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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 appearsJun 30, 2026
••• Locked
PIK interest increasedJun 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 Sep 30, 2022

219 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C••••• I•••	term loan lien unstated	$14.2M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+600 bp	Sep 1, 2026
E•••••• A•••••••• L••	term loan lien unstated	$10.0M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+800 bp PIK 2.00%	Dec 31, 2026
G•••••• L•• O•••• L••	term loan lien unstated	$4.5M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+900 bp	Apr 30, 2027
I••••••••• O••••••• N••••••• L••	term loan lien unstated	$15.9M	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
L•••••••• I••••••••• I•• L••	term loan lien unstated	$13.7M	Not disclosed	//Stella USCapital/20220930#Six Month Secured Overnight Financing Rate+650 bp	Jun 6, 2027
N••••••••• M••••••• H••••••• C••••••••• I•• I•••	term loan lien unstated	$5.4M	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+675 bp	Dec 31, 2026
T•••• E•••••••• A••••••••• L•••••	term loan lien unstated	$10.5M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+625 bp	Dec 28, 2027
A•• H•••••••• L••	equity equity	Not disclosed	Not disclosed
B•• B••••• I••• B• P••••••• P•••••• L•••	equity equity	Not disclosed	Not disclosed
E• D•••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
H••• M•••• S•••• S••••• S•••••••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	Not disclosed
T•• R••••••••• L•• T•• R••••••••• G••••• L••	equity equity	Not disclosed	Not disclosed
A••••• S••••••• L••	term loan lien unstated	$1.0M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+650 bp	Aug 11, 2027
I•••••••• H•••••• L••	term loan lien unstated	$8.2M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+550 bp	Oct 18, 2027
K•••••••• I•••	term loan lien unstated	$1.6M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+500 bp	Jun 30, 2024
M•••••••• H••••••• L••	delayed draw term loan lien unstated	$100,000	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+700 bp	May 30, 2029
S•• H•••••••• L••	term loan lien unstated	$13.0M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+625 bp	Oct 29, 2026
S•••• P•••• S••••••••• L•••	term loan lien unstated	$3.5M	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 12, 2026
E•• F•••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed		May 22, 2028
P•• S••••••• P•••••• L••	equity equity	Not disclosed	Not disclosed		Aug 31, 2027
A••••••••• A••••••••• H••••••• I•• L•••	equity equity	Not disclosed	Not disclosed
H• W•••••••• H•••••••• L•• H• A••••••••• V•• L••	equity equity	Not disclosed	Not disclosed
N••••••••• M••••••••• L•• F••••••••• A•••••••••	equity equity	Not disclosed	Not disclosed
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	Not disclosed
A••• L•••• S••••••••• L••	term loan lien unstated	$10.6M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+650 bp	May 9, 2028
A••••••••• A••••••••• L••	revolver lien unstated	$2.3M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+700 bp	Nov 6, 2028
C••• P••••••• L••	term loan lien unstated	$10.1M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+600 bp	Sep 3, 2026
E••••• L••• S••••••••• L••	term loan lien unstated	$16.4M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+575 bp	Dec 31, 2027
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$323,918	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+600 bp	Dec 17, 2026
I•••••••• M•••• B••••• L••	term loan lien unstated	$8.5M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+575 bp	May 1, 2028
I•••••••• H•••••• L••	term loan lien unstated	$5.8M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+550 bp	Oct 18, 2027
M•••••• L••••• I••• M•••••• L•••• H•••••••• I•••	equity equity	Not disclosed	Not disclosed
A•• G•••• O•••• L••	term loan lien unstated	$14.6M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+675 bp	Dec 31, 2027
C••••••••• L••	term loan lien unstated	$11.3M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+650 bp	Dec 21, 2025
C••••• C••••••••• L••	term loan lien unstated	$7.5M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+575 bp	Jul 30, 2026
C••••• H•••••••• L••	revolver lien unstated	$50,000	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+625 bp	Dec 31, 2028
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	Not disclosed	Not disclosed		Apr 29, 2028
M•••••••• C••••• A••••••••• I••	revolver lien unstated	$86,667	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+600 bp	Sep 2, 2027
P•••••• A••••••• I•••	term loan lien unstated	$18.0M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+775 bp	Sep 1, 2024
S•••• B•••••••• I••••• L••	term loan lien unstated	$12.5M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+600 bp	Jul 7, 2026
C••• V••••• I•••	term loan lien unstated	$15.8M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+700 bp	Aug 28, 2026
C••••• H•••••••• L••	term loan lien unstated	$13.1M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+625 bp	Dec 31, 2028
H•••••••• B••••••• S•••••• L••	term loan lien unstated	$10.0M	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+625 bp	Aug 26, 2027
M•••••••• H••••••• L••	term loan lien unstated	$100,000	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+700 bp	May 30, 2029
P•••• M•••• H•••••••• L••	revolver lien unstated	$11,667	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+625 bp	Aug 31, 2027
S•• H•••••••• L••	term loan lien unstated	$2.3M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+625 bp	Oct 29, 2026
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	$32,162	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+500 bp	Feb 7, 2028
T••••• D••••••••• I•••	revolver lien unstated	$53,878	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+550 bp	Dec 31, 2026
X••••••• I•••	delayed draw term loan lien unstated	$2.2M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+650 bp	Jun 25, 2026
J••• W••••••• L••	term loan lien unstated	$12.7M	Not disclosed	S+1000 bp PIK 3.00%	Dec 31, 2026
N•••• M•••••••• T••••••••• L••	term loan lien unstated	$12.7M	Not disclosed	Prime+800 bp	Jul 29, 2026
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
C•••••• C•••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
E• R••• E••••• S•••••••• L•• E• H•••••• L••	preferred equity equity	Not disclosed	Not disclosed
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	Not disclosed
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	Not disclosed	Not disclosed
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	$557,682	Not disclosed
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	$557,682	Not disclosed
S••••• F•••••••• G••••• L••	preferred equity equity	Not disclosed	Not disclosed
T•• L••••••• P••••••••• L••	term loan lien unstated	Not disclosed	Not disclosed		Mar 2, 2026
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	Not disclosed		May 5, 2026
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	Not disclosed
I••••••••• W•••• S•••••••• I•••	equity equity	$21,925	Not disclosed
B•• S•••••••• I••••••••• L••	term loan lien unstated	$13.4M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+625 bp	Feb 7, 2027
I•••••••• H•••••• L••	term loan lien unstated	$3.1M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+550 bp	Oct 18, 2027
M•••••• F••••••• L••	term loan lien unstated	$10.6M	Not disclosed	//Stella USCapital/20220930#One Month Secured Overnight Financing Rate+625 bp	Apr 3, 2028
D••• C•••••• C••••••••• I••• H••••• M•••••• H•••••••• L••	preferred equity equity	Not disclosed	Not disclosed		Apr 1, 2026
J••• W••••••• L•• J••• W•••••• H•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
B•• B••••• I•••	revolver lien unstated	$36,566	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+625 bp	Feb 1, 2027
C•••• I••••••••• I•••	term loan lien unstated	$13.3M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+650 bp	Dec 31, 2027
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	$557,682	Not disclosed
P••••••• D•••••• S•••••••• I••• P••••••• D•••••• H•••••••• I•••	equity equity	Not disclosed	Not disclosed		Jan 31, 2029
T•• R••••••••• L•• T•• R••••••••• G••••• L••	equity equity	Not disclosed	Not disclosed
T•• R••••••••• L••	term loan lien unstated	$5.0M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+1075 bp
U••• E•••••••••	equity equity	$1.4M	Not disclosed
D•• E••••••••• L•• D•• H•••••• C••••••	equity equity	Not disclosed	Not disclosed		Sep 3, 2026
E•• F•••••• H•••••••• L••	preferred equity equity	$118	Not disclosed		May 22, 2028
A••••••••• A••••••••• L•• A••••••••• H••••••• L•• U••••	unstated lien unstated	Not disclosed	Not disclosed
H••• M•••• S•••• S••••• S•••••••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	Not disclosed
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	Not disclosed	Not disclosed
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	$557,689	Not disclosed
N•••• M•••••••• T••••••••• L•• B••••••• H•••••••• L••• C•••• D•	equity equity	Not disclosed	Not disclosed
U••• A••• S••••	equity equity	$441	Not disclosed
U••• A••• S••••	equity equity	$9,000	Not disclosed
E•••••• A•••••••• L••	revolver lien unstated	$1.4M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+800 bp PIK 2.00%	Jun 30, 2025
E••••• L••	revolver lien unstated	$20,000	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+575 bp	Mar 16, 2027
A••••• A•••••••••	term loan lien unstated	$15.4M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+600 bp	May 7, 2026
A••••••••• A••••••••• L••	term loan lien unstated	$14.7M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+700 bp	Nov 6, 2028
C••••••••• L••	revolver lien unstated	$40,000	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+650 bp	Dec 21, 2025
D•• E••••••••• L••	term loan lien unstated	$7.9M	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+750 bp	Jun 30, 2023
L•••• L••••••• I•••	term loan lien unstated	$7.6M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+625 bp	Nov 9, 2027
N••••• L••	term loan lien unstated	$7.6M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+850 bp	May 6, 2027
O•••••• I••••••••• S•••••••• L••	term loan lien unstated	$10.3M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+725 bp	Nov 16, 2027
S•• H•••••••• L••	term loan lien unstated	$870,629	Not disclosed	//Stella USCapital/20220930#One Month London Interbank Offered Rate+625 bp	Oct 29, 2026
T•• R••••••••• L••	term loan lien unstated	$5.9M	Not disclosed	//Stella USCapital/20220930#Three Month London Interbank Offered Rate+1075 bp	Sep 30, 2023
T••••• D••••••••• I•••	term loan lien unstated	$99,497	Not disclosed	//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+550 bp	Dec 31, 2026
N•••• M•••••••• T••••••••• L•• B••••••• I••••••••• L••••••	term loan lien unstated	$7.8M	Not disclosed	Prime+800 bp	May 5, 2026
P•• M• A••••••••• H•••••••• L•••	equity equity	$825,020	Not disclosed		Jul 1, 2024
V••••••• B••••• L••• V••••••• H•••••••	term loan lien unstated	$87,095	Not disclosed	S+1000 bp PIK 10.00%	Dec 20, 2028

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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