SLRCMEDIUM SIGNALOPERATIONAL10-K
SLRC executed significant portfolio turnover with multiple new investments across media, professional services, and healthcare sectors while exiting several positions including pharmaceuticals and IT services holdings.
The extensive portfolio reshuffling suggests active management repositioning, potentially seeking higher-yielding opportunities or reducing exposure to underperforming sectors. The new investments span diverse industries with varying credit spreads (S+400 to S+675), indicating a mixed risk appetite in current market conditions.
Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS
SLRC's balance sheet strengthened modestly with cash and equivalents growing to $2.5B from $2.0B, providing enhanced liquidity for new investments. Total debt increased proportionally to $1.1B from $1.0B, maintaining reasonable leverage while supporting the expanded investment activity. The improved cash position coupled with measured debt growth signals disciplined capital management during this portfolio transition period.
FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
$2.0B→$2.5B
Cash grew 25.8% — improving liquidity position supports investment and shareholder returns.
Total Debt
Balance Sheet
$1.0B→$1.1B
Debt rose 11.1% — additional borrowing for investment or operations; monitor coverage ratios.
LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
| Media | P+190 | 9.40% | 12/1/2023 | 10/10/2025 2024-01-01 2024-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Streamland Media Holdings LLC | Professional Services | S+400 | 2.00% | 7.79% | 5/2025 | 5/2030 2025-01-01 2025-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | DeepIntent, Inc.
| Life Sciences Tools Services | S+675 | 1.00% | 10.68% | 8/2021 | 8/2029 2025-12-31 0001418076 ck0001418076:EquipmentFinancingMember srt:MinimumMember ck0001418076:MeasurementInputMarketYieldMember us-gaap:IncomeApproachValuationTechniqueMember 2024-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | RxSense Holdings LLC.
| Energy Equipment Services| 9.11% | 12/27/2019 | 1/1/2025 2024-01-01 2024-12-31 0001418076 Senior Secured Loans | First Lien Life Science Senior Secured Loans | Arcutis Biotherapeutics, Inc.
| Health Care Providers Services | S+500 | 1.00% | 9.59% | 4/1/2022 | 6/11/2027 2024-12-31 0001418076 us-gaap:EquitySecuritiesMember 2025-01-01 2025-12-31 0001418076 ck0001418076:ValuationApproachMarketMultipleMember ck0001418076:MeasurementInputComparableMultipleMember ck0001418076:EquipmentFinancingMember srt:MaximumMember 2025-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | RQM+ Corp.
| Specialty Retail | S+525 | 2.00% | 8.96% | 12/2025 | 12/2030 2025-12-31 0001418076 ck0001418076:CompaniesMoreThanTwentyFivePercentageOwnedMember ck0001418076:LoyerCapitalLlcMember 2024-01-01 2024-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Retina Midco, Inc.
| Transportation Infrastructure| 8.32-9.93% | 9/23/2022 | 9/23/2027-8/16/2028 2024-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Infillion Inc.
| Pharmaceuticals | S+400 | 4.70% | 8.70% | | 2/23/2022 | 7/1/2028 | 2024-01-01 2024-12-31 0001418076 Common Equity/Equity Interests/Warrants | Assertio Holdings, Inc.
| Diversified Consumer Services | S+975 | 1.00% | | 12/23/2013 | 10/12/2026 2024-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Treace Medical Concepts, Inc.
| Life Sciences Tools Services | S+505 | 3.00% | 8.78% | 12/2025 | 1/2031 2025-12-31 0001418076 Common Equity/Equity Interests/Warrants | KBH Topco LLC (Kingsbridge) | Multi-Sector Holdings | 11/3/2020 2024-01-01 2024-12-31 0001418076 ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember ck0001418076:VeronicaHoldingsLlcPreferredEquityMember 2025-12-31 0001418076 ck0001418076:HealthCareEquipmentAndSuppliesMember 2024-12-31 0001418076 Equipment Financing | Worldwide Flight Services, Inc.
| Transportation Infrastructure| 8.32-9.93% | 9/23/2022 | 9/23/2027-8/16/2028 2024-12-31 0001418076 ck0001418076:BaysideParentLlcEquityMember ck0001418076:CompaniesMoreThanFivePercentageLessThanTwentyFivePercentageOwnedMember 2024-01-01 2024-12-31 0001418076 ck0001418076:UnfundedDebtAndEquityCommitmentsMember ck0001418076:TreaceMedicalConceptsIncMember 2025-12-31 0001418076 Common Equity/Equity Interests/Warrants | Venus Concept Ltd.
REMOVED
| Pharmaceuticals | 7/31/2023 2024-01-01 2024-12-31 0001418076 Common Equity/Equity Interests/Warrants | SLR Senior Lending Program LLC | Asset Management | 12/1/2022 2023-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans |Shoes for Crews Global, LLC| Diversified Consumer Services | S+650 | 1.00% | 11.17% | 6/30/2024 | 6/30/2029 2024-01-01 2024-12-31 0001418076 Senior Secured Loans | First Lien Life Science/Senior Secured Loans | Arcutis Biotherapeutics, Inc.
| IT Services | S+675 | 1.00% | 12.10% | 11/8/2023 | 11/8/2030 2023-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | One Touch Direct, LLC | Commercial Services Supplies | P+75 | % | 9.25% | 12/1/2023 | 3/31/2025 2023-01-01 2023-12-31 0001418076 Equipment Financing | Womble Company, Inc.
| Energy Equipment Services | 9.11% | 12/27/2019 | 1/1/2025 2023-01-01 2023-12-31 0001418076 ck0001418076:TwoThousandAndTwentyThreeUnsecuredNotesMember 2019-12-31 0001418076 Alkeme Intermediary Holdings, LLC | Insurance| S+650 | 1.00% | 11.96% | 10/28/26 2023-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Crewline Buyer, Inc.
| IT Services | S+675 | 1.00% | 12.10% | 11/8/2023 | 11/8/2030 2023-01-01 2023-12-31 0001418076 ck0001418076:NefpassFacilityMember 2018-12-31 0001418076 2023-10-01 2023-12-31 0001418076 Equipment Financing | Waste Pro of Florida, Inc.
| Commercial Services Supplies | 9.17% | 4/18/2023 | 4/18/2028 2023-01-01 2023-12-31 0001418076 Common Equity/Equity Interests/Warrants | Vertos Medical, Inc.
| Transportation Infrastructure| 8.32-9.93% | 9/23/2022 | 9/23/2027-8/16/2028 2024-12-31 0001418076 ck0001418076:MeasuredAtNetAssetValueMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2023-12-31 0001418076 ck0001418076:SparMarketingForceInc.Member ck0001418076:UnfundedDebtAndEquityCommitmentsMember 2023-12-31 0001418076 Common Equity/Equity Interests/Warrants | Delphinus Medical Technologies, Inc.
Crane Rigging, LLC | Commercial Services Supplies | 8.73%-10.92% | 12/23/2022 | 3/1/2027-9/1/2028 srt:MaximumMember 2023-12-31 0001418076 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2023-12-31 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans |RQM+ Corp.
| Diversified Financial Services | S+650 | 1.00% | 11.97% | 9/14/2018 | 5/31/2024 2023-01-01 2023-12-31 0001418076 Senior Secured Loans | First Lien Life Science Senior Secured Loans | BridgeBio Pharma, Inc.
| Biotechnology | | % | 9.00% | 11/17/2021 | 11/17/2026 2023-12-31 0001418076 ck0001418076:SlrEquipmentFinanceMember 2024-03-01 0001418076 Senior Secured Loans | First Lien Bank Debt/Senior Secured Loans | Tilley Distribution, Inc.
| Trading Companies Distributors | S+600 | 1.00% | 10.48% | 4/1/2022 | 12/31/2026 2024-01-01 2024-12-31 0001418076 Senior Secured Loans | First Lien Life Science/Senior Secured Loans | SPR Therapeutics, Inc.
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