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Here are 1-3 brief analogies for SWK (Stanley Black & Decker):

• The Procter & Gamble of tools and outdoor equipment, owning a vast portfolio of iconic brands like DeWalt, Black+Decker, and Craftsman.

• A specialized, tool-focused 3M or Honeywell, manufacturing a wide array of industrial and consumer products, particularly in the hardware and outdoor power categories.

• The 'Coca-Cola' of hardware and power tools, dominating its market with ubiquitous brands in nearly every garage and job site.

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• Power Tools: A wide range of corded and cordless electric tools for professional and DIY use, including drills, saws, and grinders.
• Hand Tools: Non-powered tools such as wrenches, screwdrivers, hammers, and measuring devices for various tasks.
• Outdoor Power Equipment: Products for lawn and garden care, including mowers, trimmers, and leaf blowers.
• Storage Solutions: Toolboxes, mobile storage units, and organizational systems for tools and equipment.
• Engineered Fastening Solutions: Advanced fastening and assembly systems for industrial applications in sectors like automotive and aerospace.
• Infrastructure Products: Hydraulic tools and equipment used in various construction, railroad, and industrial applications.

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Stanley Black & Decker (SWK) primarily sells its products to other companies, specifically large retailers and distributors, who then sell to end-users (professionals and consumers).

Its major customers, as identified in its public filings, include:

• The Home Depot, Inc. (Symbol: HD)

• Lowe's Companies, Inc. (Symbol: LOW)

These two retailers individually account for a significant portion of Stanley Black & Decker's consolidated net sales, making them key direct customers for the company.

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Jody Staggs, President & CEO

Mr. Staggs was officially named Chief Executive Officer of SWK Holdings in January 2023, after serving as President and interim CEO since September 2022. He joined SWK Holdings as a Senior Analyst in August 2015 and was promoted to Managing Director in January 2020. Prior to SWK, Mr. Staggs co-founded PBS Capital, an investment management firm that focused on pharmaceutical royalties and healthcare equities, which was a predecessor to SWK's specialty finance business. He also served as Vice President of Investments at Annandale Capital and was the first employee at Alistair Capital, a Dallas-based hedge fund. Earlier in his career, he was a Senior Portfolio Analyst at Highland Capital, where he focused on healthcare multi-strategy and public equity groups, and began his career as a Senior Equity Research Associate covering healthcare companies at Raymond James.

Adam C. Rice, CPA, Chief Financial Officer

Mr. Rice was appointed Chief Financial Officer of SWK Holdings in July 2024. He brings over 18 years of senior-level finance and accounting leadership experience, encompassing financial operations management, corporate financial planning and analysis, strategic planning, and financial statement reporting. Mr. Rice previously served as CFO of Park Cities Asset Management, an SEC-registered alternative investment advisory firm. Throughout his career, he has held various finance leadership positions with both public and private companies, particularly within the real estate sector. He started his career as a staff accountant at Ernst & Young.

John David Tamas, Director of Underwriting

Mr. Tamas joined SWK Holdings as a Director in February 2022 and was promoted to Director of Underwriting in October 2022. Before joining SWK, he was a Vice President at NXT Capital / ORIX Leveraged Finance, where he focused on providing stretch and unitranche credit to private equity sponsors in the lower- and middle-markets. He also worked for Cotton Creek Capital, a middle-market private equity firm, and began his career at Wachovia / Wells Fargo Securities within the Leveraged Finance division.

Michael Miner, Vice President

Mr. Miner serves as a Vice President at SWK Holdings.

Peter Blumberg, Vice President

Mr. Blumberg joined SWK Holdings as Vice President of Originations in March 2023. Prior to SWK, he was an Associate at H.I.G. Capital, a leading middle-market private equity firm, where he was responsible for originating investment opportunities. He also worked at his family company, Blumberg Partners, and its subsidiary Blumberg Grain, focusing on business development and project management in North Africa. Mr. Blumberg began his career at J.P. Morgan Asset Management.

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The key risks to Stanley Black & Decker (SWK) are:

1. Subdued Consumer Demand: Stanley Black & Decker faces significant challenges due to a soft consumer demand environment, particularly in the Do-It-Yourself (DIY) and outdoor product categories. This has led to declining sales volumes in its key Tools & Outdoor segment, making it difficult for the company to implement price increases to offset rising costs and complicating effective inventory management.

2. Tariffs and Supply Chain Disruptions: The company is exposed to substantial tariff headwinds, particularly on products and components sourced from China, which directly impact its cost structure and profitability. Stanley Black & Decker is actively working to reduce its reliance on Chinese sourcing to mitigate these tariff impacts and broader geopolitical risks to its global supply chain.

3. High Operational Costs and Inventory Management: Stanley Black & Decker has been contending with significant operational costs, including cost of sales and interest expenses, which have compressed profit margins. The company has also faced issues with excess inventory levels, necessitating liquidation efforts and production curtailments. While a comprehensive cost reduction and supply chain transformation plan is underway, these factors continue to exert pressure on the company's profitability and cash flow.

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The accelerating global and regional shift towards battery-electric outdoor power equipment, driven by increasingly stringent environmental regulations (e.g., California's ban on new small off-road engines for sale from 2024) and growing consumer demand for quieter, lower-emission alternatives, poses an emerging threat to Stanley Black & Decker's traditional internal combustion engine (ICE) outdoor power equipment product lines. While SWK has battery-powered offerings, a rapid and widespread market transition could disproportionately impact their legacy ICE market share and necessitate significant capital investment and accelerated R&D to maintain competitiveness against dedicated battery-first innovators or faster-moving established competitors in this segment.

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SWK Holdings Corporation (NASDAQ: SWKH) operates in two primary business segments: Healthcare Finance and Pharmaceutical Development.

Healthcare Finance

SWK's Healthcare Finance segment specializes in providing customized financing solutions to healthcare and life sciences companies, including structured debt and royalty monetization transactions. The addressable market for these services is substantial and growing globally.

• The global healthcare finance solutions market is projected to grow from USD 148.85 billion in 2025 to approximately USD 293.12 billion by 2034, at a compound annual growth rate (CAGR) of 7.82% from 2025 to 2034.
• In the United States, this market was estimated at USD 35.85 billion in 2023 and is projected to reach approximately USD 83.69 billion by 2034, with a CAGR of 8.01% from 2025 to 2034.
• The broader global venture debt market, which includes life sciences, reached USD 83.4 billion in aggregate deal value in 2024, demonstrating a CAGR of 14% since 2018. The U.S. alone accounted for an aggregate deal value of $49 billion in the venture debt market in 2024.

Pharmaceutical Development

SWK's Pharmaceutical Development segment, primarily through its subsidiary Enteris BioPharma Inc., focuses on pharmaceutical development, formulation, and manufacturing services, leveraging its proprietary oral drug delivery technologies.

• The global oral drug delivery market, which encompasses SWK's oral drug delivery technology, was valued at USD 105.23 billion in 2024 and is expected to reach USD 220.96 billion by 2034, growing at a CAGR of 7.7% between 2025 and 2034.
• Another estimate places the global oral drug delivery market at USD 129.77 billion in 2024, with a projected CAGR of 7.80% to reach USD 203.65 billion by 2030.
• More specifically, the global oral controlled release drug delivery technology market is estimated to be USD 42.1 billion in 2025 and is anticipated to reach USD 84.2 billion by 2035, growing at a CAGR of 7.2% over the forecast period.
• The United States oral controlled release drug delivery technology market is projected to exhibit a CAGR of 2.9% between 2025 and 2035.

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1. Growth in Finance Receivables (Loan Growth): SWK Holdings is strategically focusing on expanding its loan portfolio within the life science finance market. This emphasis on offering new and existing loans is expected to drive increased interest and fee income.
2. Increased Yields on Finance Receivables: The company has demonstrated an ability to improve the effective and realized yields on its finance receivable portfolio. This trend, if sustained, will directly contribute to higher revenue generation from both existing and new financial instruments.
3. Expansion of Pharmaceutical Development Segment: Growth in the Pharmaceutical Development segment is anticipated, primarily propelled by strategic partner collaboration agreements and the company's continued efforts to expand its pharmaceutical development initiatives.
4. Strategic Merger with Runway Growth Finance Corp.: A significant driver of future revenue growth is the announced merger with Runway Growth Finance Corp., expected to close in late 2025 or early 2026. This merger is poised to expand SWK Holdings' financial portfolio and market presence, thereby enhancing revenue opportunities.

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Share Repurchases

• In May 2025, the Board of Directors authorized a new share repurchase program, allowing for the repurchase of up to $10 million of outstanding common stock over the next year, concluding on May 19, 2026.
• During the second quarter of 2025, SWK Holdings repurchased just under 60,000 shares for a total of $900,000.
• A $10 million 10b5-1 share repurchase program was announced in 2023.

Share Issuance

• SWK Holdings Corporation typically provides non-dilutive financing solutions, and no significant share issuances (in terms of dollar amount) by the company were prominently reported over the last 3-5 years.

Inbound Investments

• In 2023, SWK Holdings closed a new credit facility with $45.0 million of committed capital.
• In 2022, the company upsized its Credit Facility from $22.0 million to $35.0 million.
• Runway announced a NAV-for-NAV merger with SWK Holdings, with an estimated purchase price of approximately $220 million, including $75.5 million in Runway shares and ~$145 million in cash, plus a $9 million cash contribution from the adviser, anticipated to close in early 2026.

Outbound Investments

• SWK Holdings specializes in providing capital solutions to commercial-stage healthcare and life science companies, with typical transaction sizes ranging from $5 million to $25 million for structured debt, royalty monetization, and asset purchases.
• During the third quarter of 2025, Runway, which is acquiring SWK, completed 11 investments in new and existing portfolio companies, representing $128.3 million in funded loans.
• These investments in Q3 2025 included a new $10 million investment to Federal Hearings and Appeals Services and a new $10 million investment to Digicert, Inc., as well as $97.9 million to existing portfolio companies and $6.9 million in follow-on investments.