v3.26.1
Consolidated Schedule of Investments (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 7.90% 7.70%
Non Investment Asset Less Non Investment Liability, Percent of Net Asset (81.00%) (72.50%)
Investment, Tax Basis, Unrealized Gain (Loss) $ 16,256 $ 14,127
Investment, Tax Basis, Unrealized Gain 2,845 2,904
Investment, Tax Basis, Unrealized Loss 19,101 17,031
Investment, Tax Basis, Cost $ 195,731 $ 248,391
Spread above Index 600.00% 600.00%
Investment, Interest Rate, Paid in Kind   1.00%
U.S. Treasury Bill [Member]    
Schedule of Investments [Line Items]    
Cash And Cash Equivalents Percent Of Net Assets 3.67% 3.61%
ASC Holdco LLC    
Schedule of Investments [Line Items]    
Investment Company Percentage Of Ownership 5.00% 5.00%
Investment, Affiliated Issuer [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 100.00% 100.00%
Investment Owned, Fair Value $ 27,245 $ 26,994
Gross Additions 369 2,291
Gross Reductions 0 0
Realized Gain (Loss) 0 0
Change in Unrealized Gain (Loss) (180) (2,213)
Interest/Dividend Income $ 440 $ 1,714
Senior Secured Loans [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 116.30% 119.60%
Investment Owned, Fair Value $ 153,748 $ 162,467
Preferred Equity [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 11.30% 8.20%
Investment Owned, Fair Value $ 14,895 $ 11,175
Common Equity Equity Interests Warrants [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 8.20% 8.00%
Investment Owned, Fair Value $ 10,832 $ 10,824
Cash Equivalents [Member]    
Schedule of Investments [Line Items]    
Cash And Cash Equivalents Percent Of Net Assets 45.20% 36.70%
Total Investments & Cash Equivalents [Member]    
Schedule of Investments [Line Items]    
Cash And Cash Equivalents Percent Of Net Assets 181.00% 172.50%
Investments [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 135.80% 135.80%
Investment Owned, Fair Value $ 179,475 [1] $ 184,466 [2]
Assets [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Net Assets, Percentage 100.00% 100.00%
Investment Owned, Fair Value $ 132,182 $ 135,841
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — AMF Levered II, LLC Industry Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 10.84% Acquisition Date 12/2021 Maturity Date 8/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 12,660  
Spread above Index [3],[4] 705.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — AMF Levered II, LLC Industry Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 10.98% Acquisition Date Maturity Date 08/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 12,660
Spread above Index [5],[6]   705.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+650 Floor 1.00% Interest Rate 10.43% Acquisition Date 09/2021 Maturity Date 09/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 5,004
Spread above Index [5],[6],[7]   650.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+650 Floor 1.00% Interest Rate 10.46% Acquisition Date 9/2021 Maturity Date 9/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 4,997  
Spread above Index [3],[4],[8] 650.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Arcutis Biotherapeutics, Inc. Industry Pharmaceuticals Spread above Index S+595 Floor 2.50% Interest Rate 9.61% Acquisition Date 12/2021 Maturity Date 8/2029    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3],[9] $ 13,548  
Spread above Index [3],[4],[9] 595.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Arcutis Biotherapeutics, Inc. Industry Pharmaceuticals Spread above Index S+595 Floor 2.50% Interest Rate 9.79% Acquisition Date 12/2021 Maturity Date 08/2029    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5],[10]   $ 13,498
Spread above Index [5],[6],[10]   595.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Ardelyx, Inc. Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 11.64% Acquisition Date 2/2022 Maturity Date 7/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3],[9] $ 6,156  
Spread above Index [3],[4],[9] 795.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Ardelyx, Inc. Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 11.81% Acquisition Date 02/2022 Maturity Date 07/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5],[10]   $ 6,137
Spread above Index [5],[6],[10]   795.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — BayMark Health Services, Inc. Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 8.93% Acquisition Date 06/2021 Maturity Date 06/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 14,760
Spread above Index [5],[6]   500.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — BayMark Health Services, Inc. Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 8.96% Acquisition Date 6/2021 Maturity Date 6/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 14,760  
Spread above Index [3],[4] 500.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — CC SAG Holdings Corp. (Spectrum Automotive) Industry Diversified Consumer Services Spread above Index S+525 Floor 0.75% Interest Rate 8.92% Acquisition Date 6/2021 Maturity Date 6/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 12,259  
Spread above Index [3],[4] 525.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — CC SAG Holdings Corp. (Spectrum Automotive) Industry Diversified Consumer Services Spread above Index S+525 Floor 0.75% Interest Rate 8.97% Acquisition Date 06/2021 Maturity Date 06/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 12,290
Spread above Index [5],[6]   525.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Human Interest Inc. Industry Professional Services Spread above Index S+625 Floor 1.00% Interest Rate 10.12% Acquisition Date 06/2022 Maturity Date 07/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 13,734
Spread above Index [5],[6]   625.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Human Interest Inc. Industry Professional Services Spread above Index S+625 Floor 1.00% Interest Rate 9.92% Acquisition Date 6/2022 Maturity Date 7/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 13,768  
Spread above Index [3],[4] 625.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Insight Borrower, LLC Industry Ground Transportation Spread above Index S+550 Floor 1.00% Interest Rate 9.17% Acquisition Date 10/2021 Maturity Date 1/2029    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 2,381  
Spread above Index [4] 550.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Plastic Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 8.67% Acquisition Date 08/2021 Maturity Date 08/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 14,750
Spread above Index [5],[6]   500.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Plastic Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 8.70% Acquisition Date 8/2021 Maturity Date 8/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 14,711  
Spread above Index [3],[4] 500.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+675\ Floor 1.00% Interest Rate 10.68% Acquisition Date 08/2021 Maturity Date 08/2029    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 14,434
Spread above Index [5],[6],[11]   675.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+725 PIK Floor 1.00% Interest Rate 11.21% Acquisition Date 8/2021 Maturity Date 8/2029    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 13,653  
Investment, Interest Rate, Paid in Kind [3],[4] 725.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+525 Floor 1.00% Interest Rate 8.93% Acquisition Date 06/2022 Maturity Date 07/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 4,385
Spread above Index [5],[6]   525.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — SunMed Group Holdings, LLC Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 0.75% Interest Rate 9.27% Acquisition Date 6/2021 Maturity Date 6/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 7,429  
Spread above Index [3],[4] 550.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — SunMed Group Holdings, LLC Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 0.75% Interest Rate 9.44% Acquisition Date 06/2021 Maturity Date 06/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 7,448
Spread above Index [5],[6]   550.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — TAUC Management, LLC Industry Health Care Providers & Services Spread above Index S+700 Floor 1.00% Interest Rate 10.82% Acquisition Date 02/2021 Maturity Date 02/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 6,747
Spread above Index [5],[6],[12]   700.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — TAUC Management, LLC Industry Health Care Providers & Services Spread above Index S+700 PIK Floor 1.00% Interest Rate 10.82% Acquisition Date 2/2021 Maturity Date 2/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 7,229  
Investment, Interest Rate, Paid in Kind [3],[4] 700.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 9.82% Acquisition Date 12/2021 Maturity Date 12/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 11,508
Spread above Index [5],[6]   600.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 9.85% Acquisition Date 12/2021 Maturity Date 12/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 10,584  
Spread above Index [3],[4] 600.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Transportation Insight, LLC Industry Ground Transportation Spread above Index S+550 Floor 1.00% Interest Rate 9.32% Acquisition Date 10/2021 Maturity Date 06/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 5,499
Spread above Index [5],[6],[13]   550.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+600 Floor 4.50% Interest Rate 10.50% Acquisition Date 02/2022 Maturity Date 09/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [14]   $ 5,033
Spread above Index [6],[14]   600.00%
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+600 Floor 4.50% Interest Rate 10.50% Acquisition Date 2/2022 Maturity Date 9/2027    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [15] $ 5,033  
Spread above Index [4],[15] 600.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — iCIMS, Inc. Industry Software Spread above Index S+575 Floor 0.75% Interest Rate 9.42% Acquisition Date 8/2022 Maturity Date 8/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [3] $ 14,580  
Spread above Index [3],[4],[16] 575.00%  
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — iCIMS, Inc. Industry Software Spread above Index S+575\ Floor 0.75% Interest Rate 9.61% Acquisition Date 08/2022 Maturity Date 08/2028    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [5]   $ 14,580
Spread above Index [5],[6],[17]   575.00%
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 07/2023    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [18],[19]   $ 2
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/2023    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [20],[21] $ 5  
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/2019    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value 4 [20] 4 [19]
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/2022    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value 10 [20] 10 [19]
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — SLR-AMI Topco Blocker, LLC Industry Broadline Retail Acquisition Date 06/2023    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [14],[19],[22]   10,562
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — SLR-AMI Topco Blocker, LLC Industry Broadline Retail Acquisition Date 6/2023    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [15],[20],[23] 10,562  
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 07/2019    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [18],[19]   22
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/2019    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [9],[20],[21] 27  
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — TI TopCo Holdings, LLC Industry Ground Transportation Acquisition Date 1/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [20] 0  
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Veronica Holdings, LLC Industry Health Care Equipment & Supplies Acquisition Date 09/2024    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [14],[19]   224
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — Veronica Holdings, LLC Industry Health Care Equipment & Supplies Acquisition Date 9/2024    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [15],[20] 224  
Investment, Identifier [Axis]: Preferred Equity — TI TopCo Holdings, LLC Interest Rate 10.00% PIK Acquisition Date 1/2026    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value 3,469  
Investment, Identifier [Axis]: Preferred Equity — Veronica Holdings, LLC (Vapotherm) Industry Health Care Equipment & Supplies Interest Rate 9.00% PIK Acquisition Date 9/2024    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [14]   $ 11,175
Investment, Identifier [Axis]: Preferred Equity — Veronica Holdings, LLC (Vapotherm) Interest Rate 9.00% PIK Acquisition Date 9/2024    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value [15] $ 11,426  
[1] Aggregate net unrealized depreciation for U.S. federal income tax purposes is $16,256; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $2,845 and $19,101, respectively, based on a tax cost of $195,731. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated.
[2] Aggregate net unrealized depreciation for U.S. federal income tax purposes is $14,127; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $2,904 and $17,031, respectively, based on a tax cost of $248,391. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated.
[3] Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the DB Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.
[4] Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to a SOFR or PRIME rate floor.
[5] Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the DB Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.
[6] Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to a SOFR or PRIME rate floor.
[7] Spread is S+600 Cash / 0.50% PIK.
[8] Spread is S+600 Cash / 0.50% PIK.
[9] Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If the Company fails to invest a sufficient portion of its assets in qualifying assets, it could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of March 31, 2026, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 7.9% of the total assets of the Company.
[10] Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If the Company fails to invest a sufficient portion of its assets in qualifying assets, it 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, 2025, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 7.7% of the total assets of the Company.
[11] Spread is S+200 Cash / 4.75% PIK.
[12] Spread is S+600 Cash/1.00% PIK.
[13] Spread is S+450 Cash / 1.00% PIK.
[14] Denotes investments in which the Company is an “Affiliated Person” but does not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the year ended December 31, 2025 in these affiliated investments are as follows:

 

Name of Issuer

Fair Value at December 31, 2024

 

 

Gross Additions

 

 

Gross Reductions

 

 

Realized Gain (Loss)

 

 

Change in Unrealized Gain (Loss)

 

 

Fair Value at December 31, 2025

 

 

Interest/ Dividend Income

 

SLR-AMI Topco Blocker, LLC

$

11,240

 

 

$

1,339

 

 

$

—

 

 

$

—

 

 

$

(2,017

)

 

$

10,562

 

 

$

—

 

Vapotherm, Inc.

 

4,993

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(40

)

 

 

5,033

 

 

 

606

 

Veronica Holdings, LLC (Preferred Equity)

 

10,223

 

 

 

952

 

 

 

—

 

 

 

—

 

 

 

(156

)

 

 

11,175

 

 

 

1,108

 

Veronica Holdings, LLC (Common Equity)

 

224

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

224

 

 

 

—

 

 

$

26,680

 

 

$

2,291

 

 

$

—

 

 

$

—

 

 

$

(2,213

)

 

$

26,994

 

 

$

1,714

 

 

The change in fair value in the table above may not roll across due to the recognition of accretion income, which is included in interest income.
[15] Denotes investments in which the Company is an “Affiliated Person” but does not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the three months ended March 31, 2026 in these affiliated investments are as follows:

 

Name of Issuer

 

Fair Value at
December 31,
2025

 

 

Gross
Additions

 

 

Gross
Reductions

 

 

Realized Gain
(Loss)

 

 

Change in Unrealized
Gain (Loss)

 

 

Fair Value at
March 31, 2026

 

 

Interest/ Dividend
Income

 

SLR-AMI Topco Blocker, LLC

 

$

10,562

 

 

$

118

 

 

$

—

 

 

$

—

 

 

$

(118

)

 

$

10,562

 

 

$

—

 

Vapotherm, Inc.

 

 

5,033

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(20

)

 

 

5,033

 

 

 

147

 

Veronica Holdings, LLC (Preferred Equity)

 

 

11,175

 

 

 

251

 

 

 

—

 

 

 

—

 

 

 

(42

)

 

 

11,426

 

 

293

 

Veronica Holdings, LLC (Common Equity)

 

 

224

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

224

 

 

 

—

 

 

 

$

26,994

 

 

$

369

 

 

$

—

 

 

$

—

 

 

$

(180

)

 

$

27,245

 

 

$

440

 

 

The change in fair value in the table above may not roll across due to the recognition of accretion income, which is included in interest income.
[16] Certain tranches have a spread of S+575 and certain tranches have a spread of S+625.
[17] Certain tranches have a spread of S+575 and certain tranches have a spread of S+625.
[18] Denotes a Level 1 investment.
[19] Non-income producing security.
[20]

† Non-income producing security.

[21] Denotes a Level 1 investment
[22] Through this entity and other intermediate entities, the Company owns approximately 5.0% of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC.
[23] Through this entity and other intermediate entities, the Company owns approximately 5.0% of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC.