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S•••••• C•••••• I••••••••• C•••
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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $50.1Mon 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••••••••• → - $26.8Mnewly 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.
- 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.
- 28 → 33loans 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.
Every headline figure, and the identifiersCIK 1551901 · file 814-00971ShowHide
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
| 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 quartersShow fewer
| 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
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
Largest facilities held, with co-lenders
- V••••••• B••••• L•• term loan1 BDC hold it · matures Dec 20, 2028 · possible sponsor P•••••••• C•••••• P•••••••$23.1M 84c
- A••••••• B•••••• E••••••••• term loan1 BDC hold it · matures Nov 30, 2026$21.8M 53c
- E••••• L••• S••••••••• L•• term loan1 BDC hold it · matures Jun 30, 2028$17.4M 97c
- A••••• A••••••••• L•• term loan1 BDC hold it · matures May 7, 2028 · possible sponsor F••• P••••• C•••••• L••$16.7M 99c
- P•• term loan1 BDC hold it · matures Jun 30, 2027$15.7M 99c
- M•• E••••••••• L•• term loan1 BDC hold it · matures May 19, 2028$15.1M 99c
- C•••••• P••••••• I••••••••• L•• term loan4 BDCs hold it · matures Feb 7, 2027$14.6M 100c
- I••••••••• L•• term loan1 BDC hold it · matures Jul 30, 2027 · possible sponsor T•• C•••••••• G••••• L••$14.5M 100c
- U••• E••••••••• L•• term loan1 BDC hold it · matures Dec 22, 2026$14.2M 99c
- A•• G•••• O••• term loan1 BDC hold it · matures Dec 31, 2027$13.6M 98c
- J••• W••••••• L•• term loan1 BDC hold it · matures Dec 31, 2026$13.6M 24c
- C••••• I•• term loan1 BDC hold it · matures Sep 1, 2026$13.2M 100c
Schedule of investments at Jun 30, 2023
245 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T••••••••• L•• T••••••••• H•••••••• L•• | equity equity | Not disclosed | $1.6M 192c | ||
| K••••••••• H•••••••• I••• | term loan lien unstated | $1.5M | $1.5M 101c | //stelluscapital.com/20230630#One Month Bloomberg Short Term Bank Yield Index+675 bp | Dec 24, 2025 |
| I•••••••• M•••• B••••• L•• | delayed draw term loan lien unstated | $1.5M | $1.5M 101c | //stelluscapital.com/20230630#One Month Secured Overnight Financing Rate+550 bp | May 1, 2028 |
| C••• V••••• I••• C• T•••• L•• U•••• | unstated lien unstated | Not disclosed | $1.4M 152c | ||
| K•••••••• I••• | term loan lien unstated | $1.6M | $1.4M 86c | //stelluscapital.com/20230630#One Month Secured Overnight Financing Rate+600 bp | Jun 30, 2024 |
| N•••• M•••••••• T••••••••• L•• | term loan lien unstated | $12.7M | $1.3M 11c | Prime+800 bp | Jul 29, 2026 |
| B•• B••••• I••• B• P••••••• P•••••• L••• | equity equity | Not disclosed | $1.3M 135c | ||
| D•• E••••••••• L•• D•• H•••••• C•••••• | equity equity | Not disclosed | $1.2M 167c | Sep 3, 2026 | |
| E•••••• A•••••••• L•• | revolver lien unstated | $1.4M | $1.2M 87c | //stelluscapital.com/20230630#One Month Secured Overnight Financing Rate+800 bp PIK 2.00% | Jun 30, 2025 |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.1M | $1.1M 100c | Sep 3, 2026 | |
| I••••••••• B••• C•••••• L•• | term loan lien unstated | $1.1M | $1.1M 99c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+650 bp | Dec 31, 2026 |
| I••••••••• O••••••• N••••••• L•• | term loan lien unstated | $1.1M | $1.1M 99c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+600 bp | Jun 24, 2025 |
| D••• C•••••• C••••••••• I••• H••••• M•••••• H•••••••• L•• | preferred equity equity | Not disclosed | $1.0M 100c | Apr 1, 2026 | |
| E••••• L••• S•••••••• L•• | term loan lien unstated | $991,792 | $985,050 100c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00% | Mar 16, 2027 |
| P•• S•••••••• I••• | delayed draw term loan lien unstated | $967,500 | $962,663 100c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+600 bp | Aug 31, 2027 |
| X••••••• I••• P••• T••••• L•• | equity equity | Not disclosed | $924,675 88c | ||
| C••••• C••••••••• L•• | equity equity | Not disclosed | $924,503 115c | ||
| M•• E••••••••• L•• M••••• S•• H••••••• | equity equity | Not disclosed | $911,747 98c | ||
| A••••• A••••••••• L•• | revolver lien unstated | $909,314 | $904,767 99c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+600 bp | May 7, 2026 |
| E••••••••• A••••••••• I••• K•• H••••••• L• | equity equity | Not disclosed | $873,284 100c | Feb 8, 2024 | |
| S•• H•••••••• L•• | term loan lien unstated | $848,864 | $827,642 99c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+625 bp | Oct 29, 2026 |
| I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L•• | equity equity | Not disclosed | $827,207 64c | ||
| N•••• M•••••••• T••••••••• L•• B••••••• I••••••••• L•••••• | term loan lien unstated | $7.8M | $819,000 11c | Prime+800 bp | May 5, 2026 |
| N••••• L•• N• G•••• H•••••• C••••••• L•• | equity equity | Not disclosed | $813,328 102c | May 5, 2026 | |
| B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L•• | equity equity | Not disclosed | $791,588 106c | ||
| I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L• | equity equity | Not disclosed | $768,207 182c | ||
| I•••••• B••••• L•• I•••••• H•••••••• L•• | preferred equity equity | Not disclosed | $767,623 98c | ||
| A••• P••••••• A••• L•• A••• A•• P•••••• L•• | preferred equity equity | Not disclosed | $729,770 164c | ||
| R•••• A•• N••••••• L•• C••••••• C•••••••• B• L• | equity equity | Not disclosed | $700,032 99c | ||
| O•••••• I••••••••• S•••••••• L••• S•••••••• T•••• | equity equity | Not disclosed | $688,293 113c | ||
| A••••• A••••••••• L•• A••••• H•••••••• I••• | preferred equity equity | Not disclosed | $675,986 96c | ||
| T•• L••••••• H•••••••• L•• | equity equity | Not disclosed | $665,282 124c | ||
| D•••••• P••••••• G••••• L• | equity equity | Not disclosed | $648,462 | ||
| C•••••••• I••••••••• I• I••• G•••• C•••••••• L• | equity equity | Not disclosed | $626,690 100c | ||
| I••••••••• B••• C•••••• L•• | revolver lien unstated | $638,298 | $625,532 98c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+650 bp | Mar 31, 2029 |
| H•••••••• B••••••• S••••••• L••• A••• H•• H•••••••• L• | equity equity | Not disclosed | $609,233 233c | ||
| E•• F•••••• H•••••••• L•• | equity equity | Not disclosed | $591,711 | May 22, 2028 | |
| 2• L•• I•••••••• L• | equity equity | Not disclosed | $589,490 100c | ||
| I••••••••• W•••• S•••••••• I••• | equity equity | Not disclosed | $582,307 62c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $570,279 | $570,279 100c | Sep 3, 2026 | |
| E••••• L••• S••••••••• L•• S• E•• H••••••• L•• | equity equity | Not disclosed | $526,770 47c | ||
| C••••••••• L•• C••••••••• H•••••••• I••• | preferred equity equity | Not disclosed | $521,734 100c | ||
| I••••••••• O••••••• N••••••• L•• | revolver lien unstated | $498,165 | $488,202 98c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+600 bp | Jun 24, 2025 |
| C••• P••••••• L•• C••• V••• 8•• B•••••• | equity equity | Not disclosed | $486,929 195c | ||
| S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L•• | equity equity | Not disclosed | $473,763 71c | ||
| P•• S••••••• P•••••• L•• | equity equity | Not disclosed | $450,071 | Aug 31, 2027 | |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $392,910 | $392,910 100c | Sep 3, 2026 | |
| E••••• L•• G•••• E•••• C•••••••• L•• | equity equity | Not disclosed | $377,535 100c | Apr 29, 2028 | |
| C•••••• B••••• L•• C•••••• H••••••• P••••••••• | equity equity | Not disclosed | $371,893 591c | ||
| N•••••• H•••• H•••••••• L••• | equity equity | Not disclosed | $357,321 162c | ||
| N•••••• H•••• H•••••••• L••• | equity equity | Not disclosed | $357,321 162c | ||
| N•••••• L••• N••••• H••••••• | equity equity | Not disclosed | $328,680 105c | ||
| H• W•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $321,489 | $316,667 99c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+625 bp | Dec 17, 2026 |
| I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L•• | equity equity | Not disclosed | $310,844 100c | ||
| S•• H•••••••• L•• S•• H••••••• | equity equity | Not disclosed | $301,980 60c | ||
| F•••••••• C••••••••• S• F• H•••••••• L••• | equity equity | Not disclosed | $289,949 80c | ||
| P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L•• | equity equity | Not disclosed | $286,826 56c | ||
| C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I••• | equity equity | Not disclosed | $286,799 100c | ||
| D•• E••••••••• L•• D•• H•••••• C••••••• L•• | equity equity | Not disclosed | $276,224 59c | ||
| L•••• L••••••• I••• S• L• H••••••• L•• | equity equity | Not disclosed | $264,355 70c | ||
| I••••• H••• S••••••• L•• | term loan lien unstated | $269,859 | $263,278 100c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 28, 2028 |
| T•••• E•••••••• A••••••••• L••••• T•••• E•••••••• H•••••••• L••••• | equity equity | Not disclosed | $257,594 39c | ||
| L•••••••• I••••••••• I•• L•• G•••• V•••••• C••••••• | equity equity | Not disclosed | $252,284 63c | ||
| C•••• I••••••••• I••• C•••• H•••••••• L• | equity equity | Not disclosed | $247,238 99c | ||
| E•• F•••••• H•••••••• L•• | preferred equity equity | Not disclosed | $239,419 | May 22, 2028 | |
| C••••• I••• S••••••• H•••••••• L•• | equity equity | Not disclosed | $237,140 107c | ||
| A••••••• R••••••••• L•• A••••• H•••••••• L•• | equity equity | Not disclosed | $229,069 162c | ||
| C••••• H•••••••• L•• S• C• H••••••• L•• | equity equity | Not disclosed | $228,218 31c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $196,455 | $196,455 100c | Sep 3, 2026 | |
| I•••••••• H•••••• L•• L••••• P•••••• I••• | equity equity | Not disclosed | $185,874 | ||
| A•• G•••• O••• L• L• C• P•••• A••••••••• L• L• C• | equity equity | Not disclosed | $180,525 203c | ||
| I••••••••• D•••••• G•••• L•• I••••••••• D•••••• H••••••• L•• | equity equity | Not disclosed | $176,204 88c | ||
| U••••• C••••••• H•••••••• L•• U••••• C•••••••• L•• | equity equity | Not disclosed | $163,865 22c | ||
| V••••••• B••••• L•• | term loan lien unstated | $151,091 | $141,270 94c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+800 bp PIK 7.00% | May 27, 2026 |
| H••• M•••• S•••• S••••• S•••••••• L••• I••••• C••••••••• L• | equity equity | Not disclosed | $134,314 173c | ||
| J••• W••••••• L•• J••• W•••••• H•••••••• I••• | preferred equity equity | Not disclosed | $134,200 12c | ||
| A••••• S••••••• L•• C• A••• H••••••• L•• | equity equity | Not disclosed | $129,525 130c | ||
| R•• A••••••• B•••••••• L••• R•• A••••••• A••••••••• | equity equity | Not disclosed | $125,332 76c | ||
| R•• A••••••• A••••••••• L•• | equity equity | Not disclosed | $118,135 151c | ||
| C••••••• C••• L•• C••••••• C••• H••••••• I••• | preferred equity equity | Not disclosed | $111,409 100c | ||
| M•••••••• H••••••• L•• | revolver lien unstated | $100,000 | $107,917 99c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+700 bp | May 30, 2029 |
| W••••• H••••••• L• | equity equity | Not disclosed | $107,418 100c | ||
| M•••••••• H••••••• L•• | delayed draw term loan lien unstated | Not disclosed | $100,426 99c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+700 bp | May 30, 2029 |
| A••• P••••••• A••• L•• | delayed draw term loan lien unstated | $100,000 | $100,000 101c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+575 bp | Dec 31, 2030 |
| M•••••••• H••••••• L•• | term loan lien unstated | $100,000 | $99,500 100c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+700 bp | May 30, 2029 |
| H••• M•••• S•••• S••••• S•••••••• L•• | term loan lien unstated | $99,250 | $99,250 102c | //stelluscapital.com/20230630#Six Month Secured Overnight Financing Rate+525 bp | Jul 1, 2029 |
| M•••••••• C••••• A••••••••• I•• | term loan lien unstated | $99,250 | $98,258 100c | //stelluscapital.com/20230630#Six Month Secured Overnight Financing Rate+600 bp | Sep 2, 2027 |
| S•••••• M•••• C••••••• L•• | delayed draw term loan lien unstated | $99,258 | $97,769 99c | //stelluscapital.com/20230630#Six Month London Interbank Offered Rate+550 bp | Feb 7, 2028 |
| S•• H•••••••• L•• | revolver lien unstated | $100,000 | $97,500 98c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+625 bp | Oct 29, 2026 |
| C••••• H•••••••• L•• | revolver lien unstated | $100,000 | $95,500 96c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+675 bp | Dec 31, 2028 |
| T••••• D••••••••• I••• | term loan lien unstated | $98,743 | $95,287 98c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+600 bp | Dec 31, 2026 |
| M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L• | equity equity | Not disclosed | $91,917 92c | ||
| A•• G•••• O•••• L•• | revolver lien unstated | $90,000 | $89,100 99c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+675 bp | Dec 31, 2027 |
| V••••••• B••••• L••• V••••••• H••••••• | term loan lien unstated | $93,830 | $87,731 93c | S+1000 bp PIK 10.00% | Dec 20, 2028 |
| M•••••••• C••••• A••••••••• I•• | revolver lien unstated | $86,667 | $85,800 99c | //stelluscapital.com/20230630#Six Month Secured Overnight Financing Rate+600 bp | Sep 2, 2027 |
| I•••••• B••••• L•• | delayed draw term loan lien unstated | $82,708 | $81,881 100c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+575 bp | Aug 15, 2028 |
| B•• B••••• I••• | revolver lien unstated | $76,566 | $75,418 99c | //stelluscapital.com/20230630#One Month Secured Overnight Financing Rate+625 bp | Feb 1, 2027 |
| A••••• A••••••••• L•• A••••• H•••••••• I••• S••••• A• | equity equity | Not disclosed | $75,110 96c | ||
| S•••••• M•••• C••••••• L•• | revolver lien unstated | $70,000 | $68,950 99c | //stelluscapital.com/20230630#Three Month London Interbank Offered Rate+550 bp | Feb 7, 2028 |
| F•••••••• | revolver lien unstated | $70,000 | $68,950 99c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 29, 2028 |
Registration
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