| SSLP Portfolio |
As of September 30, 2025 and December 31, 2024, SSLP had total assets of $211,521 and $197,461, respectively. For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 28 and 32 different borrowers, respectively. For the three and nine months ended September 30, 2025, SSLP invested $18,513 and $57,354, respectively, in 4 and 11 portfolio companies, respectively. Investments sold or prepaid totaled $15,258 and $49,030, respectively, for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, SSLP invested $4,331 and $45,532, respectively, in 7 and 16 portfolio companies, respectively. Investments prepaid totaled $21,307 and $29,780, respectively for the three and nine months ended September 30, 2024. SSLP Portfolio as of September 30, 2025
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|
Description |
|
Industry |
|
Spread
Above
Index(1) |
|
Floor |
|
|
Interest
Rate(2) |
|
|
Maturity
Date |
|
Par
Amount |
|
|
Cost |
|
|
Fair
Value(3) |
|
Alkeme Intermediary Holdings, LLC (4) |
|
Insurance |
|
S+500 |
|
|
1.00 |
% |
|
|
9.00 |
% |
|
5/2027 |
|
$ |
6,554 |
|
|
$ |
6,454 |
|
|
$ |
6,554 |
|
All States Ag Parts, LLC (4) |
|
Trading Companies & Distributors |
|
S+650 |
|
|
1.00 |
% |
|
|
10.76 |
% |
|
9/2026 |
|
|
2,078 |
|
|
|
2,078 |
|
|
|
2,078 |
|
BayMark Health Services, Inc. (4) |
|
Health Care Providers & Services |
|
S+500 |
|
|
1.00 |
% |
|
|
9.26 |
% |
|
6/2027 |
|
|
3,971 |
|
|
|
3,971 |
|
|
|
3,773 |
|
CC SAG Holdings Corp. (4) |
|
Diversified Consumer Services |
|
S+525 |
|
|
0.75 |
% |
|
|
9.41 |
% |
|
6/2028 |
|
|
9,948 |
|
|
|
9,948 |
|
|
|
9,948 |
|
Crewline Buyer, Inc. |
|
IT Services |
|
S+675 |
|
|
1.00 |
% |
|
|
10.91 |
% |
|
11/2030 |
|
|
5,084 |
|
|
|
4,977 |
|
|
|
5,084 |
|
CVAUSA Management, LLC (4) |
|
Health Care Providers & Services |
|
S+525 |
|
|
1.00 |
% |
|
|
9.39 |
% |
|
5/2029 |
|
|
9,949 |
|
|
|
9,740 |
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|
|
9,949 |
|
Exactcare Parent, Inc. |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
9.75 |
% |
|
11/2029 |
|
|
3,179 |
|
|
|
3,111 |
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|
|
3,179 |
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Eyesouth Eye Care Holdco LLC (4) |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
9.76 |
% |
|
10/2029 |
|
|
9,949 |
|
|
|
9,906 |
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|
9,949 |
|
Fertility (ITC) Investment Holdco, LLC (4) |
|
Health Care Providers & Services |
|
S+650 |
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|
1.00 |
% |
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10.62 |
% |
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1/2029 |
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|
5,850 |
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5,734 |
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|
5,850 |
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Foundation Consumer Brands, LLC |
|
Personal Care Products |
|
S+500 |
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|
1.00 |
% |
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|
9.47 |
% |
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2/2029 |
|
|
7,811 |
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7,811 |
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7,811 |
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High Street Buyer, Inc. |
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Insurance |
|
S+525 |
|
|
0.75 |
% |
|
|
9.25 |
% |
|
4/2028 |
|
|
7,468 |
|
|
|
7,468 |
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|
7,468 |
|
iCIMS, Inc.(4) |
|
Software |
|
S+575 |
|
|
0.75 |
% |
|
|
10.07 |
% |
|
8/2028 |
|
|
10,000 |
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9,968 |
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10,000 |
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Legacy Service Partners, LLC |
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Diversified Consumer Services |
|
S+525 |
|
|
1.00 |
% |
|
|
9.40 |
% |
|
1/2029 |
|
|
2,775 |
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2,724 |
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2,775 |
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Maxor Acquisition, Inc.(4) |
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Health Care Providers & Services |
|
S+600 |
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1.00 |
% |
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|
10.26 |
% |
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3/2029 |
|
|
7,972 |
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7,834 |
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7,972 |
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Medrina, LLC |
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Health Care Providers & Services |
|
S+600 |
|
|
1.00 |
% |
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|
10.13 |
% |
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10/2029 |
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|
2,765 |
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2,710 |
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2,765 |
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ONS MSO, LLC(4) |
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Health Care Providers & Services |
|
S+625 |
|
|
1.00 |
% |
|
|
10.56 |
% |
|
7/2028 |
|
|
5,804 |
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|
5,695 |
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5,804 |
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Pinnacle Fertility, Inc.(4) |
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Health Care Providers & Services |
|
S+500 |
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|
0.75 |
% |
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|
9.27 |
% |
|
3/2028 |
|
|
13,466 |
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|
13,466 |
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|
13,466 |
|
Plastic Management, LLC(4) |
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Health Care Providers & Services |
|
S+500 |
|
|
1.00 |
% |
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|
9.00 |
% |
|
8/2027 |
|
|
5,536 |
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|
|
5,442 |
|
|
|
5,536 |
|
RQM+ Corp.(4) |
|
Life Sciences Tools & Services |
|
S+675 |
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|
1.00 |
% |
|
|
11.01 |
% |
|
8/2029 |
|
|
6,079 |
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|
6,079 |
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5,471 |
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RxSense Holdings LLC |
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Diversified Consumer Services |
|
S+500 |
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|
1.00 |
% |
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|
9.31 |
% |
|
3/2026 |
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|
8,805 |
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|
8,805 |
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|
8,805 |
|
SunMed Group Holdings, LLC(4) |
|
Health Care Equipment & Supplies |
|
S+550 |
|
|
0.75 |
% |
|
|
9.91 |
% |
|
6/2028 |
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|
8,788 |
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|
|
8,788 |
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8,788 |
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The Townsend Company, LLC(4) |
|
Commercial Services & Supplies |
|
S+500 |
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|
1.00 |
% |
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|
9.00 |
% |
|
8/2030 |
|
|
12,224 |
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|
11,911 |
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|
12,224 |
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Tilley Distribution, Inc.(4) |
|
Trading Companies & Distributors |
|
S+600 |
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|
1.00 |
% |
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|
10.15 |
% |
|
12/2026 |
|
|
5,563 |
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|
|
5,563 |
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|
|
5,452 |
|
United Digestive MSO Parent, LLC(4) |
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Health Care Providers & Services |
|
S+575 |
|
|
1.00 |
% |
|
|
9.75 |
% |
|
3/2029 |
|
|
3,419 |
|
|
|
3,344 |
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|
|
3,419 |
|
Urology Management Holdings, Inc.(4) |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
9.66 |
% |
|
6/2027 |
|
|
4,081 |
|
|
|
4,026 |
|
|
|
4,081 |
|
UVP Management, LLC |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
9.65 |
% |
|
9/2027 |
|
|
3,288 |
|
|
|
3,240 |
|
|
|
3,288 |
|
WCI-BXC Purchaser, LLC |
|
Distributors |
|
S+625 |
|
|
1.00 |
% |
|
|
10.50 |
% |
|
11/2030 |
|
|
2,853 |
|
|
|
2,795 |
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|
|
2,853 |
|
Western Veterinary Partners LLC(4) |
|
Diversified Consumer Services |
|
S+525 |
|
|
1.00 |
% |
|
|
9.25 |
% |
|
10/2027 |
|
|
12,868 |
|
|
|
12,815 |
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12,868 |
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$ |
186,403 |
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$ |
187,210 |
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(1)Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor. (2)Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current interest rate in effect as of September 30, 2025. (3)Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein. (4)The Company also holds this security on its Consolidated Statements of Assets and Liabilities. SSLP Portfolio as of December 31, 2024
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|
|
Description |
|
Industry |
|
Spread
Above
Index(1) |
|
Floor |
|
|
Interest
Rate(2) |
|
|
Maturity
Date |
|
Par
Amount |
|
|
Cost |
|
|
Fair
Value(3) |
|
Accession Risk Management Group, Inc. |
|
Insurance |
|
S+475 |
|
|
0.75 |
% |
|
|
9.08 |
% |
|
11/2029 |
|
$ |
6,888 |
|
|
$ |
6,865 |
|
|
$ |
6,888 |
|
Aegis Toxicology Sciences Corporation (4) |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
10.28 |
% |
|
5/2025 |
|
|
2,895 |
|
|
|
2,895 |
|
|
|
2,895 |
|
Alkeme Intermediary Holdings, LLC (4) |
|
Insurance |
|
S+575 |
|
|
1.00 |
% |
|
|
10.08 |
% |
|
10/2026 |
|
|
5,984 |
|
|
|
5,861 |
|
|
|
5,984 |
|
All States Ag Parts, LLC (4) |
|
Trading Companies & Distributors |
|
S+600 |
|
|
1.00 |
% |
|
|
10.59 |
% |
|
9/2026 |
|
|
2,111 |
|
|
|
2,111 |
|
|
|
2,111 |
|
BayMark Health Services, Inc. (4) |
|
Health Care Providers & Services |
|
S+500 |
|
|
1.00 |
% |
|
|
9.59 |
% |
|
6/2027 |
|
|
3,992 |
|
|
|
3,992 |
|
|
|
3,992 |
|
CC SAG Holdings Corp. (4) |
|
Diversified Consumer Services |
|
S+525 |
|
|
0.75 |
% |
|
|
9.58 |
% |
|
6/2028 |
|
|
8,877 |
|
|
|
8,877 |
|
|
|
8,877 |
|
Crewline Buyer, Inc. |
|
IT Services |
|
S+675 |
|
|
1.00 |
% |
|
|
11.11 |
% |
|
11/2030 |
|
|
5,084 |
|
|
|
4,966 |
|
|
|
5,084 |
|
CVAUSA Management, LLC (4) |
|
Health Care Providers & Services |
|
S+650 |
|
|
1.00 |
% |
|
|
10.84 |
% |
|
5/2029 |
|
|
5,357 |
|
|
|
5,220 |
|
|
|
5,357 |
|
Erie Construction Mid-west, LLC |
|
Building Products |
|
S+475 |
|
|
1.00 |
% |
|
|
10.09 |
% |
|
7/2027 |
|
|
8,000 |
|
|
|
8,000 |
|
|
|
8,000 |
|
Exactcare Parent, Inc. |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
10.03 |
% |
|
11/2029 |
|
|
3,203 |
|
|
|
3,125 |
|
|
|
3,203 |
|
Eyesouth Eye Care Holdco LLC (4) |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
10.15 |
% |
|
10/2029 |
|
|
2,646 |
|
|
|
2,596 |
|
|
|
2,646 |
|
Fertility (ITC) Investment Holdco, LLC (4) |
|
Health Care Providers & Services |
|
S+650 |
|
|
1.00 |
% |
|
|
11.74 |
% |
|
1/2029 |
|
|
5,895 |
|
|
|
5,757 |
|
|
|
5,895 |
|
Foundation Consumer Brands, LLC (4) |
|
Personal Products |
|
S+625 |
|
|
1.00 |
% |
|
|
10.89 |
% |
|
2/2027 |
|
|
8,102 |
|
|
|
8,102 |
|
|
|
8,102 |
|
High Street Buyer, Inc. |
|
Insurance |
|
S+525 |
|
|
0.75 |
% |
|
|
9.58 |
% |
|
4/2028 |
|
|
7,527 |
|
|
|
7,527 |
|
|
|
7,527 |
|
iCIMS, Inc.(4) |
|
Software |
|
S+575 |
|
|
0.75 |
% |
|
|
10.38 |
% |
|
8/2028 |
|
|
3,195 |
|
|
|
3,158 |
|
|
|
3,195 |
|
Kaseya, Inc.(4) |
|
Software |
|
S+550 |
|
|
0.75 |
% |
|
|
10.75 |
% |
|
6/2029 |
|
|
9,127 |
|
|
|
9,127 |
|
|
|
9,127 |
|
Kid Distro Holdings, LLC |
|
Software |
|
S+475 |
|
|
1.00 |
% |
|
|
9.49 |
% |
|
10/2029 |
|
|
8,848 |
|
|
|
8,848 |
|
|
|
8,848 |
|
Legacy Service Partners, LLC |
|
Diversified Consumer Services |
|
S+525 |
|
|
1.00 |
% |
|
|
9.73 |
% |
|
1/2029 |
|
|
2,796 |
|
|
|
2,733 |
|
|
|
2,796 |
|
Maxor Acquisition, Inc.(4) |
|
Health Care Providers & Services |
|
S+600 |
|
|
1.00 |
% |
|
|
10.46 |
% |
|
3/2029 |
|
|
6,058 |
|
|
|
5,906 |
|
|
|
6,058 |
|
Medrina, LLC |
|
Health Care Providers & Services |
|
S+600 |
|
|
1.00 |
% |
|
|
10.44 |
% |
|
10/2029 |
|
|
2,386 |
|
|
|
2,333 |
|
|
|
2,386 |
|
ONS MSO, LLC(4) |
|
Health Care Providers & Services |
|
S+625 |
|
|
1.00 |
% |
|
|
10.84 |
% |
|
7/2026 |
|
|
5,833 |
|
|
|
5,738 |
|
|
|
5,833 |
|
Plastic Management, LLC(4) |
|
Health Care Providers & Services |
|
S+500 |
|
|
1.00 |
% |
|
|
9.43 |
% |
|
8/2027 |
|
|
5,579 |
|
|
|
5,453 |
|
|
|
5,579 |
|
Retina Midco, Inc.(4) |
|
Health Care Providers & Services |
|
S+575 |
|
|
1.00 |
% |
|
|
10.35 |
% |
|
1/2026 |
|
|
9,918 |
|
|
|
9,793 |
|
|
|
10,116 |
|
RQM+ Corp.(4) |
|
Life Sciences Tools & Services |
|
S+675 |
|
|
1.00 |
% |
|
|
11.34 |
% |
|
8/2029 |
|
|
5,895 |
|
|
|
5,895 |
|
|
|
5,659 |
|
RxSense Holdings LLC(4) |
|
Diversified Consumer Services |
|
S+500 |
|
|
1.00 |
% |
|
|
9.69 |
% |
|
3/2026 |
|
|
8,875 |
|
|
|
8,875 |
|
|
|
8,875 |
|
SunMed Group Holdings, LLC(4) |
|
Health Care Equipment & Supplies |
|
S+550 |
|
|
0.75 |
% |
|
|
10.19 |
% |
|
6/2028 |
|
|
8,856 |
|
|
|
8,856 |
|
|
|
8,856 |
|
The Townsend Company, LLC(4) |
|
Commercial Services & Supplies |
|
S+500 |
|
|
1.00 |
% |
|
|
9.36 |
% |
|
8/2030 |
|
|
4,117 |
|
|
|
4,026 |
|
|
|
4,078 |
|
Tilley Distribution, Inc.(4) |
|
Trading Companies & Distributors |
|
S+600 |
|
|
1.00 |
% |
|
|
10.48 |
% |
|
12/2026 |
|
|
5,607 |
|
|
|
5,607 |
|
|
|
5,495 |
|
United Digestive MSO Parent, LLC(4) |
|
Health Care Providers & Services |
|
S+575 |
|
|
1.00 |
% |
|
|
10.08 |
% |
|
3/2029 |
|
|
3,433 |
|
|
|
3,346 |
|
|
|
3,433 |
|
Urology Management Holdings, Inc.(4) |
|
Health Care Providers & Services |
|
S+550 |
|
|
1.00 |
% |
|
|
9.83 |
% |
|
6/2027 |
|
|
4,112 |
|
|
|
4,035 |
|
|
|
4,112 |
|
UVP Management, LLC(4) |
|
Health Care Providers & Services |
|
S+625 |
|
|
1.00 |
% |
|
|
10.73 |
% |
|
9/2025 |
|
|
4,858 |
|
|
|
4,803 |
|
|
|
4,858 |
|
WCI-BXC Purchaser, LLC |
|
Distributors |
|
S+625 |
|
|
1.00 |
% |
|
|
10.78 |
% |
|
11/2030 |
|
|
2,875 |
|
|
|
2,810 |
|
|
|
2,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
177,236 |
|
|
$ |
178,740 |
|
(1)Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR. These instruments are typically subject to a SOFR floor. (2)Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current interest rate in effect as of December 31, 2024. (3)Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board’s valuation process described elsewhere herein. (4)The Company also holds this security on its Consolidated Statements of Assets and Liabilities. |
| Summary Financial Information for SSLP |
Below is certain summarized financial information for SSLP as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31,
2024 |
|
Selected Balance Sheet Information for SSLP: |
|
|
|
|
|
|
Investments at fair value (cost $186,403 and $177,236,
respectively) |
|
$ |
187,210 |
|
|
$ |
178,740 |
|
Cash and other assets |
|
|
24,311 |
|
|
|
18,721 |
|
Total assets |
|
$ |
211,521 |
|
|
$ |
197,461 |
|
Debt outstanding ($112,500 and $96,600 face amounts,
respectively, reported net of unamortized debt issuance
costs of $1,194 and $1,572, respectively) | |
$ |
111,306 |
|
|
$ |
95,028 |
|
Distributions payable |
|
|
2,684 |
|
|
|
3,381 |
|
Interest payable and other credit facility related expenses |
|
|
429 |
|
|
|
472 |
|
Accrued expenses and other payables |
|
|
383 |
|
|
|
398 |
|
Total liabilities |
|
$ |
114,802 |
|
|
$ |
99,279 |
|
Members’ equity |
|
$ |
96,719 |
|
|
$ |
98,182 |
|
Total liabilities and members’ equity |
|
$ |
211,521 |
|
|
$ |
197,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
Selected Income Statement Information for SSLP: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
5,092 |
|
|
$ |
6,375 |
|
|
$ |
14,119 |
|
|
$ |
18,960 |
|
Service fees* |
|
116 |
|
|
|
132 |
|
|
|
330 |
|
|
|
392 |
|
Interest and other credit facility expenses |
|
2,263 |
|
|
|
2,800 |
|
|
|
6,753 |
|
|
|
8,438 |
|
Other general and administrative expenses |
|
57 |
|
|
|
46 |
|
|
|
189 |
|
|
|
136 |
|
Total expenses |
|
2,436 |
|
|
|
2,978 |
|
|
|
7,272 |
|
|
|
8,966 |
|
Net investment income |
$ |
2,656 |
|
|
$ |
3,397 |
|
|
$ |
6,847 |
|
|
$ |
9,994 |
|
Realized gain on investments |
|
21 |
|
|
|
— |
|
|
|
358 |
|
|
|
— |
|
Net change in unrealized gain (loss) on investments |
|
(353 |
) |
|
|
29 |
|
|
|
(697 |
) |
|
|
420 |
|
Net realized and unrealized gain (loss) on investments |
$ |
(332 |
) |
|
$ |
29 |
|
|
$ |
(339 |
) |
|
$ |
420 |
|
Net income |
$ |
2,324 |
|
|
$ |
3,426 |
|
|
$ |
6,508 |
|
|
$ |
10,414 |
|
* Service fees are included within the Company’s Consolidated Statements of Operations as other income.
|