SLR Investment Corp.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
SLRC$11.81-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-25.
0000950170-25-026605
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-24.
0001193125-26-066979
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 196 previous paragraphs and 203 current paragraphs.
148 unchanged; 37 reworded; 14 added; 8 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
the escalating conflicts and various social and political circumstances in the U.S. and around the world;
Current report
Credit markets remained highly competitive in 2025 as borrowers sought to access lower base rates and narrowing credit spreads. Underpinning this backdrop was a resilient U.S. economy that continued to grow throughout the year as policy uncertainty moderated even with continued geopolitical tensions and a government shutdown. The year ended with real US GDP growth in 2025 and expectations for short-term interest rates to decline further in 2026 and for fiscal stimulus to collectively remain supportive of both liquidity and the broader economy.
Current report
The Company considers the applicability and impact of all accounting standard updates (“ASU”) recently issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.
Current report
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted
Current report
Net Realized Gain (Loss)
Current report
On February 28, 2025, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) by and among the Company, the Investment Adviser and the Administrator, on the one hand, and Raymond James & Associates, Inc., Citizens JMP Securities, LLC and Jefferies LLC, as placement agents thereunder (collectively, the “Agents”), on the other hand. Under the Equity Distribution Agreement, the Company may, but has no obligation to, issue and sell up to $150.0 million in aggregate amount of shares of its common stock from time to time through the Agents, or to them, as principal for their own account.
Current report
For the fiscal year ended December 31, 2025, the Company sold no shares of common stock under the Equity Distribution Agreement. As of December 31, 2025, shares representing $150.0 million of our common stock remain available for issuance and sale under the Equity Distribution Agreement.
Current report
Unsecured Notes”) with a fixed interest rate of 5.95% and a maturity date of August 21, 2028. Interest on the 2028 Series J Unsecured
Current report
Notes is due semi-annually on February 21 and August 21. The 2028 Series J Unsecured Notes were issued in a private placement
Current report
only to qualified institutional buyers.
Current report
On July 30, 2025, the Company closed a private offering of $50 million of unsecured notes due 2028 (the “2028 Series I
Current report
Unsecured Notes”) with a fixed interest rate of 5.96% and a maturity date of July 30, 2028. Interest on the 2028 Series I Unsecured
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Notes is due semi-annually on January 30 and July 30. The 2028 Series I Unsecured Notes were issued in a private placement only to
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qualified institutional buyers.
Removed paragraphs (8)
Previous report
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous report
the escalating conflict in the Middle East;
Previous report
Credit markets were highly competitive in 2024 with lower interest rates. The U.S. economy continued to grow during the year amidst declining inflationary pressures. The year ended with an expectation for further interest rate cuts and uncertainties around a new U.S. government and potential impacts to the economy.
Previous report
Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor.
Previous report
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.
Previous report
RESULTS OF OPERATIONS
Previous report
Net Realized Loss
Previous report
The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets is shown net of a voluntary incentive fee waiver (see note 3). For the year ended December 31, 2015, the ratios of operating expenses to average net assets and total expenses to average net assets would be 4.02% and 5.70%, respectively, without the voluntary incentive fee waiver.
Reworded paragraphs (37)
Previous wording
changes in political, economic or industry conditions, relations between the United States, Russia, Ukraine and other nations, the interest rate environment, certain regional bank failures or conditions affecting the financial and capital markets;
Current wording
changes in political, economic or industry conditions, relations between the United States, Russia, Ukraine and other nations, the interest rate environment or conditions affecting the financial and capital markets;
Previous wording
changes in the general economy, slowing economy, rising inflation, risk of recession and risks in respect of a failure to increase the U.S. debt ceiling; and
Current wording
changes in the general economy, slowing economy, inflation, risk of recession, risks in respect of a failure to increase the U.S. debt ceiling or government shutdown and uncertainty surrounding the financial and political stability of the United States and other countries; and
Previous wording
During the year ended December 31, 2024, we invested approximately $468 million across approximately 50 portfolio companies. This compares to investing approximately $812 million across over 85 portfolio companies for the year ended December 31, 2023. Investments sold, prepaid or repaid during the year ended December 31, 2024 totaled approximately $634 million versus approximately $750 million for the year ended December 31, 2023.
Current wording
During the year ended December 31, 2025, we invested approximately $1.1 billion across approximately 58 portfolio companies. This compares to investing approximately $468 million across approximately 50 portfolio companies for the year ended December 31, 2024. Investments sold, prepaid or repaid during the year ended December 31, 2025 totaled approximately $1.0 billion versus approximately $634 million for the year ended December 31, 2024.
Previous wording
At December 31, 2024, our portfolio consisted of 122 portfolio companies and was invested 30.7% in cash flow senior secured loans, 35.8% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL (“SLR Healthcare”) / SLR Business Credit, 21.6% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 11.9% in life science senior secured loans, in each case, measured at fair value, versus 151 portfolio companies and was invested 32.5% in cash flow senior secured loans, 27.8% in asset-based senior secured loans / SLR Credit Solutions / SLR Healthcare / SLR Business Credit, 23.0% in equipment senior secured financings / SLR Equipment Finance / Kingsbridge Holdings, LLC and 16.7% in life science senior secured loans, in each case, measured at fair value, at December 31, 2023.
Current wording
At December 31, 2025, our portfolio consisted of 100 portfolio companies and was invested 21.5% in cash flow senior secured loans, 47.1% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL (“SLR Healthcare”) / SLR Business Credit, 20.4% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 11.0% in life science senior secured loans, in each case, measured at fair value, versus 122 portfolio companies and was invested 30.7% in cash flow senior secured loans, 35.8% in asset-based senior secured loans / SLR Credit / SLR Healthcare / SLR Business Credit, 21.6% in equipment senior secured financings / SLR Equipment / KBH and 11.9% in life science senior secured loans, in each case, measured at fair value, at December 31, 2024.
Previous wording
At December 31, 2024, 80.6%, or $1.59 billion, of our income producing investment portfolio* was floating rate and 19.4%, or $383 million, was fixed rate, measured at fair value. At December 31, 2023, 78.7%, or $1.67 billion, of our income producing investment portfolio* was floating rate and 21.3%, or $451 million, was fixed rate, measured at fair value. As of December 31, 2024 and 2023, we had one and one issuers on non-accrual status, respectively.
Current wording
At December 31, 2025, 83.5%, or $1.74 billion, of our income producing investment portfolio* was floating rate and 16.5%, or $344 million, was fixed rate, measured at fair value. At December 31, 2024, 80.6%, or $1.59 billion, of our income producing investment portfolio* was floating rate and 19.4%, or $383 million, was fixed rate, measured at fair value. As of December 31, 2025 and 2024, we had zero and one issuer on non-accrual status, respectively.
Previous wording
As of December 31, 2024, SLR Credit had 27 funded commitments to 22 different issuers with total funded loans of approximately $317.6 million on total assets of $364.3 million. As of December 31, 2023, SLR Credit had 31 funded commitments to 26 different issuers with total funded loans of approximately $406.6 million on total assets of $438.4 million. As of December 31,
Current wording
As of December 31, 2025, SLR Credit had 33 funded commitments to 26 different issuers with total funded loans of approximately $404.1 million on total assets of $420.7 million. As of December 31, 2024, SLR Credit had 27 funded commitments to
Previous wording
2024 and December 31, 2023, the largest loan outstanding totaled $27.9 million and $30.0 million, respectively. For the same periods, the average exposure per issuer was $14.4 million and $15.6 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $150.0 million and $218.9 million of borrowings outstanding at December 31, 2024 and December 31, 2023, respectively. For the years ended December 31, 2024 and December 31, 2023, SLR Credit had net income of $24.9 million and $6.5 million, respectively, on gross income of $55.2 million and $57.8 million, 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 Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Credit will be able to maintain consistent dividend payments to us. SLR Credit’s consolidated financial statements for the fiscal years ended December 31, 2024 and December 31, 2023 are attached as an exhibit to this annual report on Form 10-K.
Current wording
22 different issuers with total funded loans of approximately $317.6 million on total assets of $364.3 million. As of December 31, 2025 and December 31, 2024, the largest loan outstanding totaled $29.9 million and $27.9 million, respectively. For the same periods, the average exposure per issuer was $15.5 million and $14.4 million, respectively. SLR Credit’s credit facility, which is non-recourse to the Company, had approximately $215.8 million and $150.0 million of borrowings outstanding at December 31, 2025 and December 31, 2024, respectively. For the years ended December 31, 2025 and December 31, 2024, SLR Credit had net income of $13.8 million and $24.9 million, respectively, on gross income of $44.9 million and $55.2 million, 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 Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Credit will be able to maintain consistent dividend payments to us. SLR Credit’s consolidated financial statements for the fiscal years ended December 31, 2025 and December 31, 2024 are attached as an exhibit to this annual report on Form 10-K.
Previous wording
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 is an independent equipment finance company that provides senior secured loans and leases primarily to U.S. based companies. We invested $209.9 million in cash to effect the transaction, of which $145.0 million 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 $64.9 million was used to purchase certain leases and loans held by SLR Equipment through NEFPASS LLC. On January 31, 2024, SLR Equipment entered into a $225 million senior secured credit facility with a maturity date of January 31, 2027. On March 1, 2024, the credit facility was expanded to $350 million of commitments.
Current wording
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 is an independent equipment finance company that provides senior secured loans and leases primarily to U.S. based companies. We invested $209.9 million in cash to effect the transaction, of which $145.0 million 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 $64.9 million was used to purchase certain leases and loans held by SLR Equipment through NEFPASS LLC. On January 31, 2024, SLR Equipment entered into a $225 million senior secured credit facility originally with a maturity date of January 31, 2027. On March 1, 2024, the credit facility was expanded to $350 million of commitments. On November 26, 2025, SLR Equipment renewed the credit facility extending the maturity date to November 26, 2028.
Previous wording
As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324.9 million on total assets of $366.3 million. As of December 31, 2023, SLR Equipment had 150 funded equipment-backed leases and loans to 62 different customers with a total net investment in leases and loans of approximately $203.7 million on total assets of $254.7 million. As of December 31, 2024 and December 31, 2023, the largest position outstanding totaled $17.9 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.5 million and $3.3 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $261.0 million and $137.2 million of borrowings outstanding at December 31, 2024 and December 31, 2023, respectively. For the years ended December 31, 2024 and December 31, 2023, SLR Equipment had net losses of $9.5 million and $6.4 million, respectively, on gross income of $22.0 million and $19.6 million, 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 Equipment’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Equipment will be able to maintain consistent dividend payments to us. SLR Equipment’s consolidated financial statements for the fiscal years ended December 31, 2024 and December 31, 2023 are attached as an exhibit to this annual report on Form 10-K.
Current wording
As of December 31, 2025, SLR Equipment had 485 funded equipment-backed leases and loans to 243 different customers with a total net investment in leases and loans of approximately $299.8 million on total assets of $338.3 million. As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324.9 million on total assets of $366.3 million. As of December 31, 2025 and December 31, 2024, the largest position outstanding totaled $17.8 million and $17.9 million, respectively. For the same periods, the average exposure per customer was $1.2 million and $1.5 million, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $237.5 million and $261.0 million of borrowings outstanding at December 31, 2025 and December 31, 2024, respectively. For the years ended December 31, 2025 and December 31, 2024, SLR Equipment had net income (losses) of $2.6 million and ($9.5) million, respectively, on gross income of $28.6 million and $22.0 million, 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 Equipment’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Equipment will be able to maintain consistent dividend payments to us. SLR Equipment’s consolidated financial statements for the fiscal years ended December 31, 2025 and December 31, 2024 are attached as an exhibit to this annual report on Form 10-K.
Previous wording
On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual focused independent mid-ticket lessor of equipment primarily to U.S. large corporate companies. The Company invested $216.6 million to effect the transaction, of which $136.6 million was invested to acquire 87.5% of KBHT’s equity and $80.0 million in KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owned 87.5% of KBHT equity and the KBH management team owned the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. Effective with this purchase, the Company owns 90.625% of KBHT’s equity and the KBH management team owns the remaining 9.375%.
Current wording
On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual focused independent mid-ticket lessor of equipment primarily to U.S. large corporate companies. The Company invested $216.6 million to effect the transaction, of which $136.6 million was invested to acquire 87.5% of KBHT’s equity and $80.0 million in KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owned 87.5% of KBHT equity and the KBH management team owned the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. On March 11, 2025, as per the terms
Previous wording
As of December 31, 2024 and December 31, 2023, KBHT had total assets of $920.1 million and $857.3 million, respectively. For the same periods, debt recourse to KBHT totaled $271.6 million and $249.8 million, respectively, and non-recourse debt totaled $421.6 million and $367.1 million, respectively. None of the debt is recourse to the Company. For the years ended December 31, 2024 and December 31, 2023, KBHT had net income of $12.0 million and $9.1 million, respectively, on gross income of $341.3 million and $327.4 million, 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 KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us. KBHT’s consolidated financial statements for the years ended December 31, 2024 and December 31, 2023 are attached as an exhibit to this annual report on Form 10-K.
Current wording
As of December 31, 2025 and December 31, 2024, KBHT had total assets of $940.3 million and $920.1 million, respectively. For the same periods, debt recourse to KBHT totaled $309.4 million and $271.6 million, respectively, and non-recourse debt totaled $407.8 million and $421.6 million, respectively. None of the debt is recourse to the Company. For the years ended December 31, 2025 and December 31, 2024, KBHT had net income of $25.1 million and $12.0 million, respectively, on gross income of $361.0 million and $341.3 million, 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 KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us. KBHT’s consolidated financial statements for the years ended December 31, 2025 and December 31, 2024 are attached as an exhibit to this annual report on Form 10-K.
Previous wording
SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC 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 companies operating in the healthcare industry. SUNS’s initial investment in SLR Healthcare was approximately $32.8 million. The management team of SLR Healthcare co-invested in the transaction and continues to lead SLR Healthcare. As of December 31, 2024, SLR Healthcare’s management team and the Company own approximately 7% and 93% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers on April 1, 2022. Effective with an amendment dated September 19, 2024, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $200 million under its accordion facility. The maturity date of this facility is March 31, 2026.
Current wording
SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC 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 companies operating in the healthcare industry. SUNS’s initial investment in SLR Healthcare was approximately $32.8 million. The management team of SLR Healthcare co-invested in the transaction and continues to lead SLR Healthcare. As of December 31, 2025, SLR Healthcare’s management team and the Company own approximately 8% and 92% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Mergers on April 1, 2022. Effective with an amendment dated September 19, 2024, SLR Healthcare has a $160 million non-recourse credit facility, which is expandable to $200 million under its accordion facility. The maturity date of this facility is March 31, 2026.
Previous wording
SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2024, the portfolio totaled approximately $288.3 million of commitments with a total net investment in loans of $130.2 million on total assets of $138.5 million. As of December 31, 2023, the portfolio totaled approximately $255.0 million of commitments with a total net investment in loans of $111.3 million on total assets of $118.6 million. At December 31, 2024, the portfolio consisted of 47 issuers with an average balance of approximately $2.8 million versus 42 issuers with an average balance of approximately $2.6 million at December 31, 2023. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $99.6 million and $84.7 million of borrowings outstanding at December 31, 2024 and December 31, 2023, respectively. For the years ended December 31, 2024 and December 31, 2023, SLR Healthcare had net income of $5.6 million and $5.5 million, respectively, on gross income of $20.0 million and $17.9 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. SLR Healthcare’s consolidated financial statements for the fiscal years ended December 31, 2024 and December 31, 2023 are attached as an exhibit to this annual report on Form 10-K.
Current wording
SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2025, the portfolio totaled approximately $297.8 million of commitments with a total net investment in loans of $157.0 million on total assets of $165.4 million. As of December 31, 2024, the portfolio totaled approximately $288.3 million of commitments with a total net investment in loans of $130.2 million on total assets of $138.5 million. At December 31, 2025, the portfolio consisted of 48 issuers with an average balance of approximately $3.3 million versus 47 issuers with an average balance of approximately $2.8 million at December 31, 2024. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay loans. SLR Healthcare’s credit facility, which is non-recourse to us, had approximately $127.2 million and $99.6 million of borrowings outstanding at December 31, 2025 and December 31, 2024, respectively. For the years ended December 31, 2025 and December 31, 2024, SLR Healthcare had net income of $6.9 million and $5.6 million, respectively, on gross income of $23.5 million and $20.0 million, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. SLR Healthcare’s consolidated financial statements for the fiscal years ended December 31, 2025 and December 31, 2024 are attached as an exhibit to this annual report on Form 10-K.
Previous wording
SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2024, the portfolio totaled approximately $858.0 million of commitments, of which $488.4 million were funded, on total assets of $527.1 million. As of December 31, 2023, the portfolio totaled approximately $610.9 million of commitments, of which $273.5 million were funded, on total assets of $315.3 million. At December 31, 2024, the portfolio consisted of 188 issuers with an average balance of approximately $2.6 million versus 102 issuers with an average balance of approximately $2.7 million at December 31, 2023. NMC has a senior credit facility with a bank lending group for $325.3 million which expires on November 13, 2025. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $231.0 million and $222.9 million of borrowings outstanding at December 31, 2024 and December 31, 2023, respectively. For the years ended December 31, 2024 and December 31, 2023, SLR Business Credit had net income (loss) of $10.5 million and ($9.5) million, respectively, on gross income of $45.9 million and $38.1 million, 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, 2024 and December 31, 2023 are attached as an exhibit to this annual report on Form 10-K.
Current wording
SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of December 31, 2025, the portfolio totaled approximately $920.4 million of commitments, of which $535.2 million were funded, on total assets of $574.1 million. As of December 31, 2024, the portfolio totaled approximately $858.0 million of commitments, of which $488.4 million were funded, on total assets of $527.1 million. At December 31, 2025, the portfolio consisted of 179 issuers with an average balance of approximately $3.0 million versus 188 issuers with an average balance of approximately $2.6 million at December 31, 2024. NMC has a senior credit facility with a bank lending group for $367.0 million which expires on November 13, 2028. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is non-recourse to us, had approximately $273.2 million and $231.0 million of borrowings outstanding at December 31, 2025 and December 31, 2024, respectively. For the years ended December 31, 2025 and December 31, 2024, SLR Business Credit had net income of $9.6 million and $10.5 million, respectively, on gross income of $54.8 million and $45.9 million, 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, 2025 and December 31, 2024 are attached as an exhibit to this annual report on Form 10-K.
Previous wording
On May 7, 2024, our Board authorized an extension of a program for the purpose of repurchasing up to $50 million 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 of the 1934 Act, including certain price, market volume and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 7, 2025 or until $50 million of our outstanding shares of common stock have been repurchased. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases beyond what is reported herein. There were no share repurchases during the fiscal year ended December 31, 2024. During the fiscal year ended December 31, 2023, the Company repurchased 746 shares at an average price of approximately $14.02 per share, inclusive of commissions. The total dollar amount of shares repurchased for the fiscal year ended December 31, 2023 was $0.01 million.
Current wording
On May 7, 2025, our Board authorized an extension of a program for the purpose of repurchasing up to $50 million 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 of the 1934 Act, including certain price, market volume and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 7, 2026 or until $50 million of our outstanding shares of common stock have been repurchased. The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases beyond what is reported herein. There were no share repurchases during the fiscal years ended December 31, 2025 and December 31, 2024.
Previous wording
scheduled to mature on December 12, 2028 and generally bears interest at a rate of SOFR plus 2.90%. 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. As of December 31, 2024 and December 31, 2023, borrowings outstanding on the SSLP Facility totaled $96.6 million and $106.9 million, respectively.
Current wording
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 senior secured revolving credit facility with Goldman Sachs Bank USA acting as administrative agent. On October 8, 2025, this facility was refinanced with Citizens Bank, N.A. into a $150 million facility scheduled to mature in October 2030 and generally bearing interest at a rate of SOFR plus 2.15% (the “SSLP Facility”). 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. As of December 31, 2025 and December 31, 2024, borrowings outstanding on the SSLP Facility totaled $94.5 million and $96.6 million, respectively.
Previous wording
As of December 31, 2024 and December 31, 2023, the Company and the Investor had contributed combined equity capital in the amount of $95.75 million and $85.75 million, respectively. As of December 31, 2024 and December 31, 2023, the Company and the Investor’s combined remaining commitments to SSLP totaled $4.25 million and $14.25 million, 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 approval of both the Company and the Investor.
Current wording
As of December 31, 2025 and December 31, 2024, the Company and the Investor had contributed combined equity capital in the amount of $95.75 million and $95.75 million, respectively. As of December 31, 2025 and December 31, 2024, the Company and the Investor’s combined remaining commitments to SSLP totaled $4.25 million and $4.25 million, 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 approval of both the Company and the Investor.
Previous wording
As of December 31, 2024 and December 31, 2023, SSLP had total assets of $197.5 million and $195.9 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 32 and 32 different borrowers, respectively. For the years ended December 31, 2024 and December 31, 2023, SSLP invested $47.6 million in 16 portfolio companies and $188.7 million in 32 portfolio companies, respectively. For the same periods, investments prepaid totaled $57.5 million and $21.1 million, respectively.
Current wording
As of December 31, 2025 and December 31, 2024, SSLP had total assets of $192.8 million and $197.5 million, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 25 and 32 different borrowers, respectively. For the years ended December 31, 2025 and December 31, 2024, SSLP invested $70.4 million in 12 portfolio companies and $47.6 million in 16 portfolio companies, respectively. For the same periods, investments prepaid totaled $68.2 million and $57.5 million, respectively.
Previous wording
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, 2023.
Current wording
Floating rate debt investments typically bear interest at a rate determined by reference to 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, 2024.
Previous wording
The typically higher yields and interest rates on PIK securities, to the extent we invested, reflects the payment deferral and increased credit risk associated with such instruments and that such investments may represent a significantly higher credit risk than coupon loans. PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. PIK income has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK income also increases the loan-to-value ratio at a compounding rate. PIK securities create the risk that incentive fees will be paid to the Investment Adviser based on non-cash accruals that ultimately may not be realized, but the Investment Adviser will be under no obligation to reimburse the Company for these fees. For the fiscal years ended December 31, 2024 and 2023, capitalized PIK income totaled $7.1 million and $11.1 million, respectively.
Current wording
The typically higher yields and interest rates on PIK securities, to the extent we invested, reflects the payment deferral and increased credit risk associated with such instruments and that such investments may represent a significantly higher credit risk than coupon loans. PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. PIK income has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK income also increases the loan-to-value ratio at a compounding rate. PIK securities create the risk that incentive fees will be paid to the Investment Adviser based on non-cash accruals that ultimately may not be realized, but the Investment Adviser will be under no obligation to reimburse the Company for these fees. For the fiscal years ended December 31, 2025 and 2024, capitalized PIK income totaled $8.2 million and $7.1 million, respectively.
Previous wording
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 19 for more information on the effects of the adoption of ASU 2023-07.
Current wording
ASU 2023-09 effective on December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.
Previous wording
For the fiscal years ended December 31, 2024 and 2023, gross investment income totaled $232.4 million and $229.3 million, respectively. The increase in gross investment income for the year over year period was primarily due to an increase in dividend income year over year from SSLP and our specialty finance company equity investments.
Current wording
For the fiscal years ended December 31, 2025 and 2024, gross investment income totaled $218.5 million and $232.4 million, respectively. The decrease in gross investment income for the year over year period was primarily due to a decrease in the average size of the income-producing investment portfolio as well as a decrease in index rates.
Previous wording
Net expenses totaled $136.1 million and $137.2 million, respectively, for the fiscal years ended December 31, 2024 and 2023, of which $55.4 million and $54.6 million, respectively, were base management fees and performance-based incentive fees and $71.5 million and $72.5 million, respectively, were interest and other credit facility expenses. Other general and administrative expenses totaled $9.4 million and $10.6 million, respectively, for the fiscal years ended December 31, 2024 and 2023. Over the same periods, $0.2 million and $0.5 million of performance-based incentive fees were waived. Expenses generally consist of management and performance-based incentive fees, interest and other credit facility expenses, administrative services fees, insurance expenses, legal fees, directors’ fees, transfer agency fees, printing and proxy expenses, audit and tax services expenses, and other general and administrative expenses. Interest and other credit facility expenses generally consist of interest, unused fees, agency fees and loan origination fees, if any, among others. The decrease in expenses for the year over year period was primarily due to lower interest expense on a decrease in average borrowings as well as a reduction in general and administrative expenses, partially offset by higher fees stemming from higher net investment income.
Current wording
Net expenses totaled $131.6 million and $136.1 million, respectively, for the fiscal years ended December 31, 2025 and 2024, of which $52.9 million and $55.4 million, respectively, were base management fees and performance-based incentive fees and $67.9 million and $71.5 million, respectively, were interest and other credit facility expenses. Other general and administrative expenses totaled $10.8 million and $9.4 million, respectively, for the fiscal years ended December 31, 2025 and 2024. Over the same periods, $0.05 million and $0.2 million of performance-based incentive fees were waived. Expenses generally consist of management and performance-based incentive fees, interest and other credit facility expenses, administrative services fees, insurance expenses, legal fees, directors’ fees, transfer agency fees, printing and proxy expenses, audit and tax services expenses, and other general and administrative expenses. Interest and other credit facility expenses generally consist of interest, unused fees, agency fees and loan origination fees, if any, among others. The decrease in expenses for the year over year period was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings. Additionally there was a reduction in performance-based incentive fees on lower net investment income.
Previous wording
The Company’s net investment income totaled $96.3 million and $92.1 million, or $1.77 and $1.69 per average share, respectively, for the fiscal years ended December 31, 2024 and 2023.
Current wording
The Company’s net investment income totaled $86.9 million and $96.3 million, or $1.59 and $1.77 per average share, respectively, for the fiscal years ended December 31, 2025 and 2024.
Previous wording
The Company had investment sales and prepayments totaling approximately $634 million and $750 million, respectively, for the fiscal years ended December 31, 2024 and 2023. Net realized losses over the same periods were $2.3 million and $28.0 million, respectively. Net realized losses for fiscal year 2024 were primarily related to the exit of our investments in NSPC Holdings LLC and NSPC Intermediate Corp. Net realized losses for fiscal year 2023 were primarily related to our investment in American Teleconferencing Services, Ltd.
Current wording
The Company had investment sales and prepayments totaling approximately $1.0 billion and $634 million, respectively, for the fiscal years ended December 31, 2025 and 2024. Net realized gains (losses) over the same periods were $1.6 million and ($2.3) million, respectively. Net realized gains for fiscal year 2025 were primarily related to the sale of selected assets. Net realized losses for fiscal year 2024 were primarily related to the exit of our investments in NSPC Holdings LLC and NSPC Intermediate Corp.
Previous wording
For the fiscal years ended December 31, 2024 and 2023, net change in unrealized gain on the Company’s assets and liabilities totaled $1.7 million and $12.3 million, respectively. Net unrealized gain for the fiscal year ended December 31, 2024 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Credit Solutions, Bayside Parent, LLC and SLR Healthcare ABL, among others, partially offset the reversal of previously recognized unrealized appreciation on our investment in Alimera Sciences, Inc. as well as by depreciation in the value of our investments in SLR Equipment Finance, SLR-AMI Topco Blocker, LLC and SOINT, LLC, among others. Net unrealized gain for the fiscal year ended December 31, 2023 was primarily due to the reversal of previously recognized unrealized depreciation on our investment in American Teleconferencing Services, Ltd., as well as appreciation in the value of our investments in Alimera Sciences, Inc., SLR Healthcare ABL and SLR Senior Lending Program LLC, among others, partially offset by depreciation in the value of our investments in SLR-AMI Topco Blocker, LLC, KBH Topco, LLC and SLR Credit Solutions, among others.
Current wording
For the fiscal years ended December 31, 2025 and 2024, net change in unrealized gain on the Company’s assets and liabilities totaled $4.0 million and $1.7 million, respectively. Net unrealized gain for the fiscal year ended December 31, 2025 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit, RD Holdco, Inc., Bayside Parent, LLC and Arcutis Biotherapeutics, Inc., among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, SLR Credit Solutions, SLR-AMI Topco Blocker, LLC, OmniGuide Holdings, Inc., RQM+ Corp., SOINT, LLC and SLR Senior Lending Program LLC, among others, as well as the reversal of previously recognized unrealized appreciation upon the exit of our investments in Cerapedics, Inc., Outset Medical, Inc. and Retina Midco, Inc. Net unrealized gain for the fiscal year ended December 31, 2024 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Credit Solutions, Bayside Parent, LLC and SLR Healthcare ABL, among others, partially offset the reversal of previously recognized unrealized appreciation on our investment in Alimera Sciences, Inc. as well as by depreciation in the value of our investments in SLR Equipment Finance, SLR-AMI Topco Blocker, LLC and SOINT, LLC, among others.
Previous wording
For the fiscal years ended December 31, 2024 and 2023, the Company had a net increase in net assets resulting from operations of $95.8 million and $76.4 million, respectively. For the fiscal years ended December 31, 2024 and 2023, earnings per average share were $1.76 and $1.40, respectively.
Current wording
For the fiscal years ended December 31, 2025 and 2024, the Company had a net increase in net assets resulting from operations of $92.5 million and $95.8 million, respectively. For the fiscal years ended December 31, 2025 and 2024, earnings per average share were $1.70 and $1.76, respectively.
Previous wording
The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility (as defined below), the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes and the 2027 Series G Unsecured Notes (collectively the “Debt Instruments”), through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic follow-on equity and/or debt offerings. As of December 31, 2024, we had a total of $462.9 million of unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.
Current wording
The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility (as defined below), the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes, the 2028 Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (collectively the “Debt Instruments”), through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic follow-on equity and/or debt offerings. As of December 31, 2025, we had a total of $452.7 million of unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.
Previous wording
On February 18, 2025, the Company closed a private offering of $50 million of unsecured notes due 2028 (the “2028 Unsecured Notes”) with a fixed interest rate of 6.14% and a maturity date of February 18, 2028. Interest on the 2028 Unsecured Notes is due semi-annually on February 18th and August 18th. The 2028 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
Current wording
On February 18, 2025, the Company closed a private offering of $50 million of unsecured notes due 2028 (the “2028 Series H Unsecured Notes”) with a fixed interest rate of 6.14% and a maturity date of February 18, 2028. Interest on the 2028 Series H Unsecured Notes is due semi-annually on February 18 and August 18. The 2028 Series H Unsecured Notes were issued in a private placement only to qualified institutional buyers.
Previous wording
On December 16, 2024, the Company closed a private offering of $49 million of the 2027 Series G Unsecured Notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027. Interest on the 2027 Series G Unsecured Notes is due semi-annually on June 16th and December 16th. The 2027 Series G Unsecured Notes were issued in a private placement only to qualified institutional buyers.
Current wording
On December 16, 2024, the Company closed a private offering of $49 million of the 2027 Series G Unsecured Notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027. Interest on the 2027 Series G Unsecured Notes is due semi-annually on June 16 and December 16. The 2027 Series G Unsecured Notes were issued in a private placement only to qualified institutional buyers.
Previous wording
“Credit Facility”). Following this amendment and several commitment increases in the fourth quarter of 2024, the Credit Facility is now composed of $695 million of revolving credit and $140 million 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% or the alternate base rate plus 0.75%-1.00%. The Credit Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900 million with additional new lenders or an increase in commitments from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At December 31, 2024, outstanding USD equivalent borrowings under the Credit Facility totaled $482.0 million, composed of $342.0 million of revolving credit and $140.0 million of term loans.
Current wording
On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement with Citibank, N.A as administrative agent, (the “Credit Facility”). Following this amendment and several commitment increases between the fourth quarter of 2024 and the third quarter of 2025 and a commitment decrease in the fourth quarter of 2025 related to a lender who did not extend their commitment with Amendment No. 3, the Credit Facility is now composed of $695.0 million of revolving credit and $153.1 million 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% or the alternate base rate plus 0.75%-1.00%. The Credit Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900 million with additional new lenders or an increase in commitments from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At December 31, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $505.4 million, composed of $352.2 million of revolving credit and $153.1 million of term loans.
Previous wording
On April 1, 2022, we entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to our assumption of $85 million in aggregate principal amount of five-year, 3.90% senior unsecured notes, due March 31, 2025 and other obligations of SUNS under the Note Purchase Agreement, dated as of March 31, 2020 (the “Note Purchase Agreement”), by and 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, we 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.
Current wording
On April 1, 2022, we entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to our assumption of $85 million 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”), by and among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes was due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, we 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. The 2025 Unsecured Notes were repaid in full at maturity on March 31, 2025.
Previous wording
We deem certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities as cash equivalents. The Company makes purchases that are consistent with its purpose of making investments in securities described in paragraphs 1 through 3 of Section 55(a) of the 1940 Act. From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from time to time, we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined. We held a face amount of $400 million in cash equivalents as of December 31, 2024.
Current wording
We deem certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities as cash equivalents. The Company makes purchases that are consistent with its purpose of making investments in securities described in paragraphs 1 through 3 of Section 55(a) of the 1940 Act. From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from time to time, we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined. We held a face amount of $350 million in cash equivalents as of December 31, 2025.
Previous wording
As of December 31, 2024, we had a total of $462.9 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.
Current wording
As of December 31, 2025, we had a total of $452.7 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.
Previous wording
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, 2024, asset coverage was 195.4%.
Current wording
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, 2025, asset coverage was 186.3%.
Previous wording
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 $25 per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. The average market value for the fiscal 2016, 2015 and 2014 periods was $100,175, $98,196 and $94,301, respectively.
Current wording
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 $25 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 and 2015 periods was $100,175 and $98,196, respectively.
Previous wording
** Ratios shown without the non-recurring costs associated with the amendments and establishment of the Credit Facility and 2022 Unsecured Notes would be 3.13%, 2.67%, 2.29%, 2.39% and 1.68%, respectively for the years shown.
Current wording
Ratios shown without the non-recurring costs associated with the amendments and establishment of the Credit Facility and 2022 Unsecured Notes would be 3.18%, 3.13%, 2.67%, 2.29% and 2.39%, respectively for the years shown.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
the impact of geopolitical conditions on our portfolio companies and on the industries in which we invest;
Current report — wording carried from elsewhere
of the original purchase agreement, the Company acquired an additional 3.125% of KBHT’s equity from the KBH management team.
Current report — wording carried from elsewhere
Effective with these purchases, the Company owns 93.75% of KBHT’s equity and the KBH management team owns the remaining
Current report — wording carried from elsewhere
On August 21, 2025, the Company closed a private offering of $75 million of unsecured notes due 2028 (the “2028 Series J
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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 million senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent. On October 20, 2023, the SSLP Facility was expanded to $150 million. Effective with an amendment on March 25, 2024, the SSLP Facility is
Previous report — wording carried elsewhere
On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (the
Previous report — wording carried elsewhere
On December 18, 2019, the Company closed a private offering of $125 million of the 2024 Unsecured Notes with a fixed interest rate of 4.20%. Interest on the 2024 Unsecured Notes was due semi-annually on June 15 and December 15. The 2024 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2024 Unsecured notes were repaid in full at maturity on December 15, 2024.