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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 Mar 31, 2024

269 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L••	equity equity	$1,632	$1.9M 116c
A••• P••••••• A•• L• L• C•	term loan lien unstated	$1.9M	$1.9M 102c	//stelluscapital.com/20240331#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/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 30, 2027
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	delayed draw term loan lien unstated	$1.7M	$1.7M 100c	//stelluscapital.com/20240331#One Month Secured Overnight Financing Rate+625 bp	Aug 3, 2029
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$1.7M	$1.7M 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+700 bp	Feb 7, 2027
E••••••••• A••••••••• I••• K•• H••••••• L•	equity equity	$873,333	$1.6M 187c		Feb 8, 2024
G• H••• I••••••••• L••	revolver lien unstated	$1.6M	$1.6M 100c	//stelluscapital.com/20240331#One Month Secured Overnight Financing Rate+650 bp	Nov 30, 2028
A••• L•••• S••••••••• L•• S• A• I••••••••• L••	equity equity	$1,000	$1.6M 277c
A••••••••• A••••••••• L••	revolver lien unstated	$1.7M	$1.6M 91c	S+1500 bp	Nov 6, 2028
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.5M	$1.5M 100c	S+1000 bp	Sep 3, 2026
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	$908,333	$1.5M 152c
I•••••••• M•••• B••••• L••	delayed draw term loan lien unstated	$1.5M	$1.5M 101c	//stelluscapital.com/20240331#One Month Secured Overnight Financing Rate+575 bp	May 1, 2028
H••••• M•••••• H•••••••• L••	preferred equity equity	$1.1M	$1.5M 139c
2••••	term loan lien unstated	$1.4M	$1.4M 102c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 5, 2028
C••• V••••• I••• C• T•••• L•• U••••	unstated lien unstated	Not disclosed	$1.4M 156c
B• P••••••• P•••••• L•••	equity equity	Not disclosed	$1.4M 138c
I••••••••• L••• C••••• C••••••••• H•••••••	equity equity	$804,384	$1.3M 164c
E•••••• A•••••••• L••	revolver lien unstated	$1.4M	$1.3M 93c	//stelluscapital.com/20240331#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jun 30, 2025
U••• E•••••••••	equity equity	$1.4M	$1.2M 95c
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 31, 2026
I••••••••• O••••••• N••••••• L••	term loan lien unstated	$1.1M	$1.1M 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
X••••••• I••• P••• T••••• L••	equity equity	$442,133	$1.1M 101c
I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L••	equity equity	$1.4M	$1.1M 81c
A••• P••••••• A••• L•• A••• A•• P•••••• L••	preferred equity equity	$4,436	$994,555 224c
A••• L•••• S••••••••• L••• S• A• I•••••••••	equity equity	$239	$985,826 200c
P•• S•••••••• I•••	delayed draw term loan lien unstated	$960,000	$960,000 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 31, 2027
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$948,274 121c
B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L••	equity equity	$743,770	$941,217 127c
E••••• L••• S•••••••• L••	term loan lien unstated	$991,786	$922,361 93c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00%	Mar 16, 2027
H•••••••• B••••••• S••••••• L••• A••• H•• H•••••••• L•	equity equity	$2,861	$838,610 342c
C••••• H•••••••• L•• S• C• H••••••• L••	equity equity	Not disclosed	$822,245 111c
E•• F•••••• H•••••••• L••	equity equity	$3,017	$813,686		May 22, 2028
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$796,229 129c		Jun 30, 2025
T•• L••••••• H•••••••• L••	equity equity	$546,543	$780,306 145c
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	$626,690	$770,102 123c
A••••••••• H•••••••• L••	equity equity	Not disclosed	$758,882 104c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$757,474 179c
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	$717,346 90c		May 5, 2026
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	$685,290	$681,864 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 2, 2026
2• L•• I•••••••• L•	equity equity	Not disclosed	$681,041 116c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$675,168 111c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$657,006 92c
E•••••• A•••••••• L••	revolver lien unstated	$667,463	$620,741 93c	//stelluscapital.com/20240331#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jul 15, 2026
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	$7,500	$620,308 83c
P•• S•••••••• I•••	revolver lien unstated	$571,195	$571,195 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 30, 2027
M•••••••• L••• S• M•• H••••• L••	equity equity	$509,215	$551,000 108c
I••••••••• O••••••• N••••••• L••	revolver lien unstated	$554,070	$548,529 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
e•••• C••••••••• L•• e•••• H•••••• L••	preferred equity equity	$473,485	$541,401 114c
P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$532,545 105c
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$530,483 212c
N•••••• H•••• H•••••••• L•••	equity equity	$123	$524,592 238c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$524,592 238c
I••••• H••• S••••••• L••	term loan lien unstated	$537,020	$518,224 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
T•••• M•••• B•••• C••• T•••• M•••• T•••• L•	equity equity	$515,578	$515,578 100c
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$511,219 73c
F•••••••• C••••••••• S• F• H•••••••• L•••	equity equity	$362	$420,423 116c
G•••• I••••••••• I•• I•••	delayed draw term loan lien unstated	$407,107	$401,000 100c	//stelluscapital.com/20240331#One Month Secured Overnight Financing Rate+675 bp	Aug 8, 2028
T•• H••••••••• G••••• I••• B• H•• H•••••••• L•••	equity equity	$434,504	$392,912 90c
M•• E••••••••• L•• M••••• S•• H•••••••	equity equity	Not disclosed	$390,465 42c
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	$132,783	$388,548 149c
P•• S••••••• P•••••• L••	equity equity	Not disclosed	$382,720		Aug 31, 2027
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	$341,091	$374,510 110c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	$377,535	$367,103 97c		Apr 29, 2028
M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$345,218 91c
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$336,879 51c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$331,245 132c
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	$315,868 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 17, 2026
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	$522	$308,398 59c
M•••••• L•••• H•••••••	term loan lien unstated	$394,767	$297,834 75c
I••••• H••• S••••••• L••	term loan lien unstated	$267,835	$258,461 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
N•••••• L••• N••••• H•••••••	equity equity	$184	$238,722 76c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	$4	$235,883 83c
G•••• I••••••••• I•• I••• G•••• T•••• H•••••••• L••	equity equity	Not disclosed	$235,246 87c		Apr 2, 2025
A•• G•••• O••• L• L• C• P•••• A••••••••• L• L• C•	equity equity	Not disclosed	$221,833 250c
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	Not disclosed	$220,801 156c
C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$209,273 83c
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$208,400 487c
I•••••••• H•••••• L•• L••••• P•••••• I•••	equity equity	$58	$203,633
C••••• I••• S••••••• H•••••••• L••	equity equity	$220,930	$202,998 92c
C• A••• H••••••• L••	equity equity	$100,000	$170,697 171c
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	$375,000	$168,576 45c
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	Not disclosed	$167,913 102c
V••••••• B••••• L••	term loan lien unstated	$158,081	$138,321 88c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+800 bp PIK 7.00%	May 27, 2026
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P••••••••• L•••	preferred equity equity	Not disclosed	$122,600 84c
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	$399	$121,354 31c
N•••••• L•• G•••• N••••• B•••••• L••	preferred equity equity	$14	$110,290 762c
M•••••••• H••••••• L••	revolver lien unstated	$100,999	$109,226 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+1400 bp PIK 4.00%	May 30, 2029
I••••••••• B••• C•••••• L••	revolver lien unstated	$106,383	$105,851 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Mar 31, 2029
M•••••••• H••••••• L••	delayed draw term loan lien unstated	$100,999	$101,404 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+1400 bp PIK 4.00%	May 30, 2029
M•••••••• H••••••• L••	term loan lien unstated	$101,999	$100,469 99c	S+1400 bp PIK 4.00%	May 30, 2029
N•••••• L••	delayed draw term loan lien unstated	$100,000	$100,000 101c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Oct 12, 2027
A••••••• R••••••••• L••• D•••••• D•••	term loan lien unstated	$100,000	$100,000 101c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 31, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$99,750	$99,750 101c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 31, 2030
A•• G•••• O•••• L••	revolver lien unstated	$100,000	$99,500 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+670 bp	Dec 31, 2027
X••••••• I••	revolver lien unstated	$100,000	$99,500 100c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$98,500	$98,500 101c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Sep 2, 2027
W••••• H••••••• L•	equity equity	Not disclosed	$97,400 53c
H• W•••••••• H•••••••• L••	revolver lien unstated	$96,000	$95,040 99c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 17, 2026
A•••• O••• L••	term loan lien unstated	$94,638	$93,692 101c	//stelluscapital.com/20240331#Six Month Secured Overnight Financing Rate+525 bp	Jul 1, 2029
T••••• D••••••••• I•••	term loan lien unstated	$94,497	$92,135 98c	//stelluscapital.com/20240331#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026

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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