SLR HC BDC LLC
DE
Private creditNon-traded BDC1099
Compared against Private credit non-traded bdcs.
1Y return
+8.4%
54th pctile · ahead of most peersas of 2026-02-24
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$57.2M
as of 2026-02-24
Net expenses
9.44%
59th pctile · pricier than median
Repurchase
not stated yet
Level 3
100%
55th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.5% management fee)9.44%
Minus interest on borrowings, the cost of portfolio leverage5.66%
Minus incentive fees accrued this period, which vary with returns0.49%
Ongoing cost, determined from the filings3.28%
Ongoing cost is about 3.3% of net assets a year: the 1.5% management fee is charged on invested capital, which works out to about 1.9% of net assets, plus 1.3% other operating costs and 0.1% administration. Borrowing cost of 5.7% and the 0.5% incentive fee accrual are excluded. The 2025 figure was 5.0% because net assets were smaller before the February 2026 capital call.
Sales loadnone
Total drag per year3.28%
This is the cost for units (single class).
Based on Six months ended June 30, 2026 (10-Q); the filing's ratios are six-month figures which I doubled to annualize. FY2025 10-K annual ratios (total 19.43%.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Pre-listing: distribution waterfall with 6% compounded preferred return, adviser catch-up to 10%, then 90%/10% split of proceeds, capped at 20% of cumulative net realized gains, with clawback. Post-listing: 20% of pre-incentive net investment income above a 1.50% quarterly (6% annualized) hurdle wit) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
85th pctile · pricier than most
1Y return
54th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Six months ended June 30, 2026 (10-Q); the filing's ratios are six-month figures which I doubled to annualize. FY2025 10-K annual ratios (total 19.43%, operating 5.91%, interest 13.52%) used as the base and then adjusted downward for the persistent increase in the capital base after the February 2026 drawdown of $12.5 million (net assets $44.8 million to $57.2 million)..
Open the filing on sec.gov (0001193125-26-066954)Size and leverage
Net assets$57.2M?
Borrowings$43.2M?
Leveragedebt to equity0.76x?
Asset coverage232.30%?
Investments held35
Started2021-01-05?
What the manager charges
Management feeof invested capital (capital contributions used to make Portfolio Investments plus credit drawn on subscription facilities)1.50%?
Performance feePre-Exchange Listing waterfall: return of capital, then 6% per annum compounded preferred return, then a 100% Adviser catch-up to 10%, then 90%/10% split of remaining proceeds; Disposition Proceeds fees capped at 20% of cumulative realized gains net of realized losses and unrealized depreciation. Post-Exchange Listing: 20% of pre-incentive fee net investment income over a 1.50% quarterly hurdle with catch-up to 1.875%, plus a 20% capital gains fee.?
Hurdle6.00%?
High water markYes?
Getting your money back
Repurchase offersnone; no unitholder redemptions or transfers permitted prior to termination
Where distributions come from
Paid out of income100.00%
Return of your own capital0.00%
What it holds
Largest position6.30%
Top ten51.40%
Floating rate96.80%
Not paying interestloans on non-accrual3.30%
Priced by the managerno market price available100.00%
MostlyHealth Care Providers & Services
Who is involved
AdviserSLR Capital Partners, LLC
AuditorKPMG LLP
Valuedquarterly
Deals with affiliatesYes
Also worth knowing
- RQM+ Corp. is on non-accrual status at June 30, 2026, carried at $3,160 thousand against $4,361 thousand cost, with its spread converted to S+725 all PIK.
- The Subscription Facility was amended on March 12, 2026: maximum commitment reduced to $12 million, rate lowered to SOFR plus 1.90%, maturity extended to March 12, 2027.
- The Company called $12.5 million (587,130 Units) in February 2026 and noticed a further $4.2 million drawdown on July 22, 2026 to close August 5, 2026; $24.85 million of commitments remained unfunded at June 30, 2026.
- Unfunded portfolio commitments rose to $26.6 million at June 30, 2026 against $2.1 million of cash and $3.7 million of unused credit facility capacity.
- Operating Expense Cap borne by the Adviser: commitments x 0.0025 plus $1.25 million (about $1.46 million on $83.85 million of commitments) USD per fiscal year (Caps the administrative, audit, custody and compliance costs the fund can pass through, which limits the drag as the fund stays small; the cap disappears on an exchange listing.)
- FY2025 audited expense ratios to average net assets: total 19.43%, operating 5.91%, interest 13.52% % (Shows how much the cost ratio depends on the size of the equity base; the same dollar costs against a much smaller average net asset base produced a far higher percentage in 2025.)
- Unfunded portfolio commitments versus liquidity: $26.6 million of unfunded commitments against $2.1 million cash and $3.7 million unused credit capacity USD (Delayed draw and revolver commitments must be funded from future capital calls or borrowings, and the largest single one is $7.6 million to Modivcare Buyer, LLC.)
- Remaining unfunded equity commitments and drawdown pace: $24.85 million unfunded of $83.85 million total commitments USD (Future capital calls will raise net assets and dilute fixed costs, so the cost ratio should keep falling; it also means investors must hold cash ready.)
- Cost of borrowings: 6.24% for the six months ended June 30, 2026 versus 6.95% for 2025 % annualized (Interest is the largest single expense line and is excluded from drag, but it directly determines net investment income given the fund's use of leverage.)
- Fund term and absence of a liquidity path: seven years from December 31, 2022, extendable by two one-year periods (There is no secondary market or redemption right, so an investor is locked in until wind-down or an exchange listing that management says is not near term.)
- Distribution tax character for 2025: 76.2% ordinary income, 2.4% capital gains, 21.4% recognized in subsequent year % (Shows distributions were covered by earnings rather than return of capital in 2025, after 4.7% was return of capital in 2023.)
- Non-publicly-offered RIC tax treatment: management fees and certain expenses treated as an additional distribution to non-corporate unitholders (Non-corporate holders are taxed on a share of fund expenses that are not currently deductible, which raises the effective after-tax cost of ownership above the stated expense ratio.)
Fees
Liquidity terms
Notice period, daysunchanged, 2 filings60
Valuation
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Structure
Tax reporting formunchanged, 4 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.