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SLR Equipment Finance | 9 Months Ended
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Sep. 30, 2025
Schedule of Equity Method Investments [Line Items] |
SLR Equipment Finance | Note 13. Kingsbridge Holdings, LLC On November 3, 2020, the Company acquired 87.5% of the equity securities of Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a Delaware corporation. KBH is a residual-focused independent mid-ticket lessor of equipment primarily to U.S. investment grade companies. The Company invested $216,596 to effect the transaction, of which $136,596 was invested to acquire 87.5% of KBHT’s equity and $80,000 of KBH’s debt. The existing management team of KBH committed to continuing to lead KBH after the transaction. Following the transaction, the Company owned 87.5% of KBHT’s equity and the KBH management team owned the remaining 12.5% of KBHT’s equity. On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125% of KBHT’s equity from the KBH management team. On March 11, 2025, as per the terms of the original purchase agreement, the Company acquired an additional 3.125% of KBHT’s equity from the KBH management team. Effective with these purchases, the Company owns 93.75% of KBHT’s equity and the KBH management team owns the remaining 6.25%. As of September 30, 2025 and December 31, 2024, KBHT had total assets of $897,557 and $920,072, respectively. For the same periods, debt recourse to KBHT totaled $257,456 and $271,584, respectively, and non-recourse debt totaled $416,031 and $421,587, respectively. None of the debt is recourse to the Company. For the three months ended September 30, 2025 and 2024, KBHT had net income of $3,510 and $2,890, respectively, on gross income of $87,439 and $83,092, respectively. For the nine months ended September 30, 2025 and 2024, KBHT had net income of $9,750 and $7,493, respectively, on gross income of $275,388 and $241,586, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.
SLR Equipment Finance [Member] |
Schedule of Equity Method Investments [Line Items] |
SLR Equipment Finance | Note 12. SLR Equipment Finance On July 31, 2017, we acquired a 100% equity interest in NEF Holdings, LLC, which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. Effective February 25, 2021, Nations Equipment Finance, LLC and its related companies are doing business as SLR Equipment Finance (“SLR Equipment”). SLR Equipment is an independent equipment finance company that provides senior secured loans and leases primarily to U.S.-based companies. We invested $209,866 in cash to effect the transaction, of which $145,000 was invested in the equity of SLR Equipment through our wholly-owned consolidated taxable subsidiary NEFCORP LLC and our wholly-owned consolidated subsidiary NEFPASS LLC and $64,866 was used to purchase certain leases and loans held by SLR Equipment through NEFPASS LLC. On January 31, 2024, SLR Equipment entered into a $225,000 senior secured credit facility with a maturity date of January 31, 2027. On March 1, 2024, the credit facility was expanded to $350,000 of commitments. As of September 30, 2025, SLR Equipment had 507 funded equipment-backed leases and loans to 244 different customers with a total net investment in leases and loans of approximately $300,636 on total assets of $337,547. As of December 31, 2024, SLR Equipment had 398 funded equipment-backed leases and loans to 217 different customers with a total net investment in leases and loans of approximately $324,939 on total assets of $366,258. As of September 30, 2025 and December 31, 2024, the largest position outstanding totaled $16,402 and $17,883, respectively. For the same periods, the average exposure per customer was $1,232 and $1,497, respectively. SLR Equipment’s credit facility, which is non-recourse to the Company, had approximately $237,631 and $260,974 of borrowings outstanding at September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, SLR Equipment had net income (loss) of $1,335 and ($2,328), respectively, on gross income of $5,959 and $5,596, respectively. For the nine months ended September 30, 2025 and 2024, SLR Equipment had net income (loss) of $1,981 and ($6,061), respectively, on gross income of $21,394 and $15,734, respectively. Due to timing and non-cash items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Equipment’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Equipment will be able to maintain consistent dividend payments to us.

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