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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, 2022

220 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$1.1M 98c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+650 bp	Dec 31, 2026
I••••••••• O••••••• N••••••• L••	term loan lien unstated	$1.1M	$1.1M 98c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
I•• H•••••••• L••	equity equity	Not disclosed	$1.0M 222c
A••••• A••••••••• L••	revolver lien unstated	$1.0M	$1.0M 99c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+600 bp	May 7, 2026
A••••• S••••••• L••	term loan lien unstated	$1.0M	$985,000 100c	//stelluscapital.com/20231231#One Month Secured Overnight Financing Rate+650 bp	Aug 11, 2027
E••••• L••• S•••••••• L••	term loan lien unstated	$995,000	$980,075 100c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+575 bp	Mar 16, 2027
C••• V••••• I••• C• T•••• L•• U••••	unstated lien unstated	Not disclosed	$976,521 107c
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$969,726 86c
P•• S•••••••• I•••	delayed draw term loan lien unstated	$972,500	$962,775 99c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 31, 2027
C••••• C••••••••• L••	equity equity	Not disclosed	$961,718 120c
X••••••• I••• P••• T••••• L••	equity equity	Not disclosed	$844,147 80c
S•• H•••••••• L••	term loan lien unstated	$859,747	$833,955 99c	//stelluscapital.com/20231231#One Month London Interbank Offered Rate+625 bp	Oct 29, 2026
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$796,939 186c
B•• B••••• I••• B• P••••••• P•••••• L•••	equity equity	Not disclosed	$770,648 102c
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$769,393 110c
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$765,249 98c
T•• L••••••• H•••••••• L••	equity equity	Not disclosed	$759,769 152c
I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L••	equity equity	Not disclosed	$733,149 56c
D•• E••••••••• L•• D•• H•••••• C••••••• L••	equity equity	Not disclosed	$706,459 152c
M•• E••••••••• L•• M••••• S•• H•••••••	equity equity	Not disclosed	$700,989 75c
D•••••• P••••••• G••••• L•	equity equity	Not disclosed	$695,072
A••• P••••••• A••• L•• A••• A•• P•••••• L••	preferred equity equity	Not disclosed	$686,447 155c
I••••••••• W•••• S•••••••• I•••	equity equity	Not disclosed	$615,657 65c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$606,742 100c
U••• A••• S••••• I••• e• a•	equity equity	Not disclosed	$600,000 300c
C••••• H•••••••• L•• S• C• H••••••• L••	equity equity	Not disclosed	$590,535 80c
B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L••	equity equity	Not disclosed	$590,291 79c
E•• F•••••• H•••••••• L••	equity equity	Not disclosed	$567,579		May 22, 2028
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	$536,120 67c		May 5, 2026
D•• E••••••••• L•• D•• H•••••• C••••••	equity equity	Not disclosed	$514,396 71c		Sep 3, 2026
T•••• E•••••••• A••••••••• L••••• T•••• E•••••••• H•••••••• L•••••	equity equity	Not disclosed	$503,936 76c
D••• C•••••• C••••••••• I••• H••••• M•••••• H•••••••• L••	preferred equity equity	Not disclosed	$458,500 46c		Apr 1, 2026
P•• S••••••• P•••••• L••	equity equity	Not disclosed	$449,270		Aug 31, 2027
H•••••••• B••••••• S••••••• L••• A••• H•• H•••••••• L•	equity equity	Not disclosed	$444,511 155c
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$405,784 162c
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$403,084 77c
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$390,822 59c
F•••••••• C••••••••• S• F• H•••••••• L•••	equity equity	Not disclosed	$365,198 101c
S•• H•••••••• L•• S•• H•••••••	equity equity	Not disclosed	$342,821 69c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	Not disclosed	$341,050 90c		Apr 29, 2028
U••• A••• S••••	equity equity	Not disclosed	$330,000 300c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$314,486 143c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$314,486 143c
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$323,108	$313,415 98c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+625 bp	Dec 17, 2026
N•••••• L••• N••••• H•••••••	equity equity	Not disclosed	$313,253 100c
P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$311,668 61c
I••••••••• B••• C•••••• L••	revolver lien unstated	$319,149	$309,575 97c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+650 bp	Mar 31, 2029
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	Not disclosed	$302,593 81c
U• S• A••• S•••• I••	equity equity	Not disclosed	$300,000 300c
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	Not disclosed	$298,376 75c
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	$293,847 110c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$285,714 100c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$268,194 107c
E•• F•••••• H•••••••• L••	preferred equity equity	Not disclosed	$232,320		May 22, 2028
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$218,292 99c
I••••••••• D•••••• G•••• L•• I••••••••• D•••••• H••••••• L••	equity equity	Not disclosed	$195,412 98c
I•••••••• H•••••• L•• L••••• P•••••• I•••	equity equity	Not disclosed	$191,375
J••• W••••••• L•• J••• W•••••• H•••••••• I•••	preferred equity equity	Not disclosed	$149,640 13c
E•••••• A•••••••• L•• S• E• H••••••• L••	equity equity	Not disclosed	$146,541 16c
V••••••• B••••• L••	term loan lien unstated	$146,465	$143,536 99c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+800 bp PIK 7.00%	May 27, 2026
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$129,248 17c
V••••••• B••••• L•• V••••••• H•••••••• L••	equity equity	Not disclosed	$121,938 15c		Dec 20, 2028
A••••• S••••••• L•• C• A••• H••••••• L••	equity equity	Not disclosed	$106,221 106c
M•••••••• H••••••• L••	delayed draw term loan lien unstated	$100,000	$106,132 105c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+700 bp	May 30, 2029
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$100,000	$99,500 100c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 31, 2030
A•• A••• B••••• L••	term loan lien unstated	$99,750	$99,251 101c	//stelluscapital.com/20231231#Six Month Secured Overnight Financing Rate+650 bp	May 17, 2028
M•••••••• H••••••• L••	term loan lien unstated	$100,000	$99,000 100c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+700 bp	May 30, 2029
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$99,750	$98,254 100c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+600 bp	Sep 2, 2027
H••• M•••• S•••• S••••• S•••••••• L••	term loan lien unstated	$99,750	$98,254 100c	//stelluscapital.com/20231231#Six Month Secured Overnight Financing Rate+550 bp	Jul 1, 2029
T••••• D••••••••• I•••	term loan lien unstated	$99,245	$95,771 98c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+550 bp	Dec 31, 2026
A•• G•••• O•••• L••	revolver lien unstated	$100,000	$95,000 95c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+675 bp	Dec 31, 2027
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	Not disclosed	$91,659 92c
H••• M•••• S•••• S••••• S•••••••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$88,684 114c
V••••••• B••••• L••• V••••••• H•••••••	term loan lien unstated	$89,284	$87,498 98c	S+1000 bp PIK 10.00%	Dec 20, 2028
A••••• A••••••••• L•• A••••• H•••••••• I••• S••••• A•	equity equity	Not disclosed	$85,488 110c
M•••••••• C••••• A••••••••• I••	revolver lien unstated	$86,667	$85,367 99c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+600 bp	Sep 2, 2027
I•••••• B••••• L••	delayed draw term loan lien unstated	$83,125	$81,463 99c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+575 bp	Aug 15, 2028
U••• A••• S••••	equity equity	Not disclosed	$79,560 106c
X••••••• I••	revolver lien unstated	$80,000	$77,200 97c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+650 bp	Jun 25, 2026
T•••• E•••••••• A••••••••• L•••••	revolver lien unstated	$80,000	$75,600 95c	//stelluscapital.com/20231231#One Month London Interbank Offered Rate+625 bp	Dec 28, 2027
S•• H•••••••• L••	revolver lien unstated	$70,754	$68,631 97c	//stelluscapital.com/20231231#One Month London Interbank Offered Rate+625 bp	Oct 29, 2026
C••••• H•••••••• L••	revolver lien unstated	$70,000	$68,250 98c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+625 bp	Dec 31, 2028
U••• A••• S••••	equity equity	Not disclosed	$53,040 106c
A•• A••• B••••• L••	revolver lien unstated	$50,000	$49,750 100c	//stelluscapital.com/20231231#One Month Secured Overnight Financing Rate+650 bp	May 17, 2028
R••••• M••••••••• C••••••••• L••	delayed draw term loan lien unstated	$50,000	$49,250 99c	//stelluscapital.com/20231231#Six Month Secured Overnight Financing Rate+800 bp PIK 1.00%	Sep 9, 2025
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	$48,571 17c
C••••••••• L••	revolver lien unstated	$40,000	$39,000 98c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+650 bp	Dec 21, 2025
M•• E••••••••• L••	revolver lien unstated	$37,500	$36,188 97c	//stelluscapital.com/20231231#Three Month London Interbank Offered Rate+625 bp	May 19, 2026
B•• B••••• I•••	revolver lien unstated	$36,566	$35,652 98c	//stelluscapital.com/20231231#One Month Secured Overnight Financing Rate+625 bp	Feb 1, 2027
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	$35,552 17c
L•••• L•••••• I•••	revolver lien unstated	$33,333	$32,666 98c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+625 bp	Nov 9, 2027
P•••• M•••• H•••••••• L••	revolver lien unstated	$33,333	$32,666 98c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+625 bp	Aug 31, 2027
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	$32,081	$31,279 98c	//stelluscapital.com/20231231#One Month London Interbank Offered Rate+500 bp	Feb 7, 2028
B•• S•••••••• I••••••••• L••	revolver lien unstated	$30,065	$29,614 98c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+625 bp	Feb 7, 2027
S•••••• M•••• C••••••• L••	revolver lien unstated	$30,000	$29,250 98c	//stelluscapital.com/20231231#One Month Secured Overnight Financing Rate+500 bp	Feb 7, 2028
A•• H•••••••• L••	equity equity	Not disclosed	$29,209 8c
H••• M•••• S•••• S••••• S•••••••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$25,338 114c
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	$25,000	$24,625 99c	//stelluscapital.com/20231231#Three Month Term Secured Overnight Financing Rate+625 bp	Aug 26, 2027
E••••• L••	revolver lien unstated	$20,000	$19,700 99c	//stelluscapital.com/20231231#One Month London Interbank Offered Rate+575 bp	Mar 16, 2027
H••• M•••• S•••• S••••• S•••••••• L••	revolver lien unstated	$20,000	$19,700 99c	//stelluscapital.com/20231231#Six Month Secured Overnight Financing Rate+550 bp	Jul 1, 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