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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 Jun 30, 2024

292 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
I•• H•••••••• L••	equity equity	Not disclosed	$2.4M 548c
E•• B••••• I•••	delayed draw term loan lien unstated	$2.3M	$2.3M 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Jul 31, 2029
V••••••• B••••• L••	revolver lien unstated	Not disclosed	$2.3M 91c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+800 bp PIK 7.00%	May 27, 2026
X••••••• I•••	delayed draw term loan lien unstated	Not disclosed	$2.2M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026
P••••••• D•••••• S•••••••• I••• P••••••• D•••••• H•••••••• I•••	equity equity	$5,000	$2.1M		Jan 31, 2029
M••••••••• G••••• L••	term loan lien unstated	$2.1M	$2.0M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 30, 2027
M•••••••• L••	delayed draw term loan lien unstated	$100,999	$2.0M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 21, 2028
A••• L•••• S••••••••• L•• S• A• I••••••••• L••	equity equity	Not disclosed	$2.0M 376c
A••• P••••••• A•• L• L• C•	term loan lien unstated	$1.9M	$1.9M 102c	//stelluscapital.com/20240630#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/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 30, 2027
N••••••••• M••••••• H••••••• C••••••••• I•• I•••	revolver lien unstated	$1.8M	$1.8M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+675 bp	Dec 31, 2026
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	delayed draw term loan lien unstated	$1.7M	$1.7M 100c	//stelluscapital.com/20240630#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/20240630#Three Month Term Secured Overnight Financing Rate+700 bp	Feb 7, 2027
A••••••••• A••••••••• L••	revolver lien unstated	$1.7M	$1.6M 92c		Nov 6, 2028
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.5M	$1.5M 100c	S+1500 bp	Sep 3, 2026
I••••••••• L••• C••••• C••••••••• H•••••••	equity equity	$804,384	$1.5M 185c
H••••• M•••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.5M 141c
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$1.5M 156c
I•••••••• M•••• B••••• L••	delayed draw term loan lien unstated	$1.5M	$1.5M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+550 bp	May 1, 2028
E••••••••• A••••••••• I••• K•• H••••••• L•	equity equity	Not disclosed	$1.5M 167c		Feb 8, 2024
2••••	term loan lien unstated	$1.4M	$1.4M 102c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 5, 2028
E•••••• A•••••••• L••	revolver lien unstated	$1.4M	$1.3M 95c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jun 30, 2025
B• P••••••• P•••••• L•••	equity equity	Not disclosed	$1.3M 135c
C••• V••••• I••• C• T•••• L•• U••••	unstated lien unstated	Not disclosed	$1.3M 138c
X••••••• I••• P••• T••••• L••	equity equity	Not disclosed	$1.2M 118c
I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L••	equity equity	Not disclosed	$1.2M 89c
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 31, 2026
I••••••••• O••••••• N••••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
U••• E•••••••••	equity equity	Not disclosed	$1.1M 78c
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$1.0M 168c		Jun 30, 2025
A••• P••••••• A••• L•• A••• A•• P•••••• L••	preferred equity equity	Not disclosed	$1.0M 228c
A••• L•••• S••••••••• L••• S• A• I•••••••••	equity equity	Not disclosed	$985,826 200c
H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L••	equity equity	Not disclosed	$976,431 60c
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	$739,844	$968,085 124c
P•• S•••••••• I•••	delayed draw term loan lien unstated	$960,000	$955,200 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 31, 2027
E•• F•••••• H•••••••• L••	equity equity	Not disclosed	$930,846		May 22, 2028
E••••• L••• S•••••••• L••	term loan lien unstated	Not disclosed	$927,352 94c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00%	Mar 16, 2027
T•• L••••••• H•••••••• L••	equity equity	Not disclosed	$860,985 168c
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$828,906 132c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	$606,742	$781,347 129c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$776,575 369c
C••••• H•••••••• L•• S• C• H••••••• L••	equity equity	Not disclosed	$772,257 104c
M•• E••••••••• L•• M••••• S•• H•••••••	equity equity	Not disclosed	$766,025 82c
H•••••••• B••••••• S••••••• L••• A••• H•• H•••••••• L•	equity equity	Not disclosed	$763,853 345c
B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L••	equity equity	Not disclosed	$748,398 101c
A••••••••• H•••••••• L••	equity equity	Not disclosed	$711,076 98c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$688,402 97c
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$686,531 92c
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	Not disclosed	$680,154 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 2, 2026
M•••••••• L••• S• M•• H••••• L••	equity equity	$509,215	$670,419 132c
2• L•• I•••••••• L•	equity equity	Not disclosed	$659,306 112c
E•••••• A•••••••• L••	revolver lien unstated	$670,880	$633,982 95c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jul 15, 2026
T•••• M•••• B•••• C••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$627,900 122c
F•••••••• C••••••••• S• F• H•••••••• L•••	equity equity	Not disclosed	$591,279 163c
P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L••	equity equity	$508,516	$574,492 117c
P•• S•••••••• I•••	revolver lien unstated	$571,195	$568,339 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 30, 2027
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	$782	$563,668 71c		May 5, 2026
e•••• C••••••••• L•• e•••• H•••••• L••	preferred equity equity	Not disclosed	$563,468 119c
T••••••••• A••••••••• H••••••• L••• T••••••••• H••••• L••	equity equity	Not disclosed	$557,968 100c
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$537,554 215c
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$520,069 74c
I••••• H••• S••••••• L••	term loan lien unstated	$535,670	$503,530 96c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
M•••••• B••••••••• T••••••• L•• B• I••••••••• L••	equity equity	$4,286	$428,600 100c
N•••••• H•••• H•••••••• L•••	equity equity	$123	$414,888 188c
N•••••• H•••• H•••••••• L•••	equity equity	$123	$414,888 188c
G•••• I••••••••• I•• I•••	delayed draw term loan lien unstated	$406,087	$397,965 99c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+675 bp	Aug 8, 2028
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$389,464 59c
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$389,224 150c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$379,488 114c
P•• S••••••• P•••••• L••	equity equity	$461,216	$373,896		Aug 31, 2027
T•• H••••••••• G••••• I••• B• H•• H•••••••• L•••	equity equity	Not disclosed	$356,227 82c
M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$351,833 93c
S••• I••••••••• L••• F••••••• H•••••••	preferred equity equity	Not disclosed	$350,649 100c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	Not disclosed	$344,355 91c		Apr 29, 2028
F••••••• H•••••••• L••	revolver lien unstated	$342,687	$335,253 98c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 1, 2029
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$319,527 128c
M•••••• L•••• H•••••••	term loan lien unstated	$394,767	$316,013 80c
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	$313,476 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Dec 17, 2026
F••••••• H•••••••• L••• G•• J••• H•••••••	equity equity	Not disclosed	$285,600 100c
T••••••• L••	revolver lien unstated	Not disclosed	$263,879 99c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+675 bp	Nov 30, 2028
J••• W••••••• L••	revolver lien unstated	$1.1M	$258,750 23c	S+500 bp	Dec 31, 2026
I••••• H••• S••••••• L••	term loan lien unstated	$267,160	$251,130 96c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
I•••••••• H•••••• L•• L••••• P•••••• I•••	equity equity	$58	$239,299
N•••••• L••• N••••• H•••••••	equity equity	Not disclosed	$235,052 75c
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$221,266 517c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$221,246 100c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$208,942 73c
G•••• I••••••••• I•• I••• G•••• T•••• H•••••••• L••	equity equity	Not disclosed	$202,049 74c		Apr 2, 2025
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$194,162 37c
C• A••• H••••••• L••	equity equity	Not disclosed	$191,315 191c
F••••••••• B••••• L••• F••••••••• H••••••• L••	preferred equity equity	Not disclosed	$190,382 100c
W•• H•••••••• L••• B•••• L•••••••• I•••••••••	equity equity	Not disclosed	$180,300 100c
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	Not disclosed	$179,699 132c
X••••••• I••	revolver lien unstated	Not disclosed	$174,125 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026
C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$161,466 64c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.9M	$150,578 8c	S+1500 bp	Sep 3, 2026
V••••••• B••••• L••	term loan lien unstated	Not disclosed	$146,087 92c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+800 bp PIK 7.00%	May 27, 2026
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	$399	$143,845 37c
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	Not disclosed	$140,519 85c
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P••••••••• L•••	preferred equity equity	Not disclosed	$140,171 90c

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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