Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | SLR HC BDC LLC |
Entity Central Index Key | 0001832148 |
Securities Act File Number | 000-56247 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Transition Report | false |
Document Quarterly Report | true |
Entity Tax Identification Number | 85-1801692 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 500 Park Avenue |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10022 |
City Area Code | 212 |
Local Phone Number | 993-1670 |
Entity Common Stock, Shares Outstanding | 1,069,642 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Investments at fair value: | ||||
Cash | $ 1,799 | $ 3,986 | ||
Cash equivalents (cost: $19,778 and $29,828, respectively) | 19,771 | 29,828 | ||
Interest receivable | 318 | 271 | ||
Prepaid expenses | 78 | 15 | ||
Total assets | 72,990 | 77,997 | ||
Liabilities | ||||
Payable for cash equivalents purchased | 19,778 | 29,828 | ||
Management fee payable (see note 3) | 87 | 325 | ||
Administration fee payable (see note 3) | 9 | 8 | ||
Interest payable (see note 5) | 553 | 493 | ||
Other liabilities and accrued expenses | 175 | 193 | ||
Total liabilities | 49,258 | 58,649 | ||
Commitments and contingencies (see note 6) | ||||
Unitholders' Capital | ||||
Common Unitholders' capital (1,069,642 and 888,565 units, respectively, issued and outstanding) | 23,461 | 19,461 | ||
Accumulated distributable net earnings (loss) | 271 | (113) | ||
Total unitholders' capital | 23,732 | [1],[2] | 19,348 | |
Total liabilities and unitholders' capital | $ 72,990 | $ 77,997 | ||
Net asset value per unit | [3] | $ 22.19 | $ 21.77 | |
Non Controlled Non Affiliated Investments [Member] | ||||
Investments at fair value: | ||||
Non-controlled/non-affiliated investments (cost: $50,625 and $43,602, respectively) | $ 51,024 | $ 43,897 | ||
Revolving credit facility due February Two Thousand And Twenty Seven the SPV Facility [Member] | ||||
Liabilities | ||||
Long-Term Line of Credit | 17,938 | 14,051 | ||
Revolving credit facility due March Two Thousand And Twenty Three the Subscription Facility [Member] | ||||
Liabilities | ||||
Long-Term Line of Credit | $ 10,718 | $ 13,751 | ||
[1]Calculated as the change in NAV per unit during the period plus distributions declared per unit, divided by the beginning NAV per unit. Total return does not include a sales load.[2]Not annualized for periods less than one year.[3]Calculated using the average units outstanding method. Weighted average units outstanding for the three months ended March 31, 2023 and the three months ended March 31, 2022 were 906,673 and 682,427, respectively. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment owned, at Cost | $ 73,430 | |
Cash equivalents, at Cost | $ 19,778 | $ 29,828 |
Common unit, Issued | 1,069,642 | 1,069,642 |
Common unit, Outstanding | 888,565 | 888,565 |
Revolving credit facility due February Two Thousand And Twenty Seven the SPV Facility [Member] | ||
Long term debt, Gross | $ 18,525 | $ 14,675 |
Debt issuance costs, Line of credit arrangements, Gross | 587 | 624 |
Revolving credit facility due March Two Thousand And Twenty Three the Subscription Facility [Member] | ||
Long term debt, Gross | 10,800 | 13,800 |
Debt issuance costs, Line of credit arrangements, Gross | 82 | 49 |
Non Controlled Non Affiliated Investments [Member] | ||
Investment owned, at Cost | $ 50,625 | $ 43,602 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Income: | ||
Total investment income | $ 1,458 | $ 590 |
Expenses: | ||
Management fees (see note 3) | 129 | 89 |
Administration fees (see note 3) | 9 | 6 |
Interest and other credit facility expenses (see note 5) | 836 | 231 |
Other general and administrative expenses | 188 | 155 |
Total expenses | 1,162 | 481 |
Net investment income | 296 | 109 |
Realized and unrealized gain (loss) on investments and cash equivalents: | ||
Net realized loss on non-controlled/non-affiliated investments and cash equivalents | (10) | (1) |
Net change in unrealized gain on non-controlled/non-affiliated investments and cash equivalents | 98 | 291 |
Net realized and unrealized gain on non-controlled/non-affiliated investments and cash equivalents | 88 | 290 |
Net Increase in Unitholders' Capital Resulting From Operations | $ 384 | $ 399 |
Net Income Per Average Unit | $ 0.42 | $ 0.58 |
Investments and cash equivalents [Member] | ||
Realized and unrealized gain (loss) on investments and cash equivalents: | ||
Net realized loss on non-controlled/non-affiliated investments and cash equivalents | $ (10) | $ (1) |
Net change in unrealized gain on non-controlled/non-affiliated investments and cash equivalents | 98 | 291 |
Non Controlled Non Affiliated Investments [Member] | ||
Investment Income: | ||
Interest income from non-controlled/non-affiliated investments | 1,449 | 590 |
Other income from non-controlled/non-affiliated investments | 9 | 0 |
Realized and unrealized gain (loss) on investments and cash equivalents: | ||
Net realized loss on non-controlled/non-affiliated investments and cash equivalents | $ (10) | $ (1) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Unitholders' Capital - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (decrease) in unitholders' capital resulting from operations: | ||
Net investment income | $ 296 | $ 109 |
Net realized loss | (10) | (1) |
Net change in unrealized gain | 98 | 291 |
Net Increase in Unitholders' Capital Resulting From Operations | 384 | 399 |
Distributions to unitholders: | ||
From distributable earnings | 0 | |
Increase in unitholders' capital resulting from capital activity: | ||
Contributions | 4,000 | 0 |
Net increase in unitholders' capital resulting from capital activity | 4,000 | 0 |
Total increase in unitholders' capital | 4,384 | 399 |
Unitholders' capital, beginning of period | 19,348 | 14,612 |
Unitholders' capital, end of period | $ 23,732 | $ 15,011 |
Capital unit activity (see note 7): | ||
Units issued | 181,077 | 0 |
Net increase from capital unit activity | 181,077 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net increase in unitholders' capital resulting from operations | $ 384 | $ 399 |
Adjustments to reconcile net increase in unitholders' capital resulting from operations to net cash used in operating activities: | ||
Net realized loss on investments and cash equivalents | 10 | 1 |
(Increase) decrease in operating assets: | ||
Purchase of investments | (9,583) | (4,879) |
Net accretion of discount on investments | (89) | (42) |
Proceeds from disposition of investments | 2,732 | 66 |
Capitalization of payment-in-kind income | (93) | (15) |
Interest receivable | (47) | (20) |
Prepaid expenses | (63) | (71) |
Increase (decrease) in operating liabilities: | ||
Payable for investments and cash equivalents purchased | (10,050) | (6) |
Management fee payable | (238) | 26 |
Administration fee payable | 1 | 2 |
Interest payable | 60 | 58 |
Other liabilities and accrued expenses | (18) | 38 |
Deferred financing costs | 92 | 65 |
Net Cash Used in Operating Activities | (17,006) | (4,669) |
Cash Flows from Financing Activities: | ||
Contributions from unitholders | 4,000 | 0 |
Proceeds from borrowings | 9,512 | 13,266 |
Repayments of borrowings | (8,750) | (8,500) |
Net Cash Provided by Financing Activities | 4,762 | 4,766 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (12,244) | 97 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 33,814 | 20,467 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 21,570 | 20,564 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 776 | 173 |
Investments and cash equivalents [Member] | ||
Adjustments to reconcile net increase in unitholders' capital resulting from operations to net cash used in operating activities: | ||
Net realized loss on investments and cash equivalents | 10 | 1 |
Investments [Member] | ||
Adjustments to reconcile net increase in unitholders' capital resulting from operations to net cash used in operating activities: | ||
Net change in unrealized gain on investments | $ (104) | $ (291) |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Investments [Line Items] | |||
Cost | $ 73,430 | ||
Investments Cash and Cash Equivalents at Cost. | $ 70,403 | ||
Investments Cash and Cash Equivalents at Fair Value. | 70,795 | 73,725 | |
Liabilities in Excess of Other Assets | (47,063) | (54,377) | |
Net Assets | $ 23,732 | $ 19,348 | |
Percentage of Total Investments | 100% | 100% | |
Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments | 14.70% | 16.80% | |
Pharmaceuticals [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments | 14.10% | 16.50% | |
Health Care Technology [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments | 2.90% | 3.30% | |
Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments | 43.60% | 34.90% | |
Life Sciences Tools Services [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments | 7.90% | 9.20% | |
Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Total Investments | 16.80% | 19.30% | |
Warrant [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | $ 27 | $ 25 | |
Fair Value | 8 | 11 | |
Total investment At Two hundred and Fifteen point zero percent [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | 50,625 | ||
Fair Value | $ 51,024 | ||
Cash Equivalents At Eighty Three Point Three Percent [Member] | US Treasury Bill Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Description | U.S. Treasury Bill | ||
Industry | Government | ||
Acquisition Date | Mar. 31, 2023 | ||
Maturity Date | Jun. 29, 2023 | ||
Cost | $ 19,778 | ||
Fair Value | $ 19,771 | ||
Warrants | 20,000 | ||
Senior Secured Loans [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | $ 50,598 | 43,577 | |
Fair Value | $ 51,016 | $ 43,886 | |
Warrants At Zero Point One Percent [Member] | US Treasury Bill Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Description | U.S. Treasury Bill | ||
Industry | Government | ||
Total investment At Two hundred and twenty six point eight percent [Member] | |||
Schedule of Investments [Line Items] | |||
Cost | [1] | $ 43,602 | |
Fair Value | [1] | $ 43,897 | |
Cash Equivalents At One Hundred and Fifty Four Point One Percent [Member] | US Treasury Bill Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Acquisition Date | Dec. 30, 2022 | ||
Maturity Date | Feb. 23, 2023 | ||
Par Amount | $ 30,000 | ||
Cost | 29,828 | ||
Fair Value | $ 29,828 | ||
Apeel Technology Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Apeel Technology, Inc | |
Industry | [2] | Biotechnology | |
Spread above Index | [2],[3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 8.75% | |
Acquisition Date | [2] | Jun. 29, 2022 | |
Maturity Date | [2] | Jun. 01, 2027 | |
Par Amount | [2] | $ 317 | |
Cost | [2] | 315 | |
Fair Value | [2] | $ 318 | |
Apeel Technology Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Apeel Technology, Inc | ||
Industry | [2] | Biotechnology | |
Spread above Index | [2],[3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 8.75% | |
Acquisition Date | [2] | Jun. 29, 2022 | |
Maturity Date | [2] | Jun. 01, 2027 | |
Par Amount | [2] | $ 317 | |
Cost | [2] | 315 | |
Fair Value | [2] | $ 317 | |
Arcutis Biotherapeutics Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Pharmaceuticals [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2],[6] | Arcutis Biotherapeutics, Inc | |
Industry | [2],[6] | Pharmaceuticals | |
Spread above Index | [2],[3],[6] | L+745 | |
Floor | [2],[6] | 0.10% | |
Interest Rate | [2],[4],[6] | 12.12% | |
Acquisition Date | [2],[6] | Dec. 22, 2021 | |
Maturity Date | [2],[6] | Jan. 01, 2027 | |
Par Amount | [2],[6] | $ 6,288 | |
Cost | [2],[6] | 6,347 | |
Fair Value | [2],[6] | $ 6,367 | |
Arcutis Biotherapeutics Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Pharmaceuticals [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Arcutis Biotherapeutics, Inc | ||
Industry | [2],[7] | Pharmaceuticals | |
Spread above Index | [2],[3],[7] | L+745 | |
Floor | [2],[7] | 0.10% | |
Interest Rate | [2],[5],[7] | 11.62% | |
Acquisition Date | [2],[7] | Dec. 22, 2021 | |
Maturity Date | [2],[7] | Jan. 01, 2027 | |
Par Amount | [2],[7] | $ 6,288 | |
Cost | [2],[7] | 6,322 | |
Fair Value | [2],[7] | $ 6,367 | |
Ardelyx Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Pharmaceuticals [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2],[6] | Ardelyx, Inc | |
Industry | [2],[6] | Pharmaceuticals | |
Spread above Index | [2],[3],[6] | S+795 | |
Floor | [2],[6] | 1% | |
Interest Rate | [2],[4],[6] | 12.64% | |
Acquisition Date | [2],[6] | Feb. 23, 2022 | |
Maturity Date | [2],[6] | Mar. 01, 2027 | |
Par Amount | [2],[6] | $ 851 | |
Cost | [2],[6] | 856 | |
Fair Value | [2],[6] | $ 855 | |
Ardelyx Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Pharmaceuticals [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Ardelyx, Inc | ||
Industry | [2],[7] | Pharmaceuticals | |
Spread above Index | [2],[3],[7] | L+795 | |
Floor | [2],[7] | 0.10% | |
Interest Rate | [2],[5],[7] | 12.12% | |
Acquisition Date | [2],[7] | Feb. 23, 2022 | |
Maturity Date | [2],[7] | Mar. 01, 2027 | |
Par Amount | [2],[7] | $ 851 | |
Cost | [2],[7] | 854 | |
Fair Value | [2],[7] | $ 853 | |
BayMark Health Services Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | BayMark Health Services, Inc. | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | L+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.16% | |
Acquisition Date | [2] | Jun. 29, 2021 | |
Maturity Date | [2] | Jun. 11, 2027 | |
Par Amount | [2] | $ 4,057 | |
Cost | [2] | 4,026 | |
Fair Value | [2] | $ 4,057 | |
BayMark Health Services Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | BayMark Health Services, Inc | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | L+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 9.73% | |
Acquisition Date | [2] | Jun. 29, 2021 | |
Maturity Date | [2] | Jun. 11, 2027 | |
Par Amount | [2] | $ 4,068 | |
Cost | [2] | 4,034 | |
Fair Value | [2] | $ 4,068 | |
Cerapedics Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Cerapedics Inc. | |
Industry | [2] | Biotechnology | |
Spread above Index | [2],[3] | S+620 | |
Floor | [2] | 2.75% | |
Interest Rate | [2],[4] | 10.86% | |
Acquisition Date | [2] | Dec. 27, 2022 | |
Maturity Date | [2] | Jan. 01, 2028 | |
Par Amount | [2] | $ 2,494 | |
Cost | [2] | 2,492 | |
Fair Value | [2] | $ 2,488 | |
Cerapedics Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Cerapedics Inc | ||
Industry | [2] | Biotechnology | |
Spread above Index | [2],[3],[7] | S+620 | |
Floor | [2] | 2.75% | |
Interest Rate | [2],[5] | 10.52% | |
Acquisition Date | [2] | Dec. 27, 2022 | |
Maturity Date | [2] | Jan. 01, 2028 | |
Par Amount | [2] | $ 2,494 | |
Cost | [2] | 2,488 | |
Fair Value | [2] | $ 2,488 | |
BridgeBio Pharma Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2],[6] | BridgeBio Pharma, Inc | |
Industry | [2],[6] | Biotechnology | |
Interest Rate | [2],[4],[6],[8] | 9% | |
Acquisition Date | [2],[6] | Nov. 17, 2021 | |
Maturity Date | [2],[6] | Nov. 17, 2026 | |
Par Amount | [2],[6] | $ 3,711 | |
Cost | [2],[6] | 3,690 | |
Fair Value | [2],[6] | $ 3,711 | |
BridgeBio Pharma Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | BridgeBio Pharma, Inc | ||
Industry | [2],[7] | Biotechnology | |
Floor | [2],[7] | 0% | |
Interest Rate | [2],[5],[7],[8] | 9% | |
Acquisition Date | [2],[7] | Nov. 17, 2021 | |
Maturity Date | [2],[7] | Nov. 17, 2026 | |
Par Amount | [2],[7] | $ 3,683 | |
Cost | [2],[7] | 3,656 | |
Fair Value | [2],[7] | $ 3,683 | |
Fertility (ITC) Investment Holdco, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Fertility (ITC) Investment Holdco, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+650 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.30% | |
Acquisition Date | [2] | Jan. 04, 2023 | |
Maturity Date | [2] | Jan. 03, 2029 | |
Par Amount | [2] | $ 2,663 | |
Cost | [2] | 2,586 | |
Fair Value | [2] | $ 2,584 | |
Glooko Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Technology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Glooko, Inc. | |
Industry | [2] | Health Care Technology | |
Spread above Index | [2],[3] | L+790 | |
Floor | [2] | 0.10% | |
Interest Rate | [2],[4] | 12.57% | |
Acquisition Date | [2] | Sep. 30, 2021 | |
Maturity Date | [2] | Oct. 01, 2026 | |
Par Amount | [2] | $ 1,452 | |
Cost | [2] | 1,459 | |
Fair Value | [2] | $ 1,459 | |
Glooko Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Technology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Glooko, Inc | ||
Industry | [2] | Health Care Technology | |
Spread above Index | [2],[3] | L+790 | |
Floor | [2] | 0.10% | |
Interest Rate | [2],[5] | 12.07% | |
Acquisition Date | [2] | Sep. 30, 2021 | |
Maturity Date | [2] | Oct. 01, 2026 | |
Par Amount | [2] | $ 1,452 | |
Cost | [2] | 1,456 | |
Fair Value | [2] | $ 1,455 | |
Maxor Acquisition, Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Maxor Acquisition, Inc. | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+675 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.90% | |
Acquisition Date | [2] | Mar. 01, 2023 | |
Maturity Date | [2] | Mar. 01, 2029 | |
Par Amount | [2] | $ 1,775 | |
Cost | [2] | 1,722 | |
Fair Value | [2] | $ 1,722 | |
Ivy Fertility Services, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Ivy Fertility Services, LLC | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | L+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 10.39% | |
Acquisition Date | [2] | Dec. 22, 2021 | |
Maturity Date | [2] | Feb. 25, 2026 | |
Par Amount | [2] | $ 2,697 | |
Cost | [2] | 2,659 | |
Fair Value | [2] | $ 2,724 | |
Meditrina, Inc [Member] | Warrants At Zero Point Zero Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [9] | Meditrina, Inc | |
Industry | [9] | Health Care Equipment & Supplies | |
Acquisition Date | [9] | Dec. 20, 2022 | |
Cost | [9] | $ 2 | |
Fair Value | [9] | $ 2 | |
Warrants | [9] | 2,719 | |
Meditrina, Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Meditrina, Inc. | |
Industry | [2] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3] | S+550 | |
Floor | [2] | 3.45% | |
Interest Rate | [2],[4] | 10.16% | |
Acquisition Date | [2] | Dec. 20, 2022 | |
Maturity Date | [2] | Dec. 01, 2027 | |
Par Amount | [2] | $ 312 | |
Cost | [2] | 310 | |
Fair Value | [2] | $ 311 | |
Meditrina, Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Meditrina, Inc | ||
Industry | [2] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3] | S+550 | |
Floor | [2] | 3.45% | |
Interest Rate | [2],[5] | 9.82% | |
Acquisition Date | [2] | Dec. 20, 2022 | |
Maturity Date | [2] | Dec. 01, 2027 | |
Par Amount | [2] | $ 312 | |
Cost | [2] | 309 | |
Fair Value | [2] | $ 311 | |
Meditrina, Inc [Member] | Warrants At Zero Point One Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [9] | Meditrina, Inc | |
Industry | [9] | Health Care Equipment & Supplies | |
Acquisition Date | [9] | Dec. 20, 2022 | |
Par Amount | [9] | $ 2,719 | |
Cost | [9] | 2 | |
Fair Value | [9] | $ 2 | |
ONS MSO LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | ONS MSO, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.98% | |
Acquisition Date | [2] | Feb. 10, 2023 | |
Maturity Date | [2] | Jul. 08, 2025 | |
Par Amount | [2] | $ 1,722 | |
Cost | [2] | 1,672 | |
Fair Value | [2] | $ 1,670 | |
Oral Surgery Partners Holdings, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Oral Surgery Partners Holdings, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+650 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.42% | |
Acquisition Date | [2] | Nov. 29, 2022 | |
Maturity Date | [2] | May 10, 2024 | |
Par Amount | [2] | $ 1,250 | |
Cost | [2] | 1,229 | |
Fair Value | [2] | $ 1,250 | |
Oral Surgery Partners Holdings, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Oral Surgery Partners Holdings, LLC | ||
Industry | Health Care Providers & Services | ||
Spread above Index | S+625 | ||
Floor | 1% | ||
Interest Rate | 10.92% | ||
Acquisition Date | Nov. 29, 2022 | ||
Maturity Date | May 10, 2024 | ||
Par Amount | $ 567 | ||
Cost | 557 | ||
Fair Value | $ 556 | ||
Orthopedic Care Partners Management, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Orthopedic Care Partners Management, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+650 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.38% | |
Acquisition Date | [2] | Aug. 17, 2022 | |
Maturity Date | [2] | May 16, 2024 | |
Par Amount | [2] | $ 1,310 | |
Cost | [2] | 1,303 | |
Fair Value | [2] | $ 1,310 | |
Orthopedic Care Partners Management, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Orthopedic Care Partners Management, LLC | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+650 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 10.91% | |
Acquisition Date | [2] | Aug. 17, 2022 | |
Maturity Date | [2] | May 16, 2024 | |
Par Amount | [2] | $ 1,087 | |
Cost | [2] | 1,080 | |
Fair Value | [2] | $ 1,087 | |
Outset Medical, Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2],[6] | Outset Medical, Inc. | |
Industry | [2],[6] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3],[6] | S+515 | |
Floor | [2],[6] | 2.75% | |
Interest Rate | [2],[4],[6] | 9.81% | |
Acquisition Date | [2],[6] | Nov. 03, 2022 | |
Maturity Date | [2],[6] | Nov. 01, 2027 | |
Par Amount | [2],[6] | $ 3,052 | |
Cost | [2],[6] | 3,042 | |
Fair Value | [2],[6] | $ 3,044 | |
Outset Medical, Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Outset Medical, Inc | ||
Industry | [2],[7] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3],[7] | S+515 | |
Floor | [2],[7] | 2.75% | |
Interest Rate | [2],[5],[7] | 9.33% | |
Acquisition Date | [2],[7] | Nov. 03, 2022 | |
Maturity Date | [2],[7] | Nov. 01, 2027 | |
Par Amount | [2],[7] | $ 3,052 | |
Cost | [2],[7] | 3,034 | |
Fair Value | [2],[7] | $ 3,029 | |
Pediatric Home Respiratory Services, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Pediatric Home Respiratory Services, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.29% | |
Acquisition Date | [2] | Aug. 19, 2022 | |
Maturity Date | [2] | Dec. 04, 2024 | |
Par Amount | [2] | $ 462 | |
Cost | [2] | 457 | |
Fair Value | [2] | $ 462 | |
Pediatric Home Respiratory Services, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Pediatric Home Respiratory Services, LLC | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 10.67% | |
Acquisition Date | [2] | Aug. 19, 2022 | |
Maturity Date | [2] | Dec. 04, 2024 | |
Par Amount | [2] | $ 463 | |
Cost | [2] | 457 | |
Fair Value | [2] | $ 459 | |
Plastics Management, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Plastics Management, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 9.89% | |
Acquisition Date | [2] | Aug. 26, 2021 | |
Maturity Date | [2] | Aug. 18, 2027 | |
Par Amount | [2] | $ 3,891 | |
Cost | [2] | 3,847 | |
Fair Value | [2] | $ 3,891 | |
Plastics Management, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Plastics Management, LLC | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+500 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 9.89% | |
Acquisition Date | [2] | Aug. 26, 2021 | |
Maturity Date | [2] | Aug. 18, 2027 | |
Par Amount | [2] | $ 3,107 | |
Cost | [2] | 3,069 | |
Fair Value | [2] | $ 3,107 | |
RQM Corp [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Life Sciences Tools Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | RQM+ Corp. | |
Industry | [2] | Life Sciences Tools & Services | |
Spread above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.97% | |
Acquisition Date | [2] | Aug. 20, 2021 | |
Maturity Date | [2] | Aug. 12, 2026 | |
Par Amount | [2] | $ 4,022 | |
Cost | [2] | 3,979 | |
Fair Value | [2] | $ 4,022 | |
RQM Corp [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Life Sciences Tools Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | RQM+ Corp | ||
Industry | [2] | Life Sciences Tools & Services | |
Spread above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 10.59% | |
Acquisition Date | [2] | Aug. 20, 2021 | |
Maturity Date | [2] | Aug. 12, 2026 | |
Par Amount | [2] | $ 4,033 | |
Cost | [2] | 3,986 | |
Fair Value | [2] | $ 4,033 | |
SCP Eye Care, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | SCP Eye Care, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 10.48% | |
Acquisition Date | [2] | Oct. 06, 2022 | |
Maturity Date | [2] | Oct. 05, 2029 | |
Par Amount | [2] | $ 3,032 | |
Cost | [2] | 2,938 | |
Fair Value | [2] | $ 3,032 | |
SCP Eye Care, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | SCP Eye Care, LLC | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+575 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 9.46% | |
Acquisition Date | [2] | Oct. 06, 2022 | |
Maturity Date | [2] | Oct. 05, 2029 | |
Par Amount | [2] | $ 2,905 | |
Cost | [2] | 2,813 | |
Fair Value | [2] | $ 2,810 | |
Southern Orthodontic Partners Management LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Southern Orthodontic Partners Management, LLC | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+600 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.16% | |
Acquisition Date | [2] | Jun. 03, 2022 | |
Maturity Date | [2] | Jan. 27, 2026 | |
Par Amount | [2] | $ 604 | |
Cost | [2] | 599 | |
Fair Value | [2] | $ 604 | |
Southern Orthodontic Partners Management LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Southern Orthodontic Partners Management, LLC | ||
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+600 | |
Floor | [2] | 1% | |
Interest Rate | [2],[5] | 10.77% | |
Acquisition Date | [2] | Jun. 03, 2022 | |
Maturity Date | [2] | Jan. 27, 2026 | |
Par Amount | [2] | $ 489 | |
Cost | [2] | 485 | |
Fair Value | [2] | $ 489 | |
Spectrum Pharmaceuticals, Inc [Member] | Warrants At Zero Point Zero Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [9] | Spectrum Pharmaceuticals, Inc | |
Industry | [9] | Biotechnology | |
Acquisition Date | [9] | Sep. 21, 2022 | |
Cost | [9] | $ 4 | |
Fair Value | [9] | $ 5 | |
Warrants | [9] | 13,871 | |
Spectrum Pharmaceuticals, Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Spectrum Pharmaceuticals, Inc. | |
Industry | [2] | Biotechnology | |
Spread above Index | [2],[3] | S+570 | |
Floor | [2] | 2.30% | |
Interest Rate | [2],[4] | 10.36% | |
Acquisition Date | [2] | Sep. 21, 2022 | |
Maturity Date | [2] | Sep. 01, 2027 | |
Par Amount | [2] | $ 915 | |
Cost | [2] | 908 | |
Fair Value | [2] | $ 997 | |
Spectrum Pharmaceuticals, Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Spectrum Pharmaceuticals, Inc. | ||
Industry | [2] | Biotechnology | |
Spread above Index | [2],[3] | S+570 | |
Floor | [2] | 2.30% | |
Interest Rate | [2],[5] | 9.88% | |
Acquisition Date | [2] | Sep. 21, 2022 | |
Maturity Date | [2] | Sep. 01, 2027 | |
Par Amount | [2] | $ 915 | |
Cost | [2] | 905 | |
Fair Value | [2] | $ 906 | |
Spectrum Pharmaceuticals, Inc [Member] | Warrants At Zero Point One Percent [Member] | Biotechnology [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [9] | Spectrum Pharmaceuticals, Inc | |
Industry | [9] | Biotechnology | |
Acquisition Date | [9] | Sep. 21, 2022 | |
Par Amount | [9] | $ 13,871 | |
Cost | [9] | 4 | |
Fair Value | [9] | $ 1 | |
SunMed Group Holdings, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | SunMed Group Holdings, LLC | |
Industry | [2] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3] | L+575 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[4] | 10.77% | |
Acquisition Date | [2] | Jun. 16, 2021 | |
Maturity Date | [2] | Jun. 16, 2028 | |
Par Amount | [2] | $ 2,023 | |
Cost | [2] | 1,995 | |
Fair Value | [2] | $ 2,023 | |
SunMed Group Holdings, LLC [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | SunMed Group Holdings, LLC | ||
Industry | [2] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3] | L+575 | |
Floor | [2] | 0.75% | |
Interest Rate | [2],[5] | 10.48% | |
Acquisition Date | [2] | Jun. 16, 2021 | |
Maturity Date | [2] | Jun. 16, 2028 | |
Par Amount | [2] | $ 2,033 | |
Cost | [2] | 2,004 | |
Fair Value | [2] | $ 2,033 | |
United Digestive MSO Parent, LLC [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | United Digestive MSO Parent, LLC | ||
Industry | Health Care Providers & Services | ||
Spread above Index | [3] | S+675 | |
Floor | 1% | ||
Interest Rate | [4] | 11.64% | |
Acquisition Date | Mar. 30, 2023 | ||
Maturity Date | Mar. 30, 2029 | ||
Par Amount | $ 989 | ||
Cost | 960 | ||
Fair Value | $ 960 | ||
Urology Management Holdings, Inc. [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Providers Services [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Urology Management Holdings, Inc. | |
Industry | [2] | Health Care Providers & Services | |
Spread above Index | [2],[3] | S+625 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4] | 11.36% | |
Acquisition Date | [2] | Feb. 07, 2023 | |
Maturity Date | [2] | Jun. 15, 2026 | |
Par Amount | [2] | $ 717 | |
Cost | [2] | 696 | |
Fair Value | [2] | $ 695 | |
Vapotherm Inc [Member] | Warrants At Zero Point Zero Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [9] | Vapotherm, Inc. | |
Industry | [9] | Health Care Equipment & Supplies | |
Acquisition Date | [9] | Feb. 18, 2022 | |
Cost | [9] | $ 21 | |
Fair Value | [9] | $ 1 | |
Warrants | [9] | 6,678 | |
Vapotherm Inc [Member] | Senior Secured Loans At Two Hundred and Fifteen Point Zero Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [2] | Vapotherm, Inc. | |
Industry | [2] | Health Care Equipment & Supplies | |
Spread above Index | [2],[3] | S+930 | |
Floor | [2] | 1% | |
Interest Rate | [2],[4],[10] | 14.06% | |
Acquisition Date | [2] | Feb. 18, 2022 | |
Maturity Date | [2] | Feb. 01, 2027 | |
Par Amount | [2] | $ 3,160 | |
Cost | [2] | 3,170 | |
Fair Value | [2] | $ 3,184 | |
Vapotherm Inc [Member] | Senior Secured Loans At Two Hundred and Twenty Six Point Eight Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | Vapotherm, Inc | ||
Industry | Health Care Equipment & Supplies | ||
Spread above Index | S+830 | ||
Floor | 1% | ||
Interest Rate | [11] | 12.58% | |
Acquisition Date | Feb. 18, 2022 | ||
Maturity Date | Feb. 01, 2027 | ||
Par Amount | $ 3,095 | ||
Cost | 3,094 | ||
Fair Value | $ 3,111 | ||
Vapotherm Inc [Member] | Warrants At Zero Point One Percent [Member] | Health Care Equipment Supplies [Member] | |||
Schedule of Investments [Line Items] | |||
Description | [9] | Vapotherm, Inc. | |
Industry | [9] | Health Care Equipment & Supplies | |
Acquisition Date | [9] | Feb. 18, 2022 | |
Par Amount | [9] | $ 3,324 | |
Cost | [9] | 19 | |
Fair Value | [9] | $ 8 | |
[1]Aggregate net unrealized depreciation for U.S. federal income tax purposes is $71; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $318 and $389, respectively, based on a tax cost of $43,968. 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]Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SLR HC BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the SPV Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.[3]Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR, SOFR or PRIME rate. These instruments are often subject to a LIBOR, SOFR or PRIME rate floor.[4]Floating rate debt investments typically bear interest at a rate determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) index rate, the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (PRIME or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment SLR HC BDC LLC (the “Company”, “we”, “us” or “our”) has provided the current interest rate in effect as of March 31, 2023.[5]Floating rate debt investments typically bear interest at a rate determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) index rate, the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (PRIME or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment SLR HC BDC LLC (the “Company”, “we”, “us” or “our”) has provided the current interest rate in effect as of December 31, 2022.[6]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 we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on non-qualifying follow-on non-qualifying Non-income |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Percentage of Non Qualifying Assets in the Portfolio of Total Assets | 19.10% | 17.90% |
Tax Basis of Investments, Unrealized Appreciation (Depreciation), Net | $ 33 | $ 71 |
Tax Basis of Investments, Gross, Unrealized Appreciation | 429 | 318 |
Tax Basis of Investments, Gross, Unrealized Depreciation | 396 | 389 |
Tax Basis of Investments, Cost for Income Tax Purposes | $ 50,991 | $ 43,968 |
BridgeBio Pharma Inc [Member] | ||
Schedule of Investments [Line Items] | ||
Rate of coupon as PIK | 3% | 3% |
Vapotherm, Inc. [Member] | ||
Schedule of Investments [Line Items] | ||
Rate of coupon as PIK | 9% | 8% |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization SLR HC BDC LLC (the “Company”, “we”, “us” or “our”) is a Delaware limited liability company formed on July 7, 2020 as a closed-end, In connection with the Company’s formation, the Company issued and sold 40 units to the Adviser (the “Initial Unitholder”), which were acquired for an initial capital contribution of $1 on January 5, 2021 in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act. The Company’s capital commitments total $83,850. The Company’s initial drawdown occurred on March 8, 2021 with the sale and issuance of units at an aggregate purchase price of $3,500 or $29.30 per unit. Prior to the issuance of units on March 8, 2021, the Initial Unitholder’s initial seed capital was withdrawn from the Company and its Units were canceled. As of March 31, 2023, $24,000 of capital commitments were drawn and $59,850 were unfunded. The Company pursues a corporate lending strategy focused on direct sourcing, underwriting and managing a diverse portfolio of private loans to U.S. healthcare companies. The Company’s principal focus is to invest in two differentiated strategies: first lien healthcare cash flow loans and first lien life science loans. First lien healthcare cash flow loans are expected to be made to private equity-owned upper middle market healthcare companies with EBITDA between approximately $25,000 and $100,000. These loan tranches are expected to range in size from $100,000 to $300,000. Healthcare cash flow loans are generally expected to have a five pre-commercialization four two non-investment The Company is organized for investors who may invest through one or more investment funds created by one or more financial institutions unaffiliated with the Company (collectively, the “Access Fund”). The Company was permitted to hold closings at any time during the offering period (the “Offering Period”), which ended on December 31, 2022. The term of the Company is expected to be seven years from the Company’s final closing with the Access Fund, which was held on February 11, 2021, unless the Company is terminated earlier or causes the units (or securities into which the units are converted or exchanged) to be listed for trading on a national securities exchange (an “Exchange Listing”) as set forth in the Limited Liability Company Agreement of the Company (as amended, restated or otherwise modified from time to time, the “LLC Agreement”), but may be extended by the board of directors for up to two consecutive one year periods upon approval of the Company’s independent directors and the approval of unitholders of the Company (“Unitholders”), which approval will be obtained through a non-1940 At any time prior to the end of the term, subject to the requirements of the 1940 Act and applicable law, the board of directors may, without the approval of Unitholders, cause the units (or securities into which the units are converted or exchanged) to be listed for trading on a national securities exchange. In connection with any such exchange listing, subject to the requirements of the 1940 Act and applicable law, the board of directors may, without the approval of Unitholders, cause the Company to complete (i) an initial public offering, (ii) a merger with another entity, including an affiliated company, subject to any limitations under the 1940 Act, (iii) the sale, exchange or disposition of all or a portion of the assets of the Company, or (iv) a conversion of the Company into a corporation incorporated in a state determined by the board of directors, either through a conversion in accordance with applicable law, a merger with or into an existing corporation, or otherwise, in which all units will be converted into or exchanged for shares of common stock of the resulting corporation. If the Company is unable to effectuate an exchange listing prior to the end of the term, the Company will use commercially reasonable efforts to wind down or liquidate p ur |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and certain wholly-owned subsidiaries. The consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition for the periods presented. Interim consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q S-X, In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for the fair presentation of financial statements, have been included. The significant accounting policies consistently followed by the Company are: (a) Investment transactions are accounted for on the trade date; (b) In accordance with GAAP and the 1940 Act, the Company’s assets will generally be valued as follows: (i) securities or other instruments (other than as referred to in clauses (ii) and (iii) below) for which market quotes are readily available and deemed to represent fair value under GAAP will be valued based on quotes obtained from a quotation reporting system, market makers or pricing services (when deemed to represent fair value under GAAP). A market quotation is readily available for a security only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. If the Company anticipates using a market quotation for a security, it will also monitor for circumstances that may necessitate the use of fair value, such as significant events that may cause concern over the reliability of a market quotation; (ii) exchange-traded options, futures and options on futures will be valued at the settlement price determined by the exchange or through the use of a model such as Black-Scholes; (iii) short-term investments with maturities of sixty (60) days or less generally will be valued at amortized cost; and (iv) securities, loans or other instruments for which market quotes are not readily available or reliable under GAAP will be valued as described below: a. the quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of SLR responsible for the portfolio investment; b. preliminary valuation conclusions are then documented and discussed with senior management of the Adviser; c. the audit committee of the Board of Directors ( the “Board”) reviews the preliminary valuations of the Adviser and third party valuation specialist, if any, and responds to the valuation recommendations to reflect any comments; and d. the Board discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of the Adviser, the audit committee, and third party valuation specialist, if any, which may from time to time be engaged by the Board. The valuation principles set forth above may be modified from time to time without notice to Unitholders, in whole or in part, as determined by the Board in its sole discretion. The Board will also (1) periodically assess and manage valuation risks; (2) establish and apply fair value methodologies; (3) test fair value methodologies; (4) oversee and evaluate third-party pricing services, as applicable; (5) oversee the reporting required by Rule 2a-5 2a-5. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will consider the pricing indicated by the external event to corroborate the valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. However, in accordance with ASC 820-10, ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy: Level 1 Level 2 Level 3 In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The exercise of judgment is based in part on our knowledge of the asset class and our prior experience. (c) Gains or losses on investments are calculated by using the specific identification method. (d) The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Loan origination fees, original issue discount, and market discounts are capitalized and we amortize such amounts into income using the effective interest method. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record call premiums on loans repaid as interest income when we receive such amounts. Capital structuring fees, amendment fees, consent fees, and any other non-recurring (e) The Company intends to comply with the applicable provisions of the Code pertaining to regulated investment companies to make distributions of taxable income sufficient to relieve it of substantially all U.S. federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. The Company will accrue excise tax on such estimated excess taxable income as appropriate. (f) Book and tax basis differences relating to Unitholder distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts annually. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from GAAP. (g) Distributions to Unitholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. (h) In accordance with Regulation S-X Consolidation (i) The accounting records of the Company are maintained in U.S. dollars. Any assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against the U.S. dollar on the date of valuation. The Company will not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations would be included with the net unrealized gain or loss from investments. The Company’s investments in foreign securities, if any, may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments in terms of U.S. dollars and therefore the earnings of the Company. (j) In accordance with ASC 835-30, (k) The Company records expenses related to applicable equity offering costs as a charge to capital upon the sale of units, in accordance with ASC 946-20-25. (l) Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual non-accrual (m) The Company records expenses directly related to its organization as incurred. (n) The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less would qualify, with limited exceptions. The Company believes that certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Agreements And Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions Pursuant to the Investment Management Agreement we have entered into with the Adviser, we intend to pay the Adviser certain management and incentive fees prior to and following an Exchange Listing. Prior to an Exchange Listing, the Adviser has been appointed to provide administrative and coordination services to the Company (in such capacity, the “Administrative Coordinator”). The Company will pay an administration fee to the Administrative Coordinator for such administrative and coordination services, each as defined and described further below. Following an Exchange Listing, we intend to enter into a separate administration agreement with an affiliate pursuant to which administrative services would be provided to the Company, as described further below. The cost of the base management fee, the incentive fee and the administration fee will ultimately be borne by our Unitholders. Management Fees The Company will pay the Adviser a management fee prior to an Exchange Listing (as the same may be adjusted pursuant to the LLC Agreement and the Investment Management Agreement, the “Pre-Exchange Pre-Exchange • Pre-Exchange Pre-Exchange per annum • Post-Exchange Listing The Management Fee will be appropriately adjusted for any stub period. The Adviser may arrange for the Company to direct to a placement agent any portion of the management The Adviser will have the right, in its sole discretion, to waive or reduce, as well as recoup in a subsequent period, the Management Fee to which the Adviser is entitled in respect of all Unitholders’ Units in any particular calendar quarter. Any such Management Fee may be recouped by the Adviser in a future calendar quarter within three years of the date of the applicable waiver of the Management Fee. No Management Fees have been waived as of March 31, 2023. Incentive Fee Distributions Pre-Exchange “Pre-Exchange (i) Disposition Proceeds apportioned to Unitholders shall be divided between and distributed to Unitholders, on the one hand, and paid to the Adviser as a Pre-Exchange (A) First, Return of Capital Contributions: % to such Unitholder until such Unitholders has received cumulative distributions of Investment Proceeds pursuant to this clause (A) equal to such Unitholder’s total capital contributions to the Company (including amounts contributed to pay Pre-Exchange Listing Management Fees, Pre-Exchange Listing Administration Fees (defined below), Organizational Expenses (defined below) and other Company expenses); (B) Second, Unitholder Preferred Return: 100% of all remaining Disposition Proceeds to Unitholders until they have each received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (B) and clause (D) below and clause (ii)(A) and (ii)(C) below equal to 6% per annum, compounded annually, on Unitholders’ capital contributions to the Company (including amounts contributed to pay Pre-Exchange Pre-Exchange “—Pre-Exchange (C) Third, Adviser Catch Up: 100% of all remaining Disposition Proceeds to the Adviser as a Pre-Exchange (D) Fourth, 90%/10%: 90% of all remaining Disposition Proceeds to Unitholders and 10% of all remaining Disposition Proceeds to the Adviser as a Pre-Exchange In no event will the Adviser receive amounts of Pre-Exchange In no event will the Adviser receive amounts attributable to Disposition Proceeds that, as of any distribution or payment date, exceeds 20% of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation. (ii) Current Proceeds apportioned to Unitholders shall be divided between and distributed to Unitholders, on the one hand, and paid to the Adviser as a Pre-Exchange (A) First, Unitholder Preferred Return: 100% of all Current Proceeds to Unitholders until Unitholders have received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (A) and clause (C) below and pursuant to clause (i)(B) and clause (i)(D) above equal to the Preferred Return; (B) Second, Adviser Catch Up: Second, 100% of all remaining Current Proceeds to the Adviser as a Pre-Exchange (C) Third, 90%/10%: Thereafter, 90% of all remaining Current Proceeds to Unitholders and 10% of all remaining Current Proceeds to the Adviser as a Pre-Exchange In no event will the Adviser receive amounts of Pre-Exchange Post-Exchange Listing Incentive Fee (i) Pre-Incentive a. For this purpose, Pre-Incentive b. Pre-Incentive Pre-Incentive Pre-Incentive c. The Company will pay the Adviser a Post-Exchange Listing Incentive Fee with respect to the Company’s Pre-Incentive i. no Post-Exchange Listing Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive ii. 100% of the Company’s Pre-Incentive Pre-Incentive Pre-Incentive “catch-up.” “catch-up” Pre-Incentive Pre-Incentive iii. 20% of the amount of the Company’s Pre-Incentive catch-up Pre-Incentive These calculations will be appropriately pro-rated for Capital Gains Fee Administration Fees and Expenses Pre-Exchange “Pre-Exchange Pre-Exchange on-going, non-investment-related The Pre-Exchange The Administrative Coordinator will have the right, in its sole discretion, to waive, as well as recoup in a subsequent period, the Pre-Exchange Pre-Exchange Pre-Exchange No Administration Fees have been waived as of March 31, 2023. Post-Exchange Listing Administration Expenses Pre-Exchange For the three months ended March 31, 2023 and 2022, the Company incurred $129 and $89, respectively, in Management Fees, $9 and $6, respectively, in Administration Fees and $0 and $0, respectively in Incentive Fees. In addition, prior to an Exchange Listing, the aggregate amount of the operating expenses relating to Unitholders investing directly in the Company will not exceed the following limits in any fiscal year: (A) if the Company has less than or equal to $400,000 in Commitments, an amount equal to the sum of (x) the product of the Commitments and 0.0025 and (y) $1,250, or (B) if the Company has greater than $400,000 in Commitments, $2,250 (such figure, the “Operating Expense Cap”). Any amount in excess of the Operating Expense Cap for any fiscal year will be paid by the Adviser. For the avoidance of doubt, (i) the Operating Expense Cap will not apply to any fees, costs, expenses and liabilities allocable to persons investing indirectly in the Company through any Unitholder, (ii) the Company will not bear the costs of any third-party valuation agent engaged solely for purposes of valuing the Company’s portfolio investments at each quarter end and (iii) the Operating Expense Cap will no longer apply upon the effectuation of an Exchange Listing. The Adviser or Administrative Coordinator and/or their affiliates has advanced organizational and offering expenses to the Company, which include organizational fees, costs, expenses and liabilities of the Company, including legal expenses, incurred in connection with the initial offering of Units and the formation and establishment of the Company (the “Organizational Expenses”). The Adviser or Administrative Coordinator (or such affiliate) will be reimbursed by the Company for such advanced costs and expenses in an amount not to exceed $500. The Company will be responsible for and pay (or reimburse) the Organizational Expenses subject to the cap described in the preceding sentence. Accordingly, in 2021, $177 of offering expenses were charged to capital and $229 of organizational costs were expensed. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1. Level 2. a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level 3. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Gains and losses for assets and liabilities categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Such reclassifications involving Level 3 assets and liabilities are reported as transfers in/out of Level 3 as of the end of the quarter in which the reclassifications occur. Within the fair value hierarchy tables below, cash and cash equivalents are excluded but could be classified as Level 1. The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2023 and December 31, 2022: Fair Value Measurements As of March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 51,016 $ 51,016 Warrants — — 8 8 Total Investments $ — $ — $ 51,024 $ 51,024 While the Company has not made an election to apply the fair value option of accounting to any of its debt obligations, if the Company’s debt obligations were carried at fair value at March 31, 2023, the fair value of the SPV Facility and the Subscription Facility would be $18,525 and $10,800, respectively. Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 43,886 $ 43,886 Warrants — — 11 11 Total Investments $ — $ — $ 43,897 $ 43,897 While the Company has not made an election to apply the fair value option of accounting to any of its debt obligations, if the Company’s debt obligations were carried at fair value at December 31, 2022, the fair value of the SPV Facility and the Subscription Facility would be $14,675 and $13,800, respectively. The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2023, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2023: Bank Debt/Senior Warrants Total Fair value, December 31, 2022 $ 43,886 $ 11 $ 43,897 Total gains or losses included in earnings: Net realized gain — — — Net change in unrealized gain (loss) 109 (5 ) 104 Purchase of investment securities 9,763 2 9,765 Proceeds from dispositions of investment securities (2,742 ) — (2,742 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, March 31, 2023 $ 51,016 $ 8 $ 51,024 Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: Net change in unrealized gain (loss) $ 109 $ (5 ) $ 104 The following tables provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2022, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2022: Bank Debt/Senior Warrants Total Fair value, December 31, 2021 $ 27,286 $ — $ 27,286 Total gains or losses included in earnings: Net realized gain — — — Net change in unrealized gain (loss) 192 (14 ) 178 Purchase of investment securities 28,713 25 28,738 Proceeds from dispositions of investment securities (12,305 ) — (12,305 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, December 31, 2022 $ 43,886 $ 11 $ 43,897 Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: Net change in unrealized gain (loss) $ 243 $ (14 ) $ 229 The Company typically determines the fair value of its performing debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to current contractual interest rates, relative maturities and other key terms and risks associated with an investment. Among other factors, a significant determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 assets and liabilities primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as enterprise values, returns on equity and earnings before income taxes, depreciation and amortization (“EBITDA”) multiples of similar companies, and comparable market transactions for equity securities. Quantitative information about the Company’s Level 3 asset fair value measurements as of March 31, 2023 is summarized in the table below: Asset or Fair Value at Principal Valuation Technique/Methodology Unobservable Input Range (Weighted Bank Debt / Senior Secured Loans Asset $ 51,016 Income Approach Market Yield 10.2% – 22.0% Warrants Asset $ 8 Market Approach Volatility 22.1% - 22.1% Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask Quantitative information about the Company’s Level 3 asset fair value measurements as of December 31, 2022 is summarized in the table below: Asset or Fair Value at Principal Valuation Technique/Methodology Unobservable Input Range (Weighted Bank Debt / Senior Secured Loans Asset $ 43,886 Income Approach Market Yield 9.8% – 18.2% Warrants Asset $ 11 Market Approach Volatility 26.0% - 26.0% Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt SPV Facility Subscription Facility 2.75-3.00% The average annualized interest cost for borrowings for the three months ended March 31, 2023 and the year ended December 31, 2022 was 7.51% and 4.88%, respectively. These costs are exclusive of other credit facility expenses such as unused fees. The maximum amount borrowed on the credit facilities during the three months ended March 31, 2023 and the year ended December 31, 2022 was $32,825 and $32,775, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies The Company had unfunded debt commitments to various revolving and delayed-draw term loans. The total amount of these unfunded commitments as of March 31, 2023 and December 31, 2022 is $14,871 and $15,513, respectively, comprised of the following: March 31, 2023 December 31, 2022 Outset Medical, Inc. $ 3,052 $ 3,052 Apeel Technology, Inc. 2,852 2,852 Glooko, Inc. 1,633 1,633 SCP Eye Care, LLC 834 968 ONS MSO, LLC 814 — Arcutis Biotherapeutics, Inc. 786 786 Spectrum Pharmaceuticals, Inc. 763 763 Ardelyx, Inc. 696 696 Pediatric Home Respiratory Services, LLC 630 630 Cerapedics, Inc. 623 623 Southern Orthodontic Partners Management, LLC 554 670 United Digestive MSO Parent, LLC 391 — Urology Management Holdings, Inc. 359 — Orthopedic Care Partners Management, LLC 339 566 Meditrina, Inc. 312 312 Oral Surgery Partners Holdings, LLC 159 843 SunMed Group Holdings, LLC 74 69 Plastics Management, LLC — 794 Ivy Fertility Services, LLC — 128 BayMark Health Services, Inc. — 128 Total Commitments $ 14,871 $ 15,513 The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of March 31, 2023, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment. In the normal course of its business, we invest or trade in various financial instruments and may enter into various investment activities with off-balance off-balance |
Unitholders' Capital
Unitholders' Capital | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Unitholders' Capital | Note 7. Unitholders’ Capital Transactions in Unitholders’ capital were as follows: Three months ended March 31, 2023 Three months ended March 31, 2022 Units at beginning of period 888,565 682,427 Units issued 181,077 — Units issued and outstanding at end of period 1,069,642 682,427 |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 8. Financial Highlights The following is a schedule of financial highlights for the three months ended March 31, 2023 and March 31, 2022: Three months ended Three months ended March 31, 2022 Per Share Data: (a) Net asset value per unit, beginning of period $ 21.77 $ 21.41 Net investment income 0.33 0.16 Net realized and unrealized gain 0.09 0.43 Net increase in Unitholders’ capital resulting from operations 0.42 0.59 Net asset value per unit, end of period $ 22.19 $ 22.00 Total Return (b)(c) 1.92 % 2.73 % Unitholders’ capital, end of period $ 23,732 $ 15,011 Units outstanding, end of period 1,069,642 682,427 Ratios to average net assets of Unitholders’ Capital (c): Net investment income 1.50 % 0.75 % Operating expenses 1.65 % 1.71 % Interest and other credit facility expenses 4.23 % 1.58 % Total expenses 5.88 % 3.29 % Average debt outstanding $ 29,309 $ 15,973 Portfolio turnover ratio 6.0 % 0.2 % (a) Calculated using the average units outstanding method. Weighted average units outstanding for the three months ended March 31, 2023 and the three months ended March 31, 2022 were 906,673 and 682,427, respectively. (b) Calculated as the change in NAV per unit during the period plus distributions declared per unit, divided by the beginning NAV per unit. Total return does not include a sales load. (c) Not annualized for periods less than one year. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events On April 5, 2023, the Board declared a monthly distribution of approximately $0.395 per unit payable on April 10, 2023 to holders of record as of April 10, 2023. The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure in these consolidated financial statement s |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2023 and December 31, 2022: Fair Value Measurements As of March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 51,016 $ 51,016 Warrants — — 8 8 Total Investments $ — $ — $ 51,024 $ 51,024 Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 43,886 $ 43,886 Warrants — — 11 11 Total Investments $ — $ — $ 43,897 $ 43,897 |
Summary of Changes in Fair Value of Level 3 Assets | The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2023, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2023: Bank Debt/Senior Warrants Total Fair value, December 31, 2022 $ 43,886 $ 11 $ 43,897 Total gains or losses included in earnings: Net realized gain — — — Net change in unrealized gain (loss) 109 (5 ) 104 Purchase of investment securities 9,763 2 9,765 Proceeds from dispositions of investment securities (2,742 ) — (2,742 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, March 31, 2023 $ 51,016 $ 8 $ 51,024 Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: Net change in unrealized gain (loss) $ 109 $ (5 ) $ 104 The following tables provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2022, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2022: Bank Debt/Senior Warrants Total Fair value, December 31, 2021 $ 27,286 $ — $ 27,286 Total gains or losses included in earnings: Net realized gain — — — Net change in unrealized gain (loss) 192 (14 ) 178 Purchase of investment securities 28,713 25 28,738 Proceeds from dispositions of investment securities (12,305 ) — (12,305 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, December 31, 2022 $ 43,886 $ 11 $ 43,897 Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: Net change in unrealized gain (loss) $ 243 $ (14 ) $ 229 |
Summary of Company's Level 3 | Quantitative information about the Company’s Level 3 asset fair value measurements as of March 31, 2023 is summarized in the table below: Asset or Fair Value at Principal Valuation Technique/Methodology Unobservable Input Range (Weighted Bank Debt / Senior Secured Loans Asset $ 51,016 Income Approach Market Yield 10.2% – 22.0% Warrants Asset $ 8 Market Approach Volatility 22.1% - 22.1% Quantitative information about the Company’s Level 3 asset fair value measurements as of December 31, 2022 is summarized in the table below: Asset or Fair Value at Principal Valuation Technique/Methodology Unobservable Input Range (Weighted Bank Debt / Senior Secured Loans Asset $ 43,886 Income Approach Market Yield 9.8% – 18.2% Warrants Asset $ 11 Market Approach Volatility 26.0% - 26.0% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unfunded Commitments | March 31, 2023 December 31, 2022 Outset Medical, Inc. $ 3,052 $ 3,052 Apeel Technology, Inc. 2,852 2,852 Glooko, Inc. 1,633 1,633 SCP Eye Care, LLC 834 968 ONS MSO, LLC 814 — Arcutis Biotherapeutics, Inc. 786 786 Spectrum Pharmaceuticals, Inc. 763 763 Ardelyx, Inc. 696 696 Pediatric Home Respiratory Services, LLC 630 630 Cerapedics, Inc. 623 623 Southern Orthodontic Partners Management, LLC 554 670 United Digestive MSO Parent, LLC 391 — Urology Management Holdings, Inc. 359 — Orthopedic Care Partners Management, LLC 339 566 Meditrina, Inc. 312 312 Oral Surgery Partners Holdings, LLC 159 843 SunMed Group Holdings, LLC 74 69 Plastics Management, LLC — 794 Ivy Fertility Services, LLC — 128 BayMark Health Services, Inc. — 128 Total Commitments $ 14,871 $ 15,513 |
Unitholders' Capital (Tables)
Unitholders' Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Summary of Limited Liability Company Unit Holders Capital | Transactions in Unitholders’ capital were as follows: Three months ended March 31, 2023 Three months ended March 31, 2022 Units at beginning of period 888,565 682,427 Units issued 181,077 — Units issued and outstanding at end of period 1,069,642 682,427 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Summary of Financial Highlights | The following is a schedule of financial highlights for the three months ended March 31, 2023 and March 31, 2022: Three months ended Three months ended March 31, 2022 Per Share Data: (a) Net asset value per unit, beginning of period $ 21.77 $ 21.41 Net investment income 0.33 0.16 Net realized and unrealized gain 0.09 0.43 Net increase in Unitholders’ capital resulting from operations 0.42 0.59 Net asset value per unit, end of period $ 22.19 $ 22.00 Total Return (b)(c) 1.92 % 2.73 % Unitholders’ capital, end of period $ 23,732 $ 15,011 Units outstanding, end of period 1,069,642 682,427 Ratios to average net assets of Unitholders’ Capital (c): Net investment income 1.50 % 0.75 % Operating expenses 1.65 % 1.71 % Interest and other credit facility expenses 4.23 % 1.58 % Total expenses 5.88 % 3.29 % Average debt outstanding $ 29,309 $ 15,973 Portfolio turnover ratio 6.0 % 0.2 % (a) Calculated using the average units outstanding method. Weighted average units outstanding for the three months ended March 31, 2023 and the three months ended March 31, 2022 were 906,673 and 682,427, respectively. (b) Calculated as the change in NAV per unit during the period plus distributions declared per unit, divided by the beginning NAV per unit. Total return does not include a sales load. (c) Not annualized for periods less than one year. |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 08, 2021 | Jan. 05, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Unfunded commitments | $ 14,871 | $ 15,513 | ||
Maximum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Capital commitments | 2,250 | |||
Minimum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Capital commitments | 1,250 | |||
Initial Unitholder [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Issuance of common shares shares | 40 | |||
Share price | $ 29.3 | $ 1 | ||
Capital commitments | 83,850 | |||
Issuance of common shares value | $ 3,500 | |||
Withdrawal of capital commitments | 24,000 | |||
Unfunded commitments | $ 59,850 | |||
First Lien Health Care Cash Flow Loans [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Debt instrument maturity date | five to six year | |||
Debt Instrument, Frequency of Periodic Payment | three years | |||
Debt Instrument, Payment Terms | often repaid within three years | |||
First Lien Health Care Cash Flow Loans [Member] | Maximum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Debt instrument carrying amount | $ 300,000 | |||
Debt Instrument, Term | 6 years | |||
First Lien Health Care Cash Flow Loans [Member] | Maximum [Member] | EBITDA Concentration Risk [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Earnings Before Interest Tax Depreciation And Amortization | $ 100,000 | |||
First Lien Health Care Cash Flow Loans [Member] | Minimum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Debt instrument carrying amount | $ 100,000 | |||
Debt Instrument, Term | 5 years | |||
First Lien Health Care Cash Flow Loans [Member] | Minimum [Member] | EBITDA Concentration Risk [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Earnings Before Interest Tax Depreciation And Amortization | $ 25,000 | |||
First Lien Life Science Loans [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Debt instrument maturity date | four to five year | |||
Debt Instrument, Payment Terms | often repaid within two to three years | |||
First Lien Life Science Loans [Member] | Maximum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Debt instrument carrying amount | $ 150,000 | |||
Debt Instrument, Term | 5 years | |||
Debt Instrument, Frequency of Periodic Payment | three years | |||
First Lien Life Science Loans [Member] | Minimum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Debt instrument carrying amount | $ 25,000 | |||
Debt Instrument, Term | 4 years | |||
Debt Instrument, Frequency of Periodic Payment | two years |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule Of Significant Accounting Policies [Line Items] | |
Excise tax rate | 4% |
Agreements and Related Party _2
Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Agreements And Related Party Transactions [Line Items] | |||
Percentage of pre exchange management fee on invested capital | 1.50% | ||
Percentage of Post-Exchange Listing Management Fee on Entity Average Assets | 1.50% | ||
Percentage of Entity Average Assets Threshold | 1% | ||
Precentage of product payment | 200% | ||
Percentage of cummulative capital realized gains | 20% | ||
Percentage of Post-Exchange Listing Management Fee on Entity Gross Assets | 1.50% | ||
Percentage pre incentive fee net investment income | 100% | ||
Percentage of realized capital gains | 20% | ||
Percentage of average cost basis | 0.08% | ||
Management fee expense | $ 129 | $ 89 | |
Administrative fees expense | 9 | 6 | |
Incentive fee expense | $ 0 | $ 0 | |
Product of capital commitment | 0.0025 | ||
Affiliate Costs | $ 500 | ||
Offering expenses | $ 177 | ||
Organizational costs | $ 229 | ||
Type of agreement, First [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Precentage of return of capital contributions | 100% | ||
Percentage of current proceeds to unitholders | 100% | ||
Type of agreement, Second [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of remaining disposition proceeds to unitholders | 100% | ||
Percentage of current proceeds to advisers | 100% | ||
Type of agreement, Third [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of remaining disposition proceeds to adviser | 100% | ||
Quarterly [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of hurdle rate | 1.50% | ||
Percentage pre incentive fee net investment income | 1.875% | ||
Annually [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of hurdle rate | 6% | ||
Percentage pre incentive fee net investment income | 7.50% | ||
Pre Exchange Listing Incentive Fee [Member] | Type of agreement, Third [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of current proceeds to unitholders | 90% | ||
Percentage of current proceeds to advisers | 10% | ||
Pre Exchange Listing Incentive Fee [Member] | Type of agreement, Fourth [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of remaining disposition proceeds to unitholders | 90% | ||
Percentage of remaining disposition proceeds to adviser | 10% | ||
Adviser [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage pre incentive fee net investment income | 20% | ||
Minimum [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Commitments | $ 400,000 | ||
Capital commitments | $ 1,250 | ||
Minimum [Member] | Type of agreement, Second [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of remaining disposition proceeds to unitholders | 6% | ||
Minimum [Member] | Type of agreement, Third [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Pecentage of amount due to unitholders | 10% | ||
Percentage of current proceeds to unitholders | 10% | ||
Minimum [Member] | Type of agreement, Fourth [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of remaining disposition proceeds to unitholders | 10% | ||
Maximum [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Commitments | $ 400,000 | ||
Capital commitments | $ 2,250 | ||
Maximum [Member] | Type of agreement, Second [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Pecentage of amount due to unitholders | 10% | ||
Maximum [Member] | Type of agreement, Third [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of current proceeds to unitholders | 90% | ||
Maximum [Member] | Type of agreement, Fourth [Member] | |||
Agreements And Related Party Transactions [Line Items] | |||
Percentage of remaining disposition proceeds to unitholders | 90% |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | $ 51,024 | $ 43,897 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 51,024 | 43,897 |
Bank Debt Senior Secured Loans [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 51,016 | 43,886 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 51,016 | 43,886 |
Warrant [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 8 | 11 |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | $ 8 | $ 11 |
Fair Value - Summary of Changes
Fair Value - Summary of Changes in Fair Value of Level 3 Assets (Detail) - Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 43,897 | $ 27,286 |
Total gains or losses included in earnings: | ||
Purchase of investment securities | 9,765 | 28,738 |
Proceeds from dispositions of investment securities | (2,742) | (12,305) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing balance | 51,024 | 43,897 |
Unrealized losses for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | ||
Net change in unrealized loss | 104 | 229 |
Realized Investment Gains Losses [Member] | ||
Total gains or losses included in earnings: | ||
Unrealized gain (loss) | 0 | 0 |
Unrealized Gain Loss On Investments [Member] | ||
Total gains or losses included in earnings: | ||
Unrealized gain (loss) | 104 | 178 |
Bank Debt Senior Secured Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 43,886 | 27,286 |
Total gains or losses included in earnings: | ||
Purchase of investment securities | 9,763 | 28,713 |
Proceeds from dispositions of investment securities | (2,742) | (12,305) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing balance | 51,016 | 43,886 |
Unrealized losses for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | ||
Net change in unrealized loss | 109 | 243 |
Bank Debt Senior Secured Loans [Member] | Realized Investment Gains Losses [Member] | ||
Total gains or losses included in earnings: | ||
Unrealized gain (loss) | 0 | 0 |
Bank Debt Senior Secured Loans [Member] | Unrealized Gain Loss On Investments [Member] | ||
Total gains or losses included in earnings: | ||
Unrealized gain (loss) | 109 | 192 |
Warrant [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 11 | 0 |
Total gains or losses included in earnings: | ||
Purchase of investment securities | 2 | 25 |
Proceeds from dispositions of investment securities | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing balance | 8 | 11 |
Unrealized losses for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | ||
Net change in unrealized loss | (5) | (14) |
Warrant [Member] | Realized Investment Gains Losses [Member] | ||
Total gains or losses included in earnings: | ||
Unrealized gain (loss) | 0 | 0 |
Warrant [Member] | Unrealized Gain Loss On Investments [Member] | ||
Total gains or losses included in earnings: | ||
Unrealized gain (loss) | $ (5) | $ (14) |
Fair Value - Summary of Company
Fair Value - Summary of Company's Level 3 (Detail) - Fair Value, Recurring [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 51,024 | $ 43,897 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | 51,024 | 43,897 |
Bank Debt Senior Secured Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | 51,016 | 43,886 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 51,016 | $ 43,886 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Market Yield [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset or Liability | Asset | Asset |
Investments, Fair Value Disclosure | $ 51,016 | $ 43,886 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Market Yield [Member] | Valuation, Income Approach [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Trading, Measurement Input | 10.2 | 9.8 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Market Yield [Member] | Valuation, Income Approach [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Trading, Measurement Input | 22 | 18.2 |
Bank Debt Senior Secured Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Market Yield [Member] | Valuation, Income Approach [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Trading, Measurement Input | 13 | 12.5 |
Warrant [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 8 | $ 11 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 8 | $ 11 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset or Liability | Asset | Asset |
Investments, Fair Value Disclosure | $ 8 | $ 11 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | Valuation, Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset, Measurement Input | 22.1 | 26 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | Valuation, Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset, Measurement Input | 22.1 | 26 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset, Measurement Input | 22.1 | 26 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
SPV Facility [Member] | ||
Fair Value [Line Items] | ||
Debt instrument carrying amount | $ 18,525 | $ 14,675 |
Subscription Facility [Member] | ||
Fair Value [Line Items] | ||
Debt instrument carrying amount | $ 10,800 | $ 13,800 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Feb. 18, 2022 | Mar. 19, 2021 | |
Line of Credit Facility [Line Items] | ||||
Long-Term Debt, Weighted Average Interest Rate, over Time | 7.51% | 4.88% | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 32,825 | $ 32,775 | ||
SPV Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-Term Debt, Gross | 18,525 | 14,675 | ||
Subscription Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-Term Debt, Gross | $ 10,800 | $ 13,800 | ||
JPMorgan Chase Bank, N.A. [Member] | SPV Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Expiration Date | Feb. 18, 2027 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.875% | |||
Line of Credit Facility, Collateral | The SPV Facility is secured by all of the assets held by the SPV | |||
Long-Term Debt, Gross | $ 18,525 | |||
JPMorgan Chase Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | SPV Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.90% | |||
Debt Instrument, Description of Variable Rate Basis | Term SOFR | |||
Debt Instrument, Description Of Floor Requirement | no SOFR | |||
JPMorgan Chase Bank, N.A. [Member] | Maximum [Member] | SPV Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||
JPMorgan Chase Bank, N.A. [Member] | Minimum [Member] | SPV Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||
ING Capital LLC [Member] | Subscription Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||
Line of Credit Facility, Expiration Date | Mar. 15, 2024 | |||
ING Capital LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subscription Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
ING Capital LLC [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subscription Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||
ING Capital LLC [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subscription Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Unfunded Commitments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | $ 14,871 | $ 15,513 |
Outset Medical, Inc [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 3,052 | 3,052 |
Apeel Technology, Inc. [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 2,852 | 2,852 |
Glooko, Inc. [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 1,633 | 1,633 |
SCP Eye Care, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 834 | 968 |
ONS MSO LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 814 | 0 |
Arcutis Biotherapetics, Inc. [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 786 | 786 |
Spectrum Pharmaceuticals, Inc [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 763 | 763 |
Ardelyx, Inc. [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 696 | 696 |
Pediatric Home Respiratory Services, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 630 | 630 |
Cerapedics Inc [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 623 | 623 |
Southern Orthodonic Partners Management, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 554 | 670 |
United Digestive MSO Parent, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 391 | 0 |
Urology Management Holdings, Inc [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 359 | 0 |
Orthopedic Care Partners Management, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 339 | 566 |
Meditrina, Inc [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 312 | 312 |
Oral Surgery Partners Holdings, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 159 | 843 |
SunMed Group Holdings, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 74 | 69 |
Plastics Management, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 0 | 794 |
Ivy Fertility Services, LLC [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | 0 | 128 |
BayMark Health Services, Inc. [Member] | ||
Summary Of Unfunded Commitments [Line Items] | ||
Unfunded Commitments | $ 0 | $ 128 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded Commitments | $ 14,871 | $ 15,513 |
Unitholders' Capital - Summary
Unitholders' Capital - Summary of Limited Liability Company Unit Holders Capital (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Equity [Abstract] | |||
Units at beginning of period | 888,565 | 682,427 | |
Units issued | 181,077 | 0 | |
Units outstanding at end of period | [1],[2] | 1,069,642 | 682,427 |
[1]Calculated as the change in NAV per unit during the period plus distributions declared per unit, divided by the beginning NAV per unit. Total return does not include a sales load.[2]Not annualized for periods less than one year. |
Financial Highlights - Summary
Financial Highlights - Summary of Financial Highlights (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Investment Company, Financial Highlights [Line Items] | |||||||
Net asset value per unit, beginning of period | [1] | $ 21.77 | $ 21.41 | ||||
Net investment income | [1] | 0.33 | 0.16 | ||||
Net realized and unrealized gain | [1] | 0.09 | 0.43 | ||||
Net increase in Unitholders' capital resulting from operations | [1] | 0.42 | 0.59 | ||||
Net asset value per unit, end of period | [1] | $ 22.19 | $ 22 | ||||
Total Return | [2],[3] | 1.92% | 2.73% | ||||
Unitholders' capital, end of period | $ 23,732 | [2],[3] | $ 15,011 | [2],[3] | $ 19,348 | ||
Units outstanding, end of period | 1,069,642 | [2],[3] | 682,427 | [2],[3] | 888,565 | 682,427 | |
Ratios to average net assets of Unitholders' Capital : | |||||||
Net investment income | [3] | 1.50% | 0.75% | ||||
Operating expenses | [3] | 1.65% | 1.71% | ||||
Interest and other credit facility expenses | [3] | 4.23% | 1.58% | ||||
Total expenses | [3] | 5.88% | 3.29% | ||||
Average debt outstanding | [3] | $ 29,309 | $ 15,973 | ||||
Portfolio turnover ratio | [3] | 6% | 0.20% | ||||
[1]Calculated using the average units outstanding method. Weighted average units outstanding for the three months ended March 31, 2023 and the three months ended March 31, 2022 were 906,673 and 682,427, respectively.[2]Calculated as the change in NAV per unit during the period plus distributions declared per unit, divided by the beginning NAV per unit. Total return does not include a sales load.[3]Not annualized for periods less than one year. |
Financial Highlights - Summar_2
Financial Highlights - Summary of Financial Highlights (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | ||
Weighted average number of units outstanding | 906,673 | 682,427 |
Subsequent Events - Additional
Subsequent Events - Additional information (Detail) - Subsequent Event [Member] | Apr. 05, 2023 $ / shares |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.395 |
Dividends Payable, Date to be Paid | Apr. 10, 2023 |
Dividends Payable, Date of Record | Apr. 10, 2023 |
N-2
N-2 | 3 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Entity Central Index Key | 0001832148 |
Amendment Flag | false |
Securities Act File Number | 000-56247 |
Document Type | 10-Q |
Entity Registrant Name | SLR HC BDC LLC |
Entity Address, Address Line One | 500 Park Avenue |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10022 |
City Area Code | 212 |
Local Phone Number | 993-1670 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
General Description of Registrant [Abstract] | |
Risk Factors [Table Text Block] | Item 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” in the February 28, 2023 filing of the Annual Report on Form 10-K, which 10-K. Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a material adverse effect on us, the Adviser and our portfolio companies. Cash not held in custody accounts and held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts could, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limits. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Adviser’s and our portfolio companies’ business, financial condition, results of operations, or prospects. Although we and our Adviser assess our and our portfolio companies’ banking and financing relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize current and projected future business operations could be significantly impaired by factors that affect the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all. |
Effects of Leverage [Text Block] | Leverage The Company is required to comply with the asset coverage requirements of the 1940 Act. The Company expects to employ leverage and otherwise incur indebtedness with respect to the portfolio both on a recourse and non-recourse |
Risk Factors [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Item 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” in the February 28, 2023 filing of the Annual Report on Form 10-K, which 10-K. |
Quantitative and Qualitative Disclosures About Market Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Item 3. Quantitative and Qualitative Disclosures About Market Risk We are subject to financial market risks, including changes in interest rates. Uncertainty with respect to the rising interest rates, inflationary pressures, risks in respect of a failure to increase the U.S. debt ceiling, the war between Ukraine and Russia and health epidemics and pandemics introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In a low interest rate environment, including a reduction of LIBOR or SOFR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such as the current economic environment, such difference could potentially increase thereby increasing our net investment income. During the three months ended March 31, 2023, certain investments in our investment portfolio had floating interest rates. These floating rate investments were primarily based on floating LIBOR or SOFR and typically have durations of one to three months after which they reset to current market interest rates. Additionally, some of these investments have floors. The Company also has revolving credit facilities that are generally based on floating LIBOR or SOFR. Assuming no changes to our balance sheet as of March 31, 2023 and no new defaults by portfolio companies, a hypothetical one percent decrease in LIBOR or SOFR on our comprehensive floating rate assets and liabilities would decrease our net investment income by approximately fifteen cents per average unit over the next twelve months. Assuming no changes to our balance sheet as of March 31, 2023 and no new defaults by portfolio companies, a hypothetical one percent increase in LIBOR or SOFR on our comprehensive floating rate assets and liabilities would increase our net investment income by approximately fifteen cents per average unit over the next twelve months. However, we may hedge against interest rate fluctuations from time-to-time Increase (Decrease) in LIBOR/SOFR (1.00 %) 1.00 % Increase (Decrease) in Net Investment Income Per Unit Per Year $ (0.15 ) $ 0.15 |