Silver Capital Holdings LLC
Inside Silver Capital Holdings LLC’s $261M private-credit portfolio — 37 holdings disclosed in SEC filings. First-lien positions represent 82% of the portfolio by fair value. The top-5 borrowers account for 52% of the portfolio. The Wireless Telecommunication Services sector represents 18% of the portfolio. The portfolio comprises 21 distinct borrowers. The figures are as of 2026-08-11. AI-generated analysis. Not investment advice. May contain errors.
Aug 11 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read GSEC as a credit: NAV per share is the Q2 FY2026 book value ($20.03) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates.
| Metric | Value | What healthy looks like |
|---|---|---|
| NII Return on Equity | 9.5% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | -8.7% FY2025: ΔNAV/share + distributions 3-yr ≈-17.2%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 0.46x 3rd pct of 18 upper-MM peers | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 315% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 52% of portfolio FV ≈ 45% of Q2 FY2026 NAV largest: Chase Industries, Inc. (dba Senneca Holdings) (12.3% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 17.8% (6.4% below 80) of marked debt FV (100% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 33.8% of debt FV carries a PIK component 96th pct of 23 upper-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 62% floating, mostly SOFR of rate-classified debt (100% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | 24.1% of debt FV (100% coverage) | Parsed from the filing’s own non-accrual footnotes. 1–3% of portfolio fair value is normal; 5%+ is a warning sign. Trend11 qtrs |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $3.2M ≈0.66% of FY2025 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | — not tagged in the company’s XBRL filings; see the fee note in the 10-K | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-11 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 50% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-11 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $7M | 2.7% |
| 2027 | $121M | 47.5% |
| 2028 | $34M | 13.2% |
| 2029 | $81M | 31.8% |
| 2030 | $12M | 4.7% |
Where this book is marked differently
1 of this BDC’s borrowers is marked 10+ points away from another BDC’s mark on the same borrower and seniority, as of the same quarter. Level-3 fair values are model-based — each manager marks to its own model, so dispersion is information about assumptions, not proof either mark is wrong.
- Octagon Towers LLC — marked 99.0 here (filed 2026-08-11) vs 81.9 at GSBD (filed 2026-08-06) — a 17.0pt gap, same seniority, period 2026-06-30.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-12 and 2026-08-11 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise. 3 mark moves held out as suspect (over 15 points in one quarter, a mark at exactly par, or a mark outside 30–105) rather than ranked.
Exited 1
- Cdm Fitness Holdings, Llc$26M
Biggest mark moves
- Sugarcrm Inc.↓ 99→96
- Keystone Purchaser Llc (Dba Bridgeway)↑ 97→99
- Ej2 Communications, Inc. (Dba Flashpoint)↓ 85→84
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | Chase Industries, Inc. (dba Senneca Holdings)2 reporting lines · 2nd Lien/Senior Secured Debt Subordinated + 2nd Lien/Senior Secured Debt Subordinated | 2L / MezzPIK 10.00% | Building Products | 10.00% Reference Rate and Spread 10.00% | Nov 2029 | $32M | 12.3% | 10.7% |
| 2 | KBP BRANDS, LLC2 reporting lines · 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Senior Secured Debt Senior Secured | 1L Sr Secured | Hotels, Restaurants & Leisure | SOFR + 5.25% | May 2027 | $31M | 11.7% | 10.3% |
| 3 | SugarCRM Inc. | 1L Sr Secured | Software | SOFR + 5.00% | Jul 2027 | $25M | 9.5% | 8.3% |
| 4 | Ej2 Communications, Inc. (dba Flashpoint) | 1L Sr SecuredPIK 3.53% | IT Services | SOFR + 7.72% | Jun 2027 | $24M | 9.1% | 8.0% |
| 5 | Keystone Purchaser LLC (dba Bridgeway)3 reporting lines · 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Senior Secured Debt Senior Secured | 1L Sr Secured | Ground Transportation | SOFR + 5.75% | May 2027 | $24M | 9.1% | 8.0% |
| 6 | K2 Towers II, LLC | 1L Sr Secured | Wireless Telecommunication Services | SOFR + 4.58% | May 2029 | $19M | 7.4% | 6.5% |
| 7 | Streamland Media Midco LLC4 reporting lines · 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Last-Out Unitranche Senior Secured + 1st Lien/Senior Secured Debt Senior Secured | 1L Sr SecuredPIK 1.00% | Entertainment | SOFR + 5.50% | Apr 2029 | $19M | 7.3% | 6.4% |
| 8 | Octagon Towers LLC | 1L Sr Secured | Wireless Telecommunication Services | SOFR + 4.98% | Sep 2028 | $17M | 6.4% | 5.6% |
| 9 | VRC Companies, LLC (dba Vital Records Control) | 1L Sr Secured | Commercial Services & Supplies | SOFR + 5.50% | Jun 2027 | $15M | 5.6% | 4.9% |
| 10 | Khoros, LLC (fka Lithium Technologies, Inc.) | 1L Sr Secured | Interactive Media & Services | 10.00% Reference Rate and Spread 10.00% | May 2030 | $12M | 4.6% | 4.0% |
| Full schedule — all 37 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q2 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Silver Capital Holdings LLC shares 10 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 719 to 556 bps over 12 quarters while marks held near 92.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 24 | 60 | 613 | 92.0 | $1.6B |
| Q2 2025 | 19 | 50 | 607 | 95.5 | $430M |
| Q3 2025 | 15 | 38 | 602 | 95.5 | $325M |
| Q4 2025 | 14 | 34 | 535 | 97.2 | $320M |
| Q1 2026 | 13 | 27 | 566 | 92.3 | $283M |
| Q2 2026 | 12 | 24 | 556 | 87.8 | $254M |
2 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
What does Silver Capital Holdings LLC invest in?
Silver Capital Holdings LLC's portfolio breaks down by total portfolio fair value into approximately 83% first-lien senior secured, 15% second-lien or mezzanine, 0% other or unclassified debt, and 2% equity or other, with its largest sector exposure in Wireless Telecommunication Services (~18% of the holdings that disclose a sector) as of its 2026-08-11 SEC filing.
How large is Silver Capital Holdings LLC's portfolio?
Silver Capital Holdings LLC reported $261M in portfolio fair value across 37 holdings and 21 unique borrowers as of its 2026-08-11 SEC filing.
What do Silver Capital Holdings LLC's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Silver Capital Holdings LLC's fixed-rate income-producing holdings is approximately 10.3%, measured over the fixed-rate holdings representing 20% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-11 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Silver Capital Holdings LLC's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-11 filing date.
About Silver Capital Holdings LLC
Silver Capital Holdings LLC (GSEC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Silver Capital Holdings LLC discloses its full loan portfolio through SEC filings.