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S••••••• I••••••••• C••••
Business development companymanaged by S••••••• I••••••••• A•••••••• L••Listed: SAR, SAJ, SAT, SAV, SAX, SAY, SAZ· NEW YORK, NY
A business development company traded as SAR, SAJ, SAT, SAV, SAX, SAY, SAZ, managed by S••••••• I••••••••• A•••••••• L••, holding $3.4B across 109 borrowers at May 31, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $3.4B
- Borrowers
- 109
- Mark on cost
- 96.2¢
- First lien
- 23%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $120Mon non-accrual, 1 borrower
1 borrower on non-accrual, $120M principal; the largest is S••••••• I••••••••• C•••• C•• 2••••• ($120M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 31 May 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen S••••••• I••••••••• C•••• C•• 2••••• → - 2 below 80¢$23.8M principal
2 positions across 2 borrowers marked below 80¢ on cost, $23.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 31 May 2026 - 97.5¢ → 96.2¢book mark on cost
Marked its book down from 97.5¢ to 96.2¢ on the dollar in the quarter to May 31, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Every headline figure, and the identifiersCIK 1377936 · file 814-00732ShowHide
Fair value
$3.4B
as of May 31, 2026
Principal held
$1.2B
debt pieces, the filer's figure
Cost
$3.5B
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
205
109 borrowers
First lien
23%
31% debt by fair value
Quarters on the tape
8
since Feb 29, 2024
Facilities held
180
4 sponsors financed
Portfolio through time
Fair value by quarter end$3.4B as of May 31, 2026
Feb 29, 2024$8.0B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| May 31, 2026 | $3.4B | 109 | 96c | 5 | 609 bp |
| Feb 28, 2026 | $5.5B | 109 | 97c | 6 | 608 bp |
| Nov 30, 2025 | $3.0B | 99 | 97c | 5 | 616 bp |
| Aug 31, 2025 | $3.0B | 94 | 96c | 5 | 646 bp |
All 8 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| May 31, 2025 | $3.9B | 85 | 95c | 6 | 680 bp |
| Feb 28, 2025 | $5.3B | 79 | 96c | 11 | 685 bp |
| Nov 30, 2024 | $3.8B | 75 | 97c | 8 | 713 bp |
| Feb 29, 2024 | $8.0B | 88 | 94c | 18 | 740 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Marked down (one lender)May 31, 2026
- Marked down (one lender)May 31, 2026
- Maturity extended (observed)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Maturity extended (observed)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New lender joined a facilityMay 31, 2026
- Maturity extended (observed)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Maturity extended (observed)May 31, 2026
- Maturity extended (observed)May 31, 2026
Largest facilities held, with co-lenders
- S••••••• I••••••••• C•••• C•• 2••••• notes1 BDC hold it · matures Apr 20, 2033$120M n/a
- C••••••••• first lien term loan1 BDC hold it · matures Dec 31, 2028$90.0M 100c
- A•••••• W•• C••• delayed draw term loan1 BDC hold it · matures May 20, 2029$65.0M 100c
- G•••••• C•••••• first lien term loan1 BDC hold it · matures May 16, 2028 · T•••• I••••••••• P••••••• L•$43.0M 98c
- B•••••••• I•• delayed draw term loan1 BDC hold it · matures Sep 30, 2028$38.5M 98c
- P••••••••• P••••••• first lien term loan1 BDC hold it · matures Dec 31, 2028$35.1M 100c
- E••••••• D••••• H••••••••• second lien term loan1 BDC hold it · matures Jan 20, 2031$35.0M 100c
- R•••• E•••••••• • E•••••••• first lien term loan1 BDC hold it · matures Aug 5, 2027$32.0M 100c
- C••••••••• • M•••••••• G••••••••• first lien term loan1 BDC hold it · matures Sep 5, 2029$31.5M 100c
- G•• S••••••• H•••••••• L•• first lien term loan1 BDC hold it · matures Dec 30, 2028$28.7M 100c
- S•• S•••••• H••••• first lien term loan1 BDC hold it · matures Nov 24, 2030$28.0M 99c
- S••••••• unsecured or subordinated term loan1 BDC hold it · matures Oct 20, 2037$26.4M 55c
Schedule of investments at Feb 28, 2026
246 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| N•• C••••• E• S••••••••• finance (CLO) | term loan first lien | $1.0M | $976,321 98c | S+500 bp | Mar 31, 2038 |
| P••• 2•••••• D•• S••••••••• Finance S••••••••• | term loan first lien | $1.0M | $971,977 97c | S+395 bp | Oct 20, 2038 |
| B•••••••• I••• Real Estate Services | unstated lien unstated | $1,250 | $872,433 64c | ||
| S•••••• Z••• F••••••••• L•• • H••••••••• F••••••••• | equity equity | $20,000 | $754,655 38c | ||
| E•• H•••••••• I••• • C•••••••• E•••••••• S••••••• | preferred equity equity | $730,280 | $730,280 100c | ||
| C• E••••••••• S••••••• I••• E•••••••• Services | preferred equity equity | $3,127 | $636,224 127c | ||
| C• E•••••••• S••••••• I••• E•••••••• Services | preferred equity equity | $3,127 | $636,224 127c | ||
| P••••• P•••••• I••• • S•••••••• F••• R••••••• | revolver lien unstated | $1.0M | $530,528 53c | PIK 4.42% | Dec 31, 2028 |
| J•••••• • T••••• A••••••••• S••••••• | delayed draw term loan lien unstated | $500,000 | $500,000 100c | S+850 bp | May 2, 2027 |
| S•• S•••••• H••••• T••••• L•• • R•••••• C•••• M••••••••• • R•••••• S••••••• | equity equity | $350,000 | $350,000 100c | ||
| I••••••• A••••••••• S•••••• • E•••••••• S••••••• | equity equity | $350,000 | $350,000 100c | ||
| T•••• M••••• H••••••••• Services | unstated lien unstated | Not disclosed | $332,895 8c | ||
| A•• H••••• O••• L•• • M••••• H••••••••• Services | preferred equity equity | $3.8M | $332,895 8c | ||
| M••••• H••••••••• Services | unstated lien unstated | Not disclosed | $332,895 8c | ||
| G•• S••••••• H•••••••• L•• Financial Services | equity equity | $250,000 | $251,765 101c | ||
| P••••••••• P••••••• H••••••• L•• • H••••••••• S••••••• | equity equity | $571,219 | $238,402 42c | ||
| E•• H•••••••• I••• • C•••••••• E•••••••• S••••••• | preferred equity equity | $854,300 | $211,874 7c | ||
| P••••• P•••••• I••• • S•••••••• F••• R••••••• | delayed draw term loan lien unstated | $400,000 | $204,389 51c | PIK 4.42% | Dec 31, 2028 |
| S•••••• T••••••••• L•• • S••••• C•••• P••••••• S••••••• | equity equity | $200,000 | $202,924 101c | ||
| P••••••••• P••••••• H••••••• L•• • H••••••••• S••••••• | equity equity | $220,385 | $60,670 196c | ||
| E••••• L•• • D••••• S•••••• S••••••• | revolver lien unstated | Not disclosed | -$81,875 | S+625 bp | Mar 16, 2027 |
| Z•••••• P•• E•••••••• Services | delayed draw term loan lien unstated | Not disclosed | -$196,575 | PIK 10.00% | Aug 9, 2027 |
| T• P••••••• W•••••• H•••••••• L•• • F••••••••• M••••••••• | preferred equity equity | $488,148 | Not disclosed n/a | ||
| S••••••• I••••••••• C•••• C•• 2•••••• L••• C•••• F•••••• S••••••••• finance (CLO) | notes lien unstated | $9.4M | Not disclosed n/a | S+1000 bp | Apr 20, 2033 |
| D••••• P••••••• M••••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | May 13, 2030 |
| C••••••••• • M•••••••• G••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | Sep 5, 2029 |
| G••• D••••• P••••••• H•••••••• L•• • D••••• P••••••• M••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | May 13, 2030 |
| A•••••• W•• C••••• C••••••• Services | preferred equity equity | $934,463 | Not disclosed n/a | ||
| C••••••••• • M•••••••• G••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | Sep 5, 2029 |
| S••••••• I••••••••• C•••• C•• 2•••••• L••• • O••••••••• F•••••• S••••••••• S••••••••• finance (CLO) | notes lien unstated | $111M | Not disclosed n/a | Apr 20, 2033 | |
| B••••• I••••• U•• I••• • V•••••••• P•••••• M••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | Jan 8, 2031 |
| F••••••••• M••••••••• | unstated lien unstated | Not disclosed | Not disclosed n/a | ||
| E••••• L•• • D••••• S•••••• S••••••• | equity equity | $1.0M | Not disclosed n/a | ||
| A•••••• W•• C•••• C••••••• Services | preferred equity equity | $934,463 | Not disclosed n/a | ||
| S•• S•••••• H•••••• L•• • R•••••• C•••• M••••••••• • R•••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | Nov 24, 2030 |
| G••• D••••• P••••••• H•••••••• L•• • D••••• P••••••• M••••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | May 13, 2030 |
| B•• S•••••••• I••• • A••••••••• • E••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| b• • B•• S•••••••• I••• • A••••••••• • E••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| T•••• F••••••••• M••••••••• | unstated lien unstated | Not disclosed | Not disclosed n/a | ||
| H••••••• T••• I••• • E••••••• C••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | Dec 31, 2030 |
| S••••••••• L•• • H••• M••••••••• D•••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+750 bp | Apr 7, 2030 |
| I•••••• P•••• H•••••••• L•• • F••• I••••••••• B••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | Jul 19, 2029 |
| S••••• 4• L•• • P•••••• C••••••••• S••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | Oct 17, 2030 |
| B•••••••• H••••• I•• • P••••••• O••••••••• M••••••••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+663 bp | Feb 23, 2031 |
| P••••• P•••••• I••• • S•••••••• F••• R••••••• | equity equity | $100,000 | Not disclosed n/a | ||
| A•••• H•••••••• L•• • E••••••• C••••••••• S••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+250 bp | Dec 31, 2027 |
Page 3 of 3Previous
Registration
- Fiscal year end
- 0228reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- GSC INVESTMENT CORP.; GSC Investment LLCreported
- Latest schedule
- 0001213900-26-075931reported