. For the period December 1, 2022 (commencement of operations) through December 31, 2022, SSLP invested $18,100 in seven (7) portfolio companies. Investments prepaid totaled $68 for the same period. SSLP Portfolio as of December 31, 2022 Description Industry Spread (1) Floor Interest (2) Maturity Par Cost Fair (3) Atria Wealth Solutions, Inc. (4) Diversified Financial S+600 1.00 % 10.84 % 2/29/24 $ 2,494 $ 2,494 $ 2,494 BayMark Health Services, Inc. (4) Health Care Providers & 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 & 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 & 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. |
Summary financial information for SSLP | Below is certain summarized financial information for SSLP as of December 31, 2022 and for the period December 1, 2022 (commencement of operations) through December 31, 2022: December 31, Selected Balance Sheet Information for SSLP: Investments at fair value (cost $18,032) $ 18,062 Cash and other assets 1,043 Total assets $ 19,105 Debt outstanding $ — Interest payable and other credit facility related expenses 165 Accrued expenses and other payables 89 Total liabilities $ 254 Members’ equity $ 18,851 Total liabilities and members’ equity $ 19,105 For the Period Selected Income Statement Information for SSLP: Interest income $ 152 Service fees* $ 4 Interest and other credit facility expenses 166 Organizational costs 73 Other general and administrative expenses 88 Total expenses 331 Net investment loss $ (179 ) Realized gain on investments — Net change in unrealized gain on investments 30 Net realized and unrealized gain on investments 30 Net loss $ (149 ) * Service fees are included within the Company’s Consolidated Statements of Operations as other income. |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Apr. 01, 2022 | Feb. 10, 2010 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Date of commencement of business | Mar. 13, 2007 | |||||
Initial capital of business | $ 1,200,000 | |||||
Percentage of initial capital funded by affiliated parties | 47.04% | |||||
Stock issued during period, shares | 12,511,825 | 0 | 0 | |||
Stock issued during period, values | $ 226,839 | $ 0 | $ 0 | |||
Shares issued, price per share | $ 13.98 | $ 13.98 | ||||
Stock issued during period, shares, acquisitions | 12,294,554 | 0 | ||||
IPO [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Stock issued during period, shares | 5,680,000 | |||||
Over-Allotment Option [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Share price | $ 18.5 | |||||
Private Placement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Stock issued during period, shares | 600,000 | |||||
Share price | $ 18.5 | |||||
Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Stock issued during period, shares | 26,650,000 | |||||
Stock issued during period, values | $ 125,000 | |||||
Common Stock [Member] | SUNS Company Merger [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Shares issued, price per share | $ 0.7796 | |||||
Stock issued during period, shares, acquisitions | 12,511,825 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Percentage of excise tax | 4% |
Reclassification between accumulated distributable net loss and paid in capital in excess of Par | $ 28,991 |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Debt instrument term | 60 days |
Restricted investment term | 90 days |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Debt instrument term | 60 days |
Restricted investment term | 30 days |
Agreements - Additional Informa
Agreements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Agreement [Line Items] | ||||
Management fees | $ 29,982 | $ 28,277 | $ 24,951 | |
Administrative fees expense | 5,401 | 5,575 | 5,215 | |
Performance Based Incentive Fees Waiver | $ 1,527 | 0 | 0 | |
Advisory Agreement [Member] | ||||
Agreement [Line Items] | ||||
Pre-incentive fee net investment income Quarter hurdle rate | 1.75% | |||
Pre-incentive fee net investment income Annual hurdle rate | 7% | |||
Percentage of cumulative realized capital gain loss | 20% | |||
Percentage of cumulative net realized gain and unrealized capital appreciation | 20% | |||
Management fees | $ 29,982 | 28,277 | 24,951 | |
Performance based incentive fees | 15,097 | 10,309 | 2,272 | |
Administrative fees expense | $ 5,401 | $ 5,575 | $ 5,215 | |
Advisory Agreement [Member] | Minimum [Member] | ||||
Agreement [Line Items] | ||||
Percentage of gross assets | 1% | 1% | ||
Percentage of total net assets | 200% | 200% | ||
Percentage of pre-incentive fee net investment income | 100% | |||
Advisory Agreement [Member] | Maximum [Member] | ||||
Agreement [Line Items] | ||||
Percentage of gross assets | 1.50% | 1.50% | ||
Percentage of total net assets | 200% | 200% | ||
Percentage of pre-incentive fee net investment income | 20% |
Net Asset Value Per Share - Add
Net Asset Value Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Net Asset Value Per Share [Abstract] | ||||||
Net assets | $ 999,731 | $ 842,281 | $ 852,023 | $ 905,880 | $ 919,171 | |
Net asset value per share | $ 18.33 | $ 19.93 | $ 20.16 | $ 21.44 | $ 21.75 | $ 21.81 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Basic and Diluted Net (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share (basic & diluted) | |||
Numerator 0net increase in net assets resulting from operations | $ 18,342 | $ 59,566 | $ 15,451 |
Denominator 0weighted average shares, Basic | 51,680,522 | 42,260,826 | 42,260,826 |
Denominator 0weighted average shares, Diluted | 51,680,522 | 42,260,826 | 42,260,826 |
Earnings per share, Basic | $ 0.35 | $ 1.41 | $ 0.37 |
Earnings per share, Diluted | $ 0.35 | $ 1.41 | $ 0.37 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Level 3 | 2022 Unsecured Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | $ 150,000 | ||
Recurring Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 2,086,676 | 1,670,582 | |
Recurring Fair Value | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 9,426 | |
Recurring Fair Value | 2022 Unsecured Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 150,000 | ||
Recurring Fair Value | Senior Secured Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 1,245,414 | 939,690 | |
Recurring Fair Value | Senior Secured Loans | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 0 | |
Recurring Fair Value | Equipment Financing | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 265,952 | 273,795 | |
Recurring Fair Value | Equipment Financing | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 0 | |
Recurring Fair Value | Preferred Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 3,801 | 5,630 | |
Recurring Fair Value | Common Equity/Equity Interests/Warrants | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 571,509 | 451,467 | |
Recurring Fair Value | Common Equity/Equity Interests/Warrants | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 9,426 | |
Recurring Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 483 | 1,086 | |
Recurring Fair Value | Level 1 | 2022 Unsecured Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 0 | ||
Recurring Fair Value | Level 1 | Senior Secured Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 1 | Equipment Financing | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 1 | Preferred Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 1 | Common Equity/Equity Interests/Warrants | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 483 | 1,086 | |
Recurring Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 2 | 2022 Unsecured Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 0 | ||
Recurring Fair Value | Level 2 | Senior Secured Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 2 | Equipment Financing | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 2 | Preferred Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 2 | Common Equity/Equity Interests/Warrants | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Recurring Fair Value | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 2,076,767 | 1,669,496 | |
Recurring Fair Value | Level 3 | 2022 Unsecured Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 150,000 | ||
Recurring Fair Value | Level 3 | Senior Secured Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 1,245,414 | 939,690 | |
Recurring Fair Value | Level 3 | Equipment Financing | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 265,952 | 273,795 | |
Recurring Fair Value | Level 3 | Preferred Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 3,801 | 5,630 | |
Recurring Fair Value | Level 3 | Common Equity/Equity Interests/Warrants | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 561,600 | $ 450,381 | |
[1]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 19 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. |
Fair Value - Summary of Changes
Fair Value - Summary of Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | $ 1,669,496 | $ 1,530,270 |
Net realized gain (loss) | (36,238) | 337 |
Net change in unrealized gain (loss) | $ (20,743) | (3,358) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss) on Investments | |
Purchase of investment securities | $ 997,095 | 610,585 |
Proceeds from dispositions of investment securities | (532,843) | (468,221) |
Transfers in/out of Level 3 | 0 | (117) |
Closing balance | 2,076,767 | 1,669,496 |
Net change in unrealized gain (loss) | $ (21,598) | (2,888) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss) on Investments | |
Senior Secured Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | $ 939,690 | 798,052 |
Net realized gain (loss) | (36,244) | 0 |
Net change in unrealized gain (loss) | (8,065) | (13,567) |
Purchase of investment securities | 796,389 | 533,614 |
Proceeds from dispositions of investment securities | (446,356) | (378,409) |
Transfers in/out of Level 3 | 0 | 0 |
Closing balance | 1,245,414 | 939,690 |
Net change in unrealized gain (loss) | (8,920) | (12,837) |
Equipment Financing | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | 273,795 | 284,846 |
Net realized gain (loss) | 0 | (8) |
Net change in unrealized gain (loss) | (6,924) | 1,394 |
Purchase of investment securities | 84,168 | 76,700 |
Proceeds from dispositions of investment securities | (85,087) | (89,137) |
Transfers in/out of Level 3 | 0 | 0 |
Closing balance | 265,952 | 273,795 |
Net change in unrealized gain (loss) | (6,924) | 1,394 |
Preferred Equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | 5,630 | 6,401 |
Net realized gain (loss) | 0 | 0 |
Net change in unrealized gain (loss) | (706) | (1,042) |
Purchase of investment securities | 266 | 271 |
Proceeds from dispositions of investment securities | (1,389) | 0 |
Transfers in/out of Level 3 | 0 | 0 |
Closing balance | 3,801 | 5,630 |
Net change in unrealized gain (loss) | (706) | (1,042) |
Common Equity/Equity Interests/Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | 450,381 | 440,971 |
Net realized gain (loss) | 6 | 345 |
Net change in unrealized gain (loss) | (5,048) | 9,857 |
Purchase of investment securities | 116,272 | 0 |
Proceeds from dispositions of investment securities | (11) | (675) |
Transfers in/out of Level 3 | 0 | (117) |
Closing balance | 561,600 | 450,381 |
Net change in unrealized gain (loss) | $ (5,048) | $ 9,597 |
Fair Value - Summary of Fair Va
Fair Value - Summary of Fair Valued Liabilities measured using Significant Unobservable Inputs (Level 3) (Details) - 2022 Unsecured Notes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning fair value | $ 150,000 | $ 150,000 |
Net realized (gain) loss | 0 | 0 |
Net change in unrealized (gain) loss | 0 | 0 |
Borrowings | 0 | 0 |
Repayments | (150,000) | 0 |
Transfers in/out of Level 3 | 0 | 0 |
Ending fair value | $ 0 | $ 150,000 |
Fair Value - Summary of Fair _2
Fair Value - Summary of Fair Valued Liabilities measured using Significant Unobservable Inputs (Level 3) (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
SLRCTerm Loan And Credit Facility Member | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 393,000 | |
SPV Credit Facility | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 155,200 | |
2023 Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 75,000 | |
2024 Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 118,750 | |
2025 Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 79,688 | |
2026 Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 68,250 | |
2027 Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 42,875 | |
2027 Series F Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 118,125 | |
Level 3 | 2022 Unsecured Notes | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Notes payable fair value disclosure | $ 150,000 |
Fair Value - Summary of Quantit
Fair Value - Summary of Quantitative Information about the Company's Level 3 Asset and Liability (Details) - Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Senior Secured Loans | Income Approach | Market Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 1,212,842 | $ 931,769 | |
Principal Valuation Technique/Methodology | Income Approach | Income Approach | |
Unobservable Input | Market Yield | Market Yield | |
Senior Secured Loans | Market Multiple | Comparable Multiple | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 32,572 | $ 7,921 | |
Principal Valuation Technique/Methodology | Market Multiple | Market Multiple | |
Unobservable Input | Comparable Multiple | Comparable Multiple | |
Equipment Financing | Income Approach | Market Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 145,132 | $ 144,693 | |
Principal Valuation Technique/Methodology | Income Approach | Income Approach | |
Unobservable Input | Market Yield | Market Yield | |
Equipment Financing | Market Multiple | Comparable Multiple | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 120,820 | ||
Principal Valuation Technique/Methodology | Market Multiple | ||
Unobservable Input | Comparable Multiple | ||
Equipment Financing | Market Approach | Return on Equity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 129,102 | ||
Principal Valuation Technique/Methodology | Market Approach | ||
Unobservable Input | Return on Equity | ||
Preferred Equity | Income Approach | Market Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 3,801 | $ 5,630 | |
Principal Valuation Technique/Methodology | Income Approach | Income Approach | |
Unobservable Input | Market Yield | Market Yield | |
Common Equity/Equity Interests/Warrants | Market Multiple | Comparable Multiple | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 149,120 | $ 151,615 | |
Principal Valuation Technique/Methodology | Market Multiple | Market Multiple | |
Unobservable Input | Comparable Multiple | Comparable Multiple | |
Common Equity/Equity Interests/Warrants | Market Approach | Return on Equity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 412,480 | $ 298,766 | |
Principal Valuation Technique/Methodology | Market Approach | Market Approach | |
Unobservable Input | Return on Equity | Return on Equity | |
2022 Unsecured Notes | Income Approach | Market Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets | $ 150,000 | ||
Principal Valuation Technique/Methodology | Income Approach | ||
Unobservable Input | Market Yield |
Fair Value - Summary of Quant_2
Fair Value - Summary of Quantitative Information about the Company's Level 3 Asset and Liability (Parenthetical) (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Measurement Input, EBITDA Multiple [Member] | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 148,444 | $ 151,212 |
Black Scholes Pricing Model [Member] | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | 676 | 403 |
Senior Secured Loans | Income Approach | Market Yield | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 1,212,842 | $ 931,769 |
Senior Secured Loans | Income Approach | Market Yield | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 9.4 | 4 |
Senior Secured Loans | Income Approach | Market Yield | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 18.2 | 19.6 |
Senior Secured Loans | Income Approach | Market Yield | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 12 | 8.7 |
Senior Secured Loans | Market Multiple | Comparable Multiple | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 32,572 | $ 7,921 |
Senior Secured Loans | Market Multiple | Comparable Multiple | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 0.1 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Minimum [Member] | Measurement Input, EBITDA Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 2 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Minimum [Member] | Black Scholes Pricing Model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 2 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 21.4 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Maximum [Member] | Measurement Input, EBITDA Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 3 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Maximum [Member] | Black Scholes Pricing Model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 3 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 12.4 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Weighted Average [Member] | Measurement Input, EBITDA Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 2.5 | |
Senior Secured Loans | Market Multiple | Comparable Multiple | Weighted Average [Member] | Black Scholes Pricing Model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 2.5 | |
Equipment Financing | Income Approach | Market Yield | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 145,132 | $ 144,693 |
Equipment Financing | Income Approach | Market Yield | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 8.5 | 7.1 |
Equipment Financing | Income Approach | Market Yield | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 9.7 | 20.3 |
Equipment Financing | Income Approach | Market Yield | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 9.7 | 9.8 |
Equipment Financing | Market Multiple | Comparable Multiple | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 120,820 | |
Equipment Financing | Market Multiple | Comparable Multiple | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 1.1 | |
Equipment Financing | Market Multiple | Comparable Multiple | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 1.4 | |
Equipment Financing | Market Multiple | Comparable Multiple | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 1.2 | |
Equipment Financing | Market Approach | Return on Equity | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 129,102 | |
Equipment Financing | Market Approach | Return on Equity | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 4.6 | |
Equipment Financing | Market Approach | Return on Equity | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 4.6 | |
Equipment Financing | Market Approach | Return on Equity | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 4.6 | |
Preferred Equity | Income Approach | Market Yield | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 3,801 | $ 5,630 |
Preferred Equity | Income Approach | Market Yield | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 5 | 3.5 |
Preferred Equity | Income Approach | Market Yield | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 5 | 8 |
Preferred Equity | Income Approach | Market Yield | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 5 | 4.4 |
2022 Unsecured Notes | Income Approach | Market Yield | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 150,000 | |
2022 Unsecured Notes | Income Approach | Market Yield | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term Debt, Measurement Input | 2.2 | |
2022 Unsecured Notes | Income Approach | Market Yield | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term Debt, Measurement Input | 4.6 | |
2022 Unsecured Notes | Income Approach | Market Yield | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term Debt, Measurement Input | 4.5 | |
Common Equity/Equity Interests/Warrants | Market Multiple | Comparable Multiple | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 149,120 | $ 151,615 |
Common Equity/Equity Interests/Warrants | Market Multiple | Comparable Multiple | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 7.8 | 5.8 |
Common Equity/Equity Interests/Warrants | Market Multiple | Comparable Multiple | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 9.8 | 10.5 |
Common Equity/Equity Interests/Warrants | Market Multiple | Comparable Multiple | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 8.8 | 9.5 |
Common Equity/Equity Interests/Warrants | Market Approach | Return on Equity | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 412,480 | $ 298,766 |
Common Equity/Equity Interests/Warrants | Market Approach | Return on Equity | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 6.6 | 6.1 |
Common Equity/Equity Interests/Warrants | Market Approach | Return on Equity | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 35.2 | 18.5 |
Common Equity/Equity Interests/Warrants | Market Approach | Return on Equity | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long Term Investments Measurement Input | 9.2 | 8.6 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Face Amount | $ 1,093,200 | $ 818,500 |
Total | 1,085,998 | 812,038 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Face Amount | 393,000 | 322,500 |
Credit Facility, Carrying Value | 388,254 | 318,015 |
SPV Credit Facility | ||
Debt Instrument [Line Items] | ||
Face Amount | 155,200 | 0 |
SPV Credit Facility, Carrying Value | 154,302 | 0 |
2022 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 0 | 150,000 |
Unsecured Debt | 0 | 150,000 |
2022 Tranche C Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 0 | 21,000 |
Unsecured Debt | 0 | 20,964 |
2023 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 75,000 | 75,000 |
Unsecured Debt | 74,979 | 74,592 |
2024 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 125,000 | 125,000 |
Unsecured Debt | 124,421 | 124,143 |
2025 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 85,000 | 0 |
Unsecured Debt | 84,613 | 0 |
2026 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 75,000 | 75,000 |
Unsecured Debt | 74,498 | 74,384 |
2027 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 50,000 | 50,000 |
Unsecured Debt | 49,953 | 49,940 |
2027 Series F Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Face Amount | 135,000 | 0 |
Unsecured Debt | $ 134,978 | $ 0 |
Debt - Schedule of Long-term _2
Debt - Schedule of Long-term Debt Instruments (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | $ 4,746 | $ 4,485 |
SPV Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 898 | |
2022 Tranche C Notes | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | 36 | |
2023 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | 21 | 408 |
2024 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | 579 | 857 |
2025 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 387 | |
2026 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | 502 | 616 |
2027 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | 47 | $ 60 |
2027 Series F Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long term debt unamortized debt issuance costs | $ 22 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 4 Months Ended | 11 Months Ended | 12 Months Ended | 14 Months Ended | 49 Months Ended | ||||||||||||||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2011 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2021 | Jun. 30, 2022 | Apr. 01, 2022 | Jan. 06, 2022 | Dec. 28, 2021 | Sep. 14, 2021 | Dec. 18, 2019 | Dec. 28, 2017 | Nov. 22, 2017 | Feb. 15, 2017 | Nov. 08, 2016 | Aug. 26, 2011 | |
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 818,500,000 | $ 1,093,200,000 | $ 818,500,000 | $ 818,500,000 | |||||||||||||||
Debt instrument payment terms | Interest on the 2022 Tranche C Notes is due semi-annually on June 28 and December 28 | ||||||||||||||||||
Long term debt weighted average interest over a period of time | 4.09% | 3.64% | |||||||||||||||||
Long term debt maximum amount borrowed during the period | $ 1,164,200,000 | $ 902,550,000 | |||||||||||||||||
Credit Facility One [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 85,000,000 | $ 85,000,000 | |||||||||||||||||
Long term debt term | 5 years | ||||||||||||||||||
Debt instrument maturity date | Mar. 31, 2025 | ||||||||||||||||||
Debt instrument payment terms | Interest on the 2025 Unsecured Notes is due semi-annually on March 31 and September 30 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 3.90% | ||||||||||||||||||
Line of credit | $ 0 | $ 154,302,000 | 0 | 0 | |||||||||||||||
Two Thousand And Twenty Seven Series F Unsecured Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 135,000,000 | $ 135,000,000 | |||||||||||||||||
Debt instrument maturity date | Jan. 06, 2027 | ||||||||||||||||||
Debt instrument payment terms | Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 3.33% | ||||||||||||||||||
Two Thousand And Twenty Four Unsecured Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | 125,000,000 | $ 125,000,000 | 125,000,000 | 125,000,000 | $ 125,000,000 | ||||||||||||||
Debt instrument maturity date | Dec. 15, 2024 | ||||||||||||||||||
Debt instrument payment terms | Interest on the 2024 Unsecured Notes is due semi-annually on June 15 and December 15 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 4.20% | ||||||||||||||||||
Two Thousand And Twenty Six Unsecured Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | ||||||||||||||
Debt instrument stated interest rate percentage | 4.375% | 4.375% | 4.375% | 4.375% | |||||||||||||||
Two Thousand And Twenty Two Tranche C Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | ||||||||||||||
Debt instrument maturity date | Dec. 15, 2026 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||||
Two Thousand And Twenty Two Tranche C Notes [Member] | Tranche One [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||||||
Debt instrument maturity date | May 08, 2022 | ||||||||||||||||||
Debt instrument payment terms | Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 4.60% | 4.60% | 4.60% | 4.60% | |||||||||||||||
Two Thousand And Twenty Two Tranche C Notes [Member] | Tranche Two [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 50,000,000 | 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Debt instrument payment terms | Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 4.40% | 4.40% | 4.40% | 4.40% | |||||||||||||||
Two Thousand And Twenty Three Unsecured Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | ||||||||||||||
Debt instrument maturity date | Jan. 20, 2023 | ||||||||||||||||||
Debt instrument payment terms | semi-annually on January 20 and July 20 | ||||||||||||||||||
Debt instrument stated interest rate percentage | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||||
Proceeds from net debt | $ 73,846,000 | ||||||||||||||||||
Term Loan And Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit and term loan outstanding | $ 318,015,000 | $ 388,254,000 | $ 318,015,000 | $ 318,015,000 | |||||||||||||||
Term Loan And Credit Facility [Member] | SPV LLC [Member] | Citi Bank NA [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument maturity date | Jun. 01, 2026 | ||||||||||||||||||
Line of credit and term loan outstanding | $ 155,200,000 | ||||||||||||||||||
Line of credit maximum borrowing capacity and debt instrument face value | $ 800,000,000 | ||||||||||||||||||
Term Loan And Credit Facility [Member] | SPV LLC [Member] | Citi Bank NA [Member] | Line of Credit [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 625,000,000 | ||||||||||||||||||
Other long term debt | 293,000,000 | ||||||||||||||||||
Term Loan And Credit Facility [Member] | SPV LLC [Member] | Citi Bank NA [Member] | Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 100,000,000 | ||||||||||||||||||
Line of credit | 100,000,000 | ||||||||||||||||||
Term Loan And Credit Facility [Member] | Credit Facility [Member] | Citi Bank NA [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit and term loan outstanding | $ 393,000,000 | ||||||||||||||||||
Term Loan And Credit Facility [Member] | Maximum [Member] | SPV LLC [Member] | Citi Bank NA [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | ||||||||||||||||||
Debt instrument variable interest rate spread | (1.00%) | (2.00%) | |||||||||||||||||
Term Loan And Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Citi Bank NA [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument variable interest rate spread | (2.50%) | ||||||||||||||||||
Term Loan And Credit Facility [Member] | Minimum [Member] | SPV LLC [Member] | Citi Bank NA [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | ||||||||||||||||||
Debt instrument variable interest rate spread | 0.75% | 1.75% | |||||||||||||||||
Term Loan And Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Citi Bank NA [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument variable interest rate spread | 2% | ||||||||||||||||||
Two Thousand And Twenty Seven Unsecured Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument face value | $ 50,000,000 | $ 50,000,000 | |||||||||||||||||
Debt instrument stated interest rate percentage | 2.95% | 2.95% | 2.95% | 2.95% |
Income Tax Information and Di_3
Income Tax Information and Distributions to Stockholders and Other Tax Information - Summary of distributions to shareholders (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Ordinary income | $ 50,113 | $ 41,221 | $ 48,795 |
Capital gains | 0 | 0 | 0 |
Return of capital | 27,099 | 28,087 | 20,513 |
Distribution recognized in subsequent year | 7,481 | 0 | 0 |
Total distributions | $ 84,693 | $ 69,308 | $ 69,308 |
Ordinary income percent | 59.20% | 59.50% | 70.40% |
Capital gains percent | 0% | 0% | 0% |
Return of capital percent | 32% | 40.50% | 29.60% |
Distribution recognized in subsequent year percent | 8.80% | 0% | 0% |
Total distributions percent | 100% | 100% | 100% |
Income Tax Information and Di_4
Income Tax Information and Distributions to Stockholders and Other Tax Information - Summary of total accumulated earnings (loss) on a tax basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Undistributed ordinary income | $ 0 | $ 0 | $ 0 |
Undistributed long-term net capital gains | 0 | 0 | 0 |
Total undistributed net earnings | 0 | 0 | 0 |
Post-October capital losses | 0 | 0 | 0 |
Capital loss carryforward | (127,348) | (68,857) | (69,384) |
Other book/tax temporary differences | (53,223) | 2,332 | 2,168 |
Net unrealized appreciation | 17,187 | 19,495 | 4,446 |
Total tax accumulated loss | $ (163,384) | $ (47,030) | $ (62,770) |
Income Tax Information and Di_5
Income Tax Information and Distributions to Stockholders and Other Tax Information - Additional information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
uncertain tax positions | $ 0 | ||
Unrecognized Tax Benefits | $ 0 | ||
Operating Loss Carryforwards, Limitations on Use | The capital loss carryforwards shown above do not expire | ||
Investment Company,Dividend Distribution, eligible for qualified dividend income treatment or the dividends received deduction for corporate stockholders Percent | 0 | 0.32 | 0.1 |
Investment Company,Dividend Distribution, interest-related dividends Percent | 88.05 | 93.05 | 92.05 |
Investment Company, Dividend Distribution, short-term capital gains, Percent | 0 | 0 | 0 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2020 USD ($) shares $ / shares | Dec. 31, 2019 USD ($) shares $ / shares | Dec. 31, 2018 USD ($) shares $ / shares | |
Per Share Data: | |||||
Net asset value, beginning of year | $ 19.93 | $ 20.16 | $ 21.44 | $ 21.75 | $ 21.81 |
Net asset value, end of period | 13.91 | 18.43 | 17.51 | 20.62 | 19.19 |
Net investment income | 1.48 | 1.44 | 1.4 | 1.71 | 1.77 |
Net realized and unrealized loss | (1.13) | (0.03) | (1.04) | (0.38) | (0.19) |
Net increase in net assets resulting from operations | 0.35 | 1.41 | 0.36 | 1.33 | 1.58 |
Issuance of common stock in connection with the Mergers | $ (0.33) | $ 0 | $ 0 | $ 0 | $ 0 |
Anti-dilution | shares | 0.02 | 0 | 0 | 0 | 0 |
From distributable earnings | $ (1.12) | $ (0.98) | $ (1.15) | $ (1.55) | $ (1.64) |
From return of capital | (0.52) | (0.66) | (0.49) | (0.09) | 0 |
Net asset value, end of period | $ 18.33 | $ 19.93 | $ 20.16 | $ 21.44 | $ 21.75 |
Total Return(b) | (16.09%) | 14.66% | (5.72%) | 16.22% | 2.77% |
Net assets, end of period | $ | $ 999,731 | $ 842,281 | $ 852,023 | $ 905,880 | $ 919,171 |
Shares outstanding, end of period | shares | 54,555,380 | 42,260,826 | 42,260,826 | 42,260,826 | 42,260,826 |
Ratios to average net assets: | |||||
Net investment income | 7.76% | 7.13% | 6.93% | 7.83% | 8.10% |
Operating expenses | 5.60% | 5.68% | 4.14% | 5.76% | 5.83% |
Interest and other credit facility expenses | 4.68% | 3.50% | 3.18% | 3.13% | 2.67% |
Total expenses | 10.28% | 9.18% | 7.32% | 8.89% | 8.50% |
Average debt outstanding | $ | $ 994,578 | $ 703,670 | $ 556,104 | $ 561,249 | $ 508,445 |
Portfolio turnover ratio | 27.40% | 29.90% | 26% | 24.10% | 39.30% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parentheticals) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Company, Financial Highlights [Abstract] | ||
Investment company, expense ratio excluding incentive fee | 5.75% | 10.43% |
SLR Credit Solutions - Addition
SLR Credit Solutions - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||
Jul. 28, 2016 USD ($) | Dec. 28, 2012 USD ($) | Nov. 30, 2012 USD ($) loans | Dec. 31, 2022 USD ($) fund issuers | Dec. 31, 2021 USD ($) issuers fund | Dec. 31, 2020 USD ($) | |
Number of issuers in business credit | issuers | 108 | 125 | ||||
Assets | $ 2,537,695 | $ 2,011,011 | ||||
Non-recourse debt | 1,085,998 | 812,038 | ||||
Revolving Credit Facility [Member] | ||||||
Line of credit facility, maximum borrowing capacity | $ 275,000 | |||||
Crystal Financial [Member] | ||||||
Line of credit facility, maximum borrowing capacity | $ 400,000 | |||||
SLR Business Credit Facility [Member] | ||||||
Line of credit facility, maximum borrowing capacity | $ 33,420 | $ 35,000 | ||||
Business combination, consideration transferred | $ 5,737 | |||||
Number of funded commitments | fund | 29 | 22 | ||||
Number of issuers in business credit | issuers | 25 | 19 | ||||
Long-term line of credit | $ 439,484 | $ 287,375 | ||||
Assets | 460,683 | 347,821 | ||||
Line of credit facility average outstanding amount | 17,579 | 15,125 | ||||
Net income (loss) | 7,521 | 14,164 | $ 23,293 | |||
Gross income | 30,324 | 33,993 | $ 45,315 | |||
Non-recourse debt | 224,325 | $ 100,742 | ||||
SLR Business Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of credit facility commitments amount | $ 285,000 | |||||
SLR Business Credit Facility [Member] | Crystal Financial [Member] | ||||||
Payment to acquire business | $ 275,000 | |||||
Equity method investment, ownership percentage | 2% | 98% | ||||
Number of loans in business credit | loans | 23 | |||||
SLR Business Credit Facility [Member] | Crystal Capital Financial Holdings LLC [Member] | ||||||
Equity method investment, ownership percentage | 100% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 12, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | |||
Other Commitment | $ 323,663 | $ 226,733 | |
Unfunded Debt and Equity Commitments [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 323,663 | $ 226,733 | |
Unfunded Debt and Equity Commitments [Member] | SLR Senior Lending Program LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 40,500 | $ 100,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Unfunded Debt and Equity Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | |||
Other Commitment | $ 323,663 | $ 226,733 | |
Unfunded Debt and Equity Commitments [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 323,663 | 226,733 | |
Unfunded Debt and Equity Commitments [Member] | SLR Credit Solutions [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | [1] | 44,263 | 44,263 |
Unfunded Debt and Equity Commitments [Member] | Outset Medical, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 35,084 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Apeel Technology, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 32,786 | 0 | |
Unfunded Debt and Equity Commitments [Member] | CC SAG Holdings Corp. (Spectrum Automotive) [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 20,670 | 18,827 | |
Unfunded Debt and Equity Commitments [Member] | Human Interest, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 20,104 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Glooko, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 17,868 | 25,091 | |
Unfunded Debt and Equity Commitments [Member] | World Insurance Associates, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 17,117 | 0 | |
Unfunded Debt and Equity Commitments [Member] | iCIMS, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 11,435 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Spectrum Pharmaceuticals, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 8,771 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Arcutis Biotherapeutics, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 8,356 | 43,470 | |
Unfunded Debt and Equity Commitments [Member] | Atria Wealth Solutions, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 8,215 | 3,746 | |
Unfunded Debt and Equity Commitments [Member] | Ardelyx, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 7,752 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Luxury Asset Capital, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 7,500 | 0 | |
Unfunded Debt and Equity Commitments [Member] | RSC Acquisition, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 7,498 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Cerapedics, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 6,735 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Maurices, Incorporated [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 4,314 | 5,649 | |
Unfunded Debt and Equity Commitments [Member] | Kaseya, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,936 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Vessco Midco Holdings, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,892 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Copper River Seafoods, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,595 | 0 | |
Unfunded Debt and Equity Commitments [Member] | BDG Media, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,546 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Meditrina, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,367 | 0 | |
Unfunded Debt and Equity Commitments [Member] | One Touch Direct, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,069 | 7,226 | |
Unfunded Debt and Equity Commitments [Member] | DeepIntent, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,049 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Foundation Consumer Brands, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 3,009 | 2,269 | |
Unfunded Debt and Equity Commitments [Member] | SCP Eye Care, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 2,771 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Basic Fun, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 2,675 | 1,935 | |
Unfunded Debt and Equity Commitments [Member] | Kid Distro Holdings, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 2,650 | 2,650 | |
Unfunded Debt and Equity Commitments [Member] | Plastics Management, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 2,424 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Southern Orthodontic Partners Management, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,918 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Pediatric Home Respiratory Services, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,805 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Pinnacle Treatment Centers, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,745 | 1,414 | |
Unfunded Debt and Equity Commitments [Member] | Ultimate Baked Goods Midco LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,636 | 801 | |
Unfunded Debt and Equity Commitments [Member] | Orthopedic Care Partners Management, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,620 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Ivy Fertility Services, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,571 | 4,532 | |
Unfunded Debt and Equity Commitments [Member] | Composite Technology Acquisition Corp [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,537 | 0 | |
Unfunded Debt and Equity Commitments [Member] | NAC Holdings Corporation [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,479 | 4,765 | |
Unfunded Debt and Equity Commitments [Member] | SLR Healthcare ABL [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | [1] | 1,400 | 0 |
Unfunded Debt and Equity Commitments [Member] | SPAR Marketing Force, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,338 | 0 | |
Unfunded Debt and Equity Commitments [Member] | RxSense Holdings LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,250 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Erie Construction Mid-west, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,248 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Peter C. Foy & Associates Insurance Services, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,094 | 0 | |
Unfunded Debt and Equity Commitments [Member] | American Teleconferencing Services, Ltd. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,090 | 573 | |
Unfunded Debt and Equity Commitments [Member] | Montefiore Nyack Hospital [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,034 | 0 | |
Unfunded Debt and Equity Commitments [Member] | Enverus Holdings, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,004 | 0 | |
Unfunded Debt and Equity Commitments [Member] | SLR Equipment Finance [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 1,000 | 5,000 | |
Unfunded Debt and Equity Commitments [Member] | GSM Acquisition Corp [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 784 | 0 | |
Unfunded Debt and Equity Commitments [Member] | SunMed Group Holdings, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 843 | 828 | |
Unfunded Debt and Equity Commitments [Member] | Tilley Distribution, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 525 | 0 | |
Unfunded Debt and Equity Commitments [Member] | BayMark Health Services, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 391 | 0 | |
Unfunded Debt and Equity Commitments [Member] | High Street Buyer, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 327 | 0 | |
Unfunded Debt and Equity Commitments [Member] | ENS Holdings III Corp, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 144 | 0 | |
Unfunded Debt and Equity Commitments [Member] | All State Ag Parts, LLC | |||
Other Commitments [Line Items] | |||
Other Commitment | 135 | 0 | |
Unfunded Debt and Equity Commitments [Member] | BridgeBio Pharma, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 23,049 | |
Unfunded Debt and Equity Commitments [Member] | Inszone Mid, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 12,465 | |
Unfunded Debt and Equity Commitments [Member] | Rezolute, Inc [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 5,675 | |
Unfunded Debt and Equity Commitments [Member] | SOC Telemed, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 4,448 | |
Unfunded Debt and Equity Commitments [Member] | RQM+ Corp. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 3,818 | |
Unfunded Debt and Equity Commitments [Member] | MMIT Holdings, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 2,009 | |
Unfunded Debt and Equity Commitments [Member] | Neuronetics, Inc. [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | 0 | 2,230 | |
Unfunded Debt and Equity Commitments [Member] | TAUC Management, LLC [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 294 | $ 0 | |
[1]The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion. |
SLR Equipment Finance - Additio
SLR Equipment Finance - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2019 USD ($) | Dec. 31, 2022 USD ($) Customers | Dec. 31, 2021 USD ($) Customers | Dec. 31, 2020 USD ($) | Jul. 31, 2017 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Non-recourse debt | $ 1,085,998 | $ 812,038 | |||
SLR Equipment Finance [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 100% | ||||
Equity method investment, aggregate cost | $ 209,866 | ||||
Equity method investment aggregate equity investment | 145,000 | ||||
Equity method investment aggregate investment in investee leases and loans held | 64,866 | ||||
Line of credit facility, maximum borrowing capacity | $ 213,957 | 150,000 | |||
Line of credit facility maximum borrowing capacity with accordion feature | $ 313,957 | $ 250,000 | |||
Number of funded equipment-backed leases and loans | 131 | 135 | |||
Number of Customers | Customers | 59 | 61 | |||
Net investment in lease | $ 190,830 | $ 210,986 | |||
Assets under lease | 241,813 | 264,007 | |||
Equipment backed leases and loans largest position outstanding | 19,259 | 19,207 | |||
Equipment backed leases and loans average exposure per customer | 3,234 | 3,459 | |||
Non-recourse debt | 114,977 | 118,002 | |||
Net income | 2,867 | 9,729 | $ 8,883 | ||
Gross income | $ 20,380 | $ 22,931 | $ 24,512 | ||
Line of credit facility, expiration date | Jul. 31, 2023 |
Capital Share Transactions - Ad
Capital Share Transactions - Additional Information (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Stockholders' Equity Note [Abstract] | ||
Shares authorized | 200,000,000 | 200,000,000 |
Par value | $ 0.01 | $ 0.01 |
Capital Share Transactions - Su
Capital Share Transactions - Summary of Transactions In Capital Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | 12,294,554 | 0 | ||
Amount | $ 223,801 | $ 0 | ||
Shares repurchased, Shares | (217,271) | 0 | 0 | |
Shares repurchased, Value | $ (3,038) | $ (3,038) | $ 0 | $ 0 |
Shares issued in connection with the Mergers [Member] | ||||
Shares | 12,511,825 | 0 | ||
Amount | $ 226,839 | $ 0 |
Kingsbridge Holdings, LLC - Add
Kingsbridge Holdings, LLC - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 03, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from unsecured borrowings | $ 134,914 | $ 49,936 | $ 0 | |
Total assets | 2,537,695 | 2,011,011 | ||
Non-recourse debt | 1,085,998 | 812,038 | ||
KBHT [Member] | ||||
Total assets | 777,151 | 738,425 | ||
Kingsbridge Holdings, LLC [Member] | ||||
Equity method investments | $ 216,596 | |||
Payments to acquire investments | 136,596 | |||
Proceeds from unsecured borrowings | $ 80,000 | |||
Recourse debt | 222,094 | 216,881 | ||
Non-recourse debt | 353,128 | 323,844 | ||
Net income (loss) | 13,287 | 12,151 | 2,170 | |
Gross income | $ 298,760 | $ 245,889 | $ 43,618 | |
Maximum [Member] | Kingsbridge Holdings, LLC [Member] | ||||
Equity method investment, ownership percentage | 87.50% | |||
Minimum [Member] | Kingsbridge Holdings, LLC [Member] | ||||
Equity method investment, ownership percentage | 12.50% |
SLR Healthcare ABL - Additional
SLR Healthcare ABL - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||||||
Jun. 28, 2019 USD ($) | May 27, 2016 USD ($) | Sep. 30, 2013 USD ($) | Dec. 31, 2022 USD ($) issuers | Dec. 31, 2021 USD ($) issuers | Dec. 31, 2020 USD ($) | Sep. 30, 2022 | Jun. 27, 2014 USD ($) | Mar. 31, 2014 USD ($) | |
Commitments and contingencies | |||||||||
Total assets | $ 2,537,695 | $ 2,011,011 | |||||||
Number of issuers in business credit | issuers | 108 | 125 | |||||||
SLR Healthcare ABL Credit [Member] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 125,000 | $ 77,000 | $ 60,000 | ||||||
Debt instrument term | 4 years | ||||||||
Line of credit facility, expiration date | Jun. 28, 2023 | May 27, 2020 | |||||||
Total assets | $ 108,705 | $ 91,275 | |||||||
Number of issuers in business credit | issuers | 41 | 36 | |||||||
Long-term line of credit | $ 2,253 | $ 2,267 | |||||||
Net income (loss) | 3,475 | 662 | $ 4,289 | ||||||
Gross income | 11,593 | 10,052 | $ 10,367 | ||||||
Senior Secured Commitments [Member] | |||||||||
Commitments and contingencies | 242,106 | 183,501 | |||||||
Senior Secured Commitments [Member] | SLR Healthcare ABL Credit [Member] | |||||||||
Commitment funded amount | $ 92,383 | $ 81,604 | |||||||
Maximum [Member] | |||||||||
Debt instrument term | 60 days | ||||||||
Maximum [Member] | SLR Healthcare ABL Credit [Member] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000 | $ 150,000 | $ 110,000 | ||||||
Minimum [Member] | |||||||||
Debt instrument term | 60 days | ||||||||
Minimum [Member] | SLR Healthcare ABL Credit [Member] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 125,000 | 100,000 | $ 105,000 | ||||||
SLR Healthcare ABL [Member] | |||||||||
Equity method investments | $ 32,839 | ||||||||
SLR Healthcare ABL [Member] | Maximum [Member] | |||||||||
Equity method investment, ownership percentage | 93% | ||||||||
SLR Healthcare ABL [Member] | Minimum [Member] | |||||||||
Equity method investment, ownership percentage | 7% |
SLR Business Credit - Additiona
SLR Business Credit - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||||
Jun. 03, 2021 USD ($) | Dec. 31, 2022 USD ($) issuers | Dec. 31, 2021 USD ($) issuers | Dec. 31, 2020 USD ($) | Jun. 28, 2019 USD ($) | May 01, 2018 | Oct. 20, 2017 USD ($) | |
SLR Business Credit [Line Items] | |||||||
Commitments and contingencies | |||||||
Assets | $ 2,537,695 | $ 2,011,011 | |||||
Number of issuers in business credit | issuers | 108 | 125 | |||||
SLR Business Credit [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Long-term line of credit | $ 2,648 | $ 1,989 | |||||
Net income | 3,941 | 7,295 | $ 4,512 | ||||
Gross income | 29,433 | 24,021 | $ 19,715 | ||||
Senior Secured Commitments [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Commitments and contingencies | 242,106 | 183,501 | |||||
Senior Secured Commitments [Member] | SLR Business Credit [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Commitments and contingencies | 603,432 | 513,869 | |||||
Commitment funded amount | 286,006 | 248,652 | |||||
Assets | 332,247 | 290,794 | |||||
Fast Pay Partners LLC [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Percentage of voting interests acquired | 100% | ||||||
Business combination, consideration transferred | $ 66,671 | ||||||
NMCs Credit Facility [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 47,671 | $ 15,500 | |||||
SUNS [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 19,000 | ||||||
NMC Senior Credit Facility [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 285,307 | ||||||
Long-term line of credit | $ 214,425 | $ 183,252 | |||||
Line of credit facility, expiration date | Nov. 13, 2025 | ||||||
NM Holdco [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Percentage of equity interest contributed to another entity | 99% | ||||||
North Mill Capital LLC [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Equity method investment, ownership percentage | 99% | 100% | |||||
Equity method investments | $ 51,000 | ||||||
ESP SSC Corporation [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Equity method investment, ownership percentage | 1% | 1% | |||||
Summit Financial Resources [Member] | |||||||
SLR Business Credit [Line Items] | |||||||
Equity method investment, ownership percentage | 100% |
Merger with SUNS - Additional I
Merger with SUNS - Additional Information (Details) | 12 Months Ended | ||
Apr. 01, 2022 basispoints $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 shares | |
Merger With Suns [Line Items] | |||
Shares issued, price per share | $ / shares | $ 13.98 | ||
Stock issued during period, shares, acquisitions | shares | 12,294,554 | 0 | |
Number of basis points | basispoints | 25 | ||
Minimum [Member] | Advisory Agreement [Member] | |||
Merger With Suns [Line Items] | |||
Percentage of gross assets | 1% | 1% | |
Percentage of total net assets | 200% | 200% | |
Maximum [Member] | Advisory Agreement [Member] | |||
Merger With Suns [Line Items] | |||
Percentage of gross assets | 1.50% | 1.50% | |
Percentage of total net assets | 200% | 200% | |
Common Stock [Member] | SUNS Company Merger [Member] | |||
Merger With Suns [Line Items] | |||
Shares issued, price per share | $ / shares | $ 0.7796 | ||
Stock issued during period, shares, acquisitions | shares | 12,511,825 |
Merger with SUNS - Summary the
Merger with SUNS - Summary the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Merger (Detail) - SUNS Company Merger [Member] $ in Thousands | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||
Common stock issued by the Company | $ 227,602 | [1] |
Assets acquired: | ||
Investments, at fair value | 400,105 | |
Cash | 2,313 | |
Other assets | 4,662 | |
Total assets acquired | 407,080 | |
Liabilities assumed: | ||
Debt, at fair value | 159,816 | |
Other liabilities | 2,573 | |
Total liabilities assumed | 162,389 | |
Net assets acquired | 244,691 | |
Total purchase discount | $ (17,089) | |
[1]Based on the market price at closing of $18.13, adjusted for transaction costs. |
Merger with SUNS - Summary th_2
Merger with SUNS - Summary the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Merger (Parenthetical) (Detail) | Dec. 31, 2022 $ / shares |
SUNS Company Merger [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, share price | $ 18.13 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | May 23, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 03, 2022 | |
Stockholders' Equity Note [Abstract] | ||||||
Stock repurchase program, authorized amount | $ 50,000 | |||||
Stock repurchase program expiration date | May 01, 2023 | |||||
Stock Repurchased During Period, Shares | 217,271 | 0 | 0 | |||
Shares Issued, Price Per Share | $ 13.98 | $ 13.98 | ||||
Stock Repurchased During Period, Value | $ 3,038 | $ 3,038 | $ 0 | $ 0 |
SLR Senior Lending Program LL_2
SLR Senior Lending Program LLC - Summary of SSLP's portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Investment Holdings [Line Items] | ||
Cost | $ 2,552,177 | $ 2,016,953 |
SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Cost | 18,032 | |
Fair Value | $ 18,062 | |
Diversified Financial Services | Atria Wealth Solutions, Inc [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | S+600 | |
Floor | 1% | |
Interest Rate | 10.84% | |
Maturity Date | Feb. 29, 2024 | |
Par Amount | $ 2,494 | |
Cost | 2,494 | |
Fair Value | $ 2,494 | |
Health Care Providers & Services | BayMark Health Services Inc [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | L+500 | |
Floor | 1% | |
Interest Rate | 9.73% | |
Maturity Date | Jun. 11, 2027 | |
Par Amount | $ 2,992 | |
Cost | 2,992 | |
Fair Value | $ 2,992 | |
Health Care Providers & Services | Ivy Fertility Services, LLC [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | L+625 | |
Floor | 1% | |
Interest Rate | 10.39% | |
Maturity Date | Feb. 25, 2026 | |
Par Amount | $ 3,000 | |
Cost | 3,000 | |
Fair Value | $ 3,030 | |
Trading Companies & Distributors | ENS Holdings III Corp. ES Opco USA LLC [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | L+475 | |
Floor | 1% | |
Interest Rate | 9.43% | |
Maturity Date | Dec. 31, 2025 | |
Par Amount | $ 1,097 | |
Cost | 1,097 | |
Fair Value | $ 1,097 | |
Personal Products | Foundation Consumer Brands, LLC [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | L+550 | |
Floor | 1% | |
Interest Rate | 10.15% | |
Maturity Date | Feb. 12, 2027 | |
Par Amount | $ 2,963 | |
Cost | 2,963 | |
Fair Value | $ 2,963 | |
Insurance | High Street Buyer Inc [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | L+600 | |
Floor | 0.75% | |
Interest Rate | 10.73% | |
Maturity Date | Apr. 16, 2028 | |
Par Amount | $ 2,494 | |
Cost | 2,494 | |
Fair Value | $ 2,494 | |
Software | Kid Distro Holdings, LLC (Distro Kid) [Member] | SLR Senior Lending Program LLC [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Spread Above Index | L+575 | |
Floor | 1% | |
Interest Rate | 10.48% | |
Maturity Date | Oct. 01, 2027 | |
Par Amount | $ 2,992 | |
Cost | 2,992 | |
Fair Value | $ 2,992 |
SLR Senior Lending Program LL_3
SLR Senior Lending Program LLC - Summary financial information for SSLP (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and other assets | $ 2,504,266 | $ 2,504,266 | $ 1,990,582 | ||
Total assets | 2,537,695 | 2,537,695 | 2,011,011 | ||
Debt outstanding | 1,085,998 | 1,085,998 | 812,038 | ||
Total liabilities | 1,537,964 | 1,537,964 | 1,168,730 | ||
Organizational costs | 5,401 | 5,575 | $ 5,215 | ||
Other general and administrative expenses | 6,099 | 4,390 | 2,936 | ||
Total expenses | 102,666 | 78,427 | 62,530 | ||
Net investment loss | 76,366 | 60,927 | 59,215 | ||
Realized gain on investments | (36,485) | 26 | (26,638) | ||
Net change in unrealized gain on investments | (21,539) | (1,387) | (17,126) | ||
Net realized and unrealized gain on investments | (58,024) | (1,361) | (43,764) | ||
Net loss | 18,342 | $ 59,566 | $ 15,451 | ||
SLR Senior Lending Program LLC [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investments at fair value (cost $18,032) | 18,062 | 18,062 | |||
Cash and other assets | 1,043 | 1,043 | |||
Total assets | 19,105 | 19,105 | |||
Debt outstanding | 0 | 0 | |||
Interest payable and other credit facility related expenses | 165 | 165 | |||
Accrued expenses and other payables | 89 | 89 | |||
Total liabilities | 254 | 254 | |||
Members' equity | 18,851 | 18,851 | |||
Total liabilities and members' equity | 19,105 | $ 19,105 | |||
Interest income | 152 | ||||
Service fees | [1] | 4 | |||
Interest and other credit facility expenses | 166 | ||||
Organizational costs | 73 | ||||
Other general and administrative expenses | 88 | ||||
Total expenses | 331 | ||||
Net investment loss | (179) | ||||
Realized gain on investments | 0 | ||||
Net change in unrealized gain on investments | 30 | ||||
Net realized and unrealized gain on investments | 30 | ||||
Net loss | $ (149) | ||||
[1]Service fees are included within the Company’s Consolidated Statements of Operations as other income. |
SLR Senior Lending Program LL_4
SLR Senior Lending Program LLC - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Dec. 12, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Oct. 12, 2022 | Dec. 31, 2021 | |
Summary of Investment Holdings [Line Items] | |||||
Other Commitment | $ 323,663 | $ 323,663 | $ 226,733 | ||
total assets | 2,537,695 | 2,537,695 | 2,011,011 | ||
Unfunded Debt and Equity Commitments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Other Commitment | 323,663 | 323,663 | $ 226,733 | ||
SLR Senior Lending Program LLC [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Other Ownership Interests, Contributed Capital | 19,000 | 19,000 | |||
total assets | 19,105 | 19,105 | |||
Payments to Acquire Investments | 18,100 | ||||
Prepaid Expense | 68 | 68 | |||
SLR Senior Lending Program LLC [Member] | Unfunded Debt and Equity Commitments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Other Commitment | 40,500 | 40,500 | $ 100,000 | ||
SLR Senior Lending Program LLC [Member] | Senior Secured Revolving Credit Facility [Member] | SLR Senior Lending Program SPV LLC [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Long-term Line of Credit | $ 100,000 | ||||
Debt Instrument, Maturity Date | Dec. 12, 2027 | ||||
Proceeds from Lines of Credit | 0 | ||||
SLR Senior Lending Program LLC [Member] | Senior Secured Revolving Credit Facility [Member] | SLR Senior Lending Program SPV LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Line of Credit Facility, Interest Rate During Period | 3.25% | ||||
SLR Senior Lending Program LLC [Member] | Investor | Unfunded Debt and Equity Commitments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Other Commitment | 40,500 | 40,500 | 50,000 | ||
SLR Senior Lending Program LLC [Member] | Management | Unfunded Debt and Equity Commitments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Other Commitment | $ 40,500 | $ 40,500 | $ 50,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | Feb. 28, 2023 | Feb. 02, 2023 | Jan. 10, 2023 |
Subsequent Event [Member] | Board [Member] | |||
Subsequent Event [Line Items] | |||
Dividends payable, amount per share | $ 0.136667 | $ 0.136667 | $ 0.136667 |