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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 Mar 31, 2023
227 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
B•• S•••••••• I••••••••• L••revolver lien unstated$30,065$29,764
99c
//Stella USCapital/20230331#One Month Secured Overnight Financing Rate+625 bpFeb 7, 2027
S•••••• M•••• C••••••• L••revolver lien unstated$30,000$29,400
98c
//Stella USCapital/20230331#Six Month London Interbank Offered Rate+500 bpFeb 7, 2028
H••• M•••• S•••• S••••• S•••••••• L••• O•••• C••••••••• L•equity equityNot disclosed$27,638
124c
H•••••••• B••••••• S••••••• L••delayed draw term loan lien unstated$24,938$24,689
100c
//Stella USCapital/20230331#Three Month Term Secured Overnight Financing Rate+625 bpAug 26, 2027
X••••••• I••revolver lien unstated$23,000$22,195
97c
//Stella USCapital/20230331#Three Month London Interbank Offered Rate+650 bpJun 25, 2026
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$13,279
119c
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P••••••••• L•••preferred equity equityNot disclosed$8,712
25c
A•• H•••••••• L••equity equityNot disclosed$8,479
2c
C••••••••• L•• C••••••••• H•••••••• I•••equity equityNot disclosed$4
80c
U••• A••• S••••equity equityNot disclosedNot disclosed
n/a
U••• A••• S••••equity equityNot disclosedNot disclosed
n/a
E• R••• E••••• S•••••••• L•• E• H•••••• L••preferred equity equityNot disclosedNot disclosed
n/a
N••••••• F••••••••• L•• N••••••• H•••••••• I•••warrants equityNot disclosedNot disclosedNov 15, 2025
P•••••• A••••••• I•••term loan lien unstated$18.0MNot disclosed
n/a
//Stella USCapital/20230331#Three Month London Interbank Offered Rate+775 bpSep 1, 2024
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P•••••••••unstated lien unstatedNot disclosedNot disclosed
n/a
A••••••••• A••••••••• L•• A••••••••• H••••••• L•• U••••unstated lien unstatedNot disclosedNot disclosed
n/a
V••••••• B••••• L•• V••••••• H•••••••• L••equity equityNot disclosedNot disclosed
n/a
Dec 20, 2028
A•• G•••• O•••• L•• P•••• A••••••••• L••equity equityNot disclosedNot disclosed
n/a
W••••• H••••••• L•equity equityNot disclosedNot disclosed
n/a
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