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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 Dec 31, 2023

290 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
X••••••• I•••	delayed draw term loan lien unstated	$2.2M	$2.2M 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+7 bp	Jun 25, 2026
H• W•••••••• H•••••••• L•• H• A••••••••• V•• L••	equity equity	Not disclosed	$2.2M 132c
H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L••	equity equity	Not disclosed	$2.2M 132c
V••••••• B••••• L••	revolver lien unstated	$2.4M	$2.1M 88c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+8 bp PIK 0.07%	May 27, 2026
A••• P••••••• A•• L• L• C•	term loan lien unstated	$1.9M	$1.9M 102c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 31, 2030
P•• S•••••••• I•••	term loan lien unstated	$1.8M	$1.8M 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+6 bp	Jun 30, 2027
G• H••• I••••••••• L••	revolver lien unstated	$1.8M	$1.8M 100c	//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+650 bp	Nov 30, 2028
I•• H•••••••• L••	equity equity	Not disclosed	$1.7M 380c
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$1.7M	$1.7M 99c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+700 bp	Feb 7, 2027
U••• E•••••••••	equity equity	Not disclosed	$1.5M 116c
I•••••••• M•••• B••••• L••	delayed draw term loan lien unstated	$1.5M	$1.5M 101c	//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+575 bp	May 1, 2028
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$1.5M 152c
2• L••	term loan lien unstated	$1.4M	$1.4M 101c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 5, 2028
2••••	term loan lien unstated	$1.4M	$1.4M 101c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 5, 2028
H••••• M•••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.3M 128c
E•••••• A•••••••• L••	revolver lien unstated	$1.4M	$1.3M 94c	//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jun 30, 2025
B•• B••••• I••• B• P••••••• P•••••• L•••	equity equity	Not disclosed	$1.3M 134c
A••• L•••• S••••••••• L•• S• A• I••••••••• L••	equity equity	Not disclosed	$1.2M 199c
I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L••	equity equity	Not disclosed	$1.2M 91c
C••• V••••• I••• C• T•••• L•• U••••	unstated lien unstated	Not disclosed	$1.1M 125c
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 31, 2026
E••••••••• A••••••••• I••• K•• H••••••• L•	equity equity	Not disclosed	$1.1M 123c		Feb 8, 2024
I••••••••• O••••••• N••••••• L••	term loan lien unstated	Not disclosed	$1.1M 99c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
I••••••••• L••• C••••• C••••••••• H•••••••	equity equity	Not disclosed	$1.0M 130c
A••• P••••••• A••• L•• A••• A•• P•••••• L••	preferred equity equity	Not disclosed	$1.0M 234c
X••••••• I••• P••• T••••• L••	equity equity	Not disclosed	$1.0M 97c
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	$993,654	S+1000 bp
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.0M	$993,654 99c	S+1000 bp	Sep 3, 2026
A••• L•••• S••••••••• L••• S• A• I•••••••••	equity equity	Not disclosed	$985,826 200c
P•• S•••••••• I•••	delayed draw term loan lien unstated	$962,500	$962,500 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+6 bp	Aug 31, 2027
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$928,462 118c
E••••• L••• S•••••••• L••	term loan lien unstated	$991,806	$922,380 93c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00%	Mar 16, 2027
C••••• H•••••••• L•• S• C• H••••••• L••	equity equity	Not disclosed	$901,644 122c
E•• F•••••• H•••••••• L••	equity equity	Not disclosed	$890,968		May 22, 2028
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	$879,589 111c		May 5, 2026
B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L••	equity equity	Not disclosed	$855,572 115c
D•• E••••••••• L•• D•• H•••••• C••••••	equity equity	Not disclosed	$852,078 118c		Sep 3, 2026
A••••••••• A••••••••• L••	revolver lien unstated	$924,871	$850,881 92c	S+1500 bp	Nov 6, 2028
T•• L••••••• H•••••••• L••	equity equity	Not disclosed	$758,732 141c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$751,355 177c
A••••••••• H•••••••• L••	equity equity	Not disclosed	$728,710 100c
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$727,010 116c
H•••••••• B••••••• S••••••• L••• A••• H•• H•••••••• L•	equity equity	Not disclosed	$726,591 291c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$701,538 116c
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	$687,007	$680,137 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+6 bp	Mar 2, 2026
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	$650,118	S+1000 bp
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.1M	$650,118 57c	S+1000 bp	Sep 3, 2026
A••••• A••••••••• L••	revolver lien unstated	$649,510	$649,510 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+600 bp	May 7, 2026
2• L•• I•••••••• L•	equity equity	Not disclosed	$644,844 109c
2• L•• I•••••••• L•	equity equity	Not disclosed	$644,844 109c
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$630,082 102c		Jun 30, 2025
M•• E••••••••• L•• M••••• S•• H•••••••	equity equity	Not disclosed	$595,832 64c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$586,022 82c
P•• S•••••••• I•••	revolver lien unstated	$571,195	$571,195 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+6 bp	Jun 30, 2027
I••••••••• O••••••• N••••••• L••	revolver lien unstated	$554,070	$545,759 99c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
I••••• H••• S••••••• L••	term loan lien unstated	$538,369	$530,293 101c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$527,094 75c
I••••••••• B••• C•••••• L••	revolver lien unstated	$531,915	$526,596 99c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+650 bp	Mar 31, 2029
M•••••••• L••• S• M•• H••••• L••	equity equity	Not disclosed	$509,215 100c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$501,846	$496,828 99c	S+1000 bp	Sep 3, 2026
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$496,112 198c
e•••• C••••••••• L•• e•••• H•••••• L••	preferred equity equity	Not disclosed	$473,485 100c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$471,147 214c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$471,147 214c
F•••••••• C••••••••• S• F• H•••••••• L•••	equity equity	Not disclosed	$465,212 128c
P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$418,449 83c
T•• H••••••••• G••••• I••• B• H•• H•••••••• L•••	equity equity	Not disclosed	$418,275 96c
G•••• I••••••••• I•• I•••	delayed draw term loan lien unstated	$408,127	$399,964 99c	//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+675 bp	Aug 8, 2028
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$398,991 76c
S•••• B•••••••• I••••• L••• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$394,609 59c
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$394,609 59c
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$386,420 148c
P•• S••••••• P•••••• L••	equity equity	Not disclosed	$384,007		Aug 31, 2027
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	$368,615 108c
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$361,345 48c
M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$351,351 98c
E• R••• E••••• S•••••••• L••	revolver lien unstated	$332,190	$332,190 100c	S+1000 bp	Sep 3, 2026
M•••••• L•••• H•••••••	unstated lien unstated	Not disclosed	$328,212 83c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$570,279	$325,059 57c	S+1000 bp	Sep 3, 2026
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$319,869	$316,670 100c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 17, 2026
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$282,009 99c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$280,414 112c
G•••• I••••••••• I•• I••• G•••• T•••• H•••••••• L••	equity equity	Not disclosed	$272,055 100c		Apr 2, 2025
I••••• H••• S••••••• L••	term loan lien unstated	$268,510	$264,482 101c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	Not disclosed	$242,696 65c
N•••••• L••• N••••• H•••••••	equity equity	Not disclosed	$226,849 72c
C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$226,512 90c
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	$223,959	S+1000 bp
E• R••• E••••• S•••••••• L••	term loan lien unstated	$392,910	$223,959 57c	S+1000 bp	Sep 3, 2026
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	Not disclosed	$220,296 156c
I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L••	equity equity	Not disclosed	$213,311 66c
I•••••••• H•••••• L•• L••••• P•••••• I•••	equity equity	Not disclosed	$213,240
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$209,747 95c
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$200,675 469c
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$172,674 15c
A••••• S••••••• L•• C• A••• H••••••• L••	equity equity	Not disclosed	$151,447 151c
V••••••• B••••• L••	term loan lien unstated	$155,730	$136,264 88c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+8 bp PIK 0.07%	May 27, 2026
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	Not disclosed	$128,766 33c
M•••••••• L••	revolver lien unstated	$129,608	$127,016 98c	//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 21, 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