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S•••••• C•••••• I••••••••• C•••

Business development companymanaged by S•••••• C•••••• M••••••••• L••Listed: SCM· HOUSTON, TX

A business development company traded as SCM, managed by S•••••• C•••••• M••••••••• L••, holding $973M across 124 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $973M
Borrowers: 124
Mark on cost: 96.3¢
First lien: 0%

Schedule of investments (403)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$50.1M
on non-accrual, 3 borrowers
3 borrowers on non-accrual, $50.1M principal; the largest is A••••••• B•••••• E••••••••• ($23.3M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen A••••••• B•••••• E••••••••• →
$26.8M
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $26.8M principal: J••• W••••••• L•• ($15.3M), E• R••• E••••• S•••••••• L•• ($11.5M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open J••• W••••••• L•• →
13 below 80¢
$71.4M principal
13 positions across 5 borrowers marked below 80¢ on cost, $71.4M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
94.9¢ → 96.3¢
book mark on cost
Marked its book up from 94.9¢ to 96.3¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
28 → 33
loans paying in kind
Loans paying in kind rose from 28 to 33 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1551901 · file 814-00971Show

Fair value

$973M

as of Jun 30, 2026

Principal held

$872M

debt pieces, the filer's figure

Cost

$978M

96c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

403

124 borrowers

First lien

90% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

290

28 sponsors financed

Portfolio through time

Fair value by quarter end$973M as of Jun 30, 2026

Dec 31, 2021$772M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$973M	124	96c	33	608 bp
Mar 31, 2026	$998M	123	95c	28	609 bp
Dec 31, 2025	$1.4B	131	98c	39	608 bp
Sep 30, 2025	$1.0B	126	98c	34	615 bp

All 17 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$991M	123	96c	32	623 bp
Mar 31, 2025	$991M	120	97c	27	622 bp
Dec 31, 2024	$1.4B	125	98c	33	627 bp
Sep 30, 2024	$909M	115	97c	24	726 bp
Jun 30, 2024	$900M	109	98c	22	720 bp
Mar 31, 2024	$876M	105	98c	21	694 bp
Dec 31, 2023	$923M	104	98c	20	712 bp
Sep 30, 2023	$708M	90	97c	6	666 bp
Jun 30, 2023	$867M	102	96c	15	669 bp
Mar 31, 2023	$877M	96	97c	14	665 bp
Dec 31, 2022	$850M	93	97c	11	667 bp
Sep 30, 2022	Not disclosed	97	n/a	5	667 bp
Dec 31, 2021	$772M	80	96c	5	677 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V••••••• B••••• L•• term loan
1 BDC hold it · matures Dec 20, 2028 · possible sponsor P•••••••• C•••••• P•••••••
$23.1M 84c
A••••••• B•••••• E••••••••• term loan
1 BDC hold it · matures Nov 30, 2026
$21.8M 53c
E••••• L••• S••••••••• L•• term loan
1 BDC hold it · matures Jun 30, 2028
$17.4M 97c
A••••• A••••••••• L•• term loan
1 BDC hold it · matures May 7, 2028 · possible sponsor F••• P••••• C•••••• L••
$16.7M 99c
P•• term loan
1 BDC hold it · matures Jun 30, 2027
$15.7M 99c
M•• E••••••••• L•• term loan
1 BDC hold it · matures May 19, 2028
$15.1M 99c
C•••••• P••••••• I••••••••• L•• term loan
4 BDCs hold it · matures Feb 7, 2027
$14.6M 100c
I••••••••• L•• term loan
1 BDC hold it · matures Jul 30, 2027 · possible sponsor T•• C•••••••• G••••• L••
$14.5M 100c
U••• E••••••••• L•• term loan
1 BDC hold it · matures Dec 22, 2026
$14.2M 99c
A•• G•••• O••• term loan
1 BDC hold it · matures Dec 31, 2027
$13.6M 98c
J••• W••••••• L•• term loan
1 BDC hold it · matures Dec 31, 2026
$13.6M 24c
C••••• I•• term loan
1 BDC hold it · matures Sep 1, 2026
$13.2M 100c

Schedule of investments at Dec 31, 2021

169 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
I•• H•••••••• L••	equity equity	$9,962	$834,320 180c
D•••••• P••••••• G••••• L•	equity equity	Not disclosed	$800,866 573c
N••••••••• M••••••• H••••••• C••••••••• I•• I••• C•• N•• I•••	equity equity	Not disclosed	$780,155 177c
E••••• L••• H•••••• C••••	equity equity	$598	$768,334 128c
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$735,229 105c
S••• L•• S••• H•••••• I•••	preferred equity equity	Not disclosed	$715,621 459c
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	$686,742 86c		May 5, 2026
T••••••••• L•• T••••••••• H•••••••• L••	equity equity	Not disclosed	$683,646 91c
G•••• H••• S•• P••••• I•••• e• a•	term loan lien unstated	$4.1M	$670,178 16c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+700 bp
T•••• E•••••••• A••••••••• L••••• T•••• E•••••••• H•••••••• L•••••	equity equity	Not disclosed	$662,660 100c
V••••••• B••••• L•• V••••••• H•••••••• L••	equity equity	Not disclosed	$645,469 79c		Dec 20, 2028
E• D•••••• H•••••••• L••	equity equity	Not disclosed	$616,212 123c
D•• E••••••••• L•• D•• H•••••• C••••••	equity equity	Not disclosed	$605,420 84c		Sep 3, 2026
T•• L••••••• P••••••••• L•• T•• L••••••• H•••••••• L••	equity equity	Not disclosed	$594,363 119c
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P•••••••••	unstated lien unstated	Not disclosed	$559,158 106c
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$532,800 80c
I••••••••• W•••• S•••••••• I•••	equity equity	Not disclosed	$514,402 54c
P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$508,516 100c
S•• H•••••••• L•• S•• H•••••••	equity equity	Not disclosed	$500,000 100c
P•• S•••••••• I••• P•• S••••••• H•••••••• L••	preferred equity equity	Not disclosed	$468,263 144c
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$452,649 42c
O•••••• I••••••••• S•••••••• L•• O•••••• P••••• H•••••••• L••	equity equity	Not disclosed	$448,143 90c
W••••• H••••••• L•	equity equity	$500,000	$442,742 89c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$441,718 100c
N•••• M•••••••• T••••••••• L•• B••••••• H•••••••• L••• C•••• D•	equity equity	Not disclosed	$393,106 140c
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$375,747 72c
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	Not disclosed	$375,000 100c
S••••• F•••••••• G••••• L••	preferred equity equity	Not disclosed	$338,616 29c
G•••• H••• S•• P••••• I•••• e• a•	term loan lien unstated	Not disclosed	$331,525 75c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+700 bp
C••• V••••• I••• C• T•••• L•• U••••	unstated lien unstated	Not disclosed	$320,352 35c
J••• W••••••• L•• J••• W•••••• H•••••••• I•••	preferred equity equity	Not disclosed	$316,397 28c
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$315,280 42c
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$277,332 111c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$268,536 107c
E•• F•••••• H•••••••• L••	equity equity	Not disclosed	$266,242		May 22, 2028
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	$250,169 87c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$246,500 112c
E•••••• A•••••••• L•• S• E• H••••••• L••	equity equity	Not disclosed	$233,145 26c
I•••••••• H•••••• L•• L••••• P•••••• I•••	equity equity	Not disclosed	$230,224
E•• F•••••• H•••••••• L••	preferred equity equity	$118	$218,008		May 22, 2028
D••• C•••••• C••••••••• I••• H••••• M•••••• H•••••••• L••	preferred equity equity	Not disclosed	$215,580 22c		Apr 1, 2026
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	$183,114 87c
V••••••• B••••• L••	term loan lien unstated	Not disclosed	$147,377 102c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+650 bp	May 27, 2026
G•••• H••• S•• P••••• I•••• e• a•	term loan lien unstated	Not disclosed	$147,344 100c	S+1200 bp
A••••••••• A••••••••• L•• A••••••••• H••••••• L•• U••••	unstated lien unstated	Not disclosed	$115,385 100c
P•• S•••••••• I••• P•• S••••••• H•••••••• L••	preferred equity equity	Not disclosed	$91,220 144c
T•• R••••••••• L•• T•• R••••••••• G••••• L••	equity equity	Not disclosed	$85,123 37c
S••• L•• S••• H•••••• I•••	equity equity	Not disclosed	$83,839 134c
A•• H•••••••• L••	equity equity	Not disclosed	$83,576 22c
A••••• A••••••••• L•• A••••• H•••••••• I••• S••••• A•	equity equity	Not disclosed	$81,692 105c
A•• G•••• O•••• L••	revolver lien unstated	$70,000	$68,250 98c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+675 bp	Dec 31, 2027
L•••• L•••••• I•••	revolver lien unstated	Not disclosed	$65,369 98c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+625 bp	Nov 9, 2027
C••••••••• L••	revolver lien unstated	Not disclosed	$48,750 98c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+650 bp	Dec 21, 2025
H• W•••••••• H•••••••• L••	revolver lien unstated	Not disclosed	$39,200 98c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+600 bp	Dec 17, 2026
P•••••• P••••••• H•••••••• L••	revolver lien unstated	Not disclosed	$30,870 98c	//Stella USCapital/20221231#Three Month London Interbank Offered Rate+600 bp	Dec 30, 2026
T•• R••••••••• L•• T•• R••••••••• G••••• L••	equity equity	Not disclosed	$24,883 116c
C•••••• C•••••• H•••••••• L••	equity equity	Not disclosed	$22,408 11c
S•• H•••••••• L••	revolver lien unstated	Not disclosed	$6,537 98c	//Stella USCapital/20221231#One Month London Interbank Offered Rate+600 bp	Oct 29, 2026
C••••••••• L•• C••••••••• H•••••••• I•••	equity equity	Not disclosed	$4 80c
G•••• H••• S•• P••••• I•••• e• a•	term loan lien unstated	Not disclosed	$0 0c	S+1375 bp
U••• A••• S••••	equity equity	Not disclosed	Not disclosed
U••• A••• S••••	equity equity	Not disclosed	Not disclosed
N•••• M•••••••• T••••••••• L•• B••••••• H•••••••• L••• C•••• A•	equity equity	Not disclosed	Not disclosed n/a
N••••••• F••••••••• L•• N••••••• H•••••••• I•••	warrants equity	Not disclosed	Not disclosed		Nov 15, 2025
U••• A••• S••••	equity equity	Not disclosed	Not disclosed
V••••••• B••••• L••	delayed draw term loan lien unstated	$4.4M	Not disclosed	S+650 bp	May 27, 2026
U••• A••• S••••	equity equity	Not disclosed	Not disclosed
U••• A••• S••••	equity equity	Not disclosed	Not disclosed
D•• E••••••••• L•• D•• H•••••• C••••••• L••	equity equity	Not disclosed	Not disclosed n/a

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2013 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001104659-26-093435reported