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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.

Fair value
$973M
Schedule of investments, 10-Q and 10-K
Borrowers
124
Schedule of investments, 10-Q and 10-K
Mark on cost
96.3¢
Schedule of investments, 10-Q and 10-K
First lien
0%
Schedule of investments, 10-Q and 10-K
Schedule of investments (403)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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••••••••• →
  2. $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•• →
  3. 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
  4. 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 →
  5. 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
0%
90% debt by fair value
Quarters on the tape
17
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$973M12496c33608 bp
Mar 31, 2026$998M12395c28609 bp
Dec 31, 2025$1.4B13198c39608 bp
Sep 30, 2025$1.0B12698c34615 bp
All 17 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$991M12396c32623 bp
Mar 31, 2025$991M12097c27622 bp
Dec 31, 2024$1.4B12598c33627 bp
Sep 30, 2024$909M11597c24726 bp
Jun 30, 2024$900M10998c22720 bp
Mar 31, 2024$876M10598c21694 bp
Dec 31, 2023$923M10498c20712 bp
Sep 30, 2023$708M9097c6666 bp
Jun 30, 2023$867M10296c15669 bp
Mar 31, 2023$877M9697c14665 bp
Dec 31, 2022$850M9397c11667 bp
Sep 30, 2022Not disclosed97n/a5667 bp
Dec 31, 2021$772M8096c5677 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Sep 30, 2022
219 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T•••• E•••••••• A••••••••• L••••• T•••• E•••••••• H•••••••• L•••••equity equity$662,660Not disclosed
U• S• A••• S•••• I••equity equity$100Not disclosed
U••• A••• S••••equity equity$75Not disclosed
A•• G•••• O•••• L••revolver lien unstated$100,000Not disclosed//Stella USCapital/20220930#Three Month London Interbank Offered Rate+675 bpDec 31, 2027
D••• C•••••• C••••••••• I•••term loan lien unstated$15.8MNot disclosed//Stella USCapital/20220930#Three Month London Interbank Offered Rate+850 bpMay 15, 2024
P•• S•••••••• I•••term loan lien unstated$14.1MNot disclosed//Stella USCapital/20220930#Three Month Term Secured Overnight Financing Rate+600 bpJun 30, 2027
S•• H•••••••• L••delayed draw term loan lien unstated$2.9MNot disclosed//Stella USCapital/20220930#One Month London Interbank Offered Rate+625 bpOct 29, 2026
U••• E••••••••• L••term loan lien unstated$15.9MNot disclosed//Stella USCapital/20220930#Three Month London Interbank Offered Rate+600 bpDec 22, 2026
J••••••• A••••••••• C••••term loan lien unstated$16.8MNot disclosed//Stella USCapital/20220930#One Month Secured Overnight Financing Rate+550 bpNov 15, 2024
N••••••• F••••••••• L•• N••••••• H•••••••• I•••warrants equityNot disclosedNot disclosedNov 15, 2025
O•••••• I••••••••• S•••••••• L•• O•••••• P••••• H•••••••• L••equity equityNot disclosedNot disclosed
T••••••••• L•• T••••••••• H•••••••• L••equity equity$829,167Not disclosed
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••equity equity$7,500Not disclosed
F•••••••• C••••••••• S• F• H•••••••• L•••equity equityNot disclosedNot disclosed
A•• A••• B••••• L••revolver lien unstated$76,667Not disclosed//Stella USCapital/20220930#One Month London Interbank Offered Rate+650 bpMay 17, 2028
A•• A••• B••••• L••term loan lien unstated$100,000Not disclosed//Stella USCapital/20220930#Six Month Secured Overnight Financing Rate+650 bpMay 17, 2028
C••••• C••••••••• L••term loan lien unstated$9.9MNot disclosed//Stella USCapital/20220930#Three Month London Interbank Offered Rate+575 bpJul 30, 2026
D•• E••••••••• L•• D•• H•••••• C••••••• L••equity equityNot disclosedNot disclosed
R••••• M••••••••• C••••••••• L••term loan lien unstated$10.1MNot disclosed//Stella USCapital/20220930#One Month London Interbank Offered Rate+700 bpSep 28, 2028
Page 3 of 3Previous
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